<SEC-DOCUMENT>0000928816-20-001070.txt : 20200923
<SEC-HEADER>0000928816-20-001070.hdr.sgml : 20200923
<ACCEPTANCE-DATETIME>20200923171329
ACCESSION NUMBER:		0000928816-20-001070
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200918
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200923
DATE AS OF CHANGE:		20200923

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MUNICIPAL OPPORTUNITIES TRUST
		CENTRAL INDEX KEY:			0000900422
		IRS NUMBER:				043187549
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07626
		FILM NUMBER:		201192689

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQUARE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a_mot8k.htm
<DESCRIPTION>PUTNAM MUNICIPAL OPPORTUNITIES TRUST
<TEXT>

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 <tr>
  <td colspan=7 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:18.0pt;layout-grid-mode:char;text-transform:uppercase;">UNI</font></b><b><font face="Times New Roman" style="font-size:18.0pt;layout-grid-mode:char;letter-spacing:1.0pt;text-transform:uppercase;">T</font></b><b><font face="Times New Roman" style="font-size:18.0pt;layout-grid-mode:char;text-transform:uppercase;">ED STATES</font></b></p>
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:18.0pt;layout-grid-mode:char;text-transform:uppercase;">SECURITIES
  AND EXCHANGE COMMISSION</font></b></p>
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:char;text-transform:uppercase;">WASHINGTON,
  D.C. 20549</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=7 valign=bottom width=100% style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:18.0pt;layout-grid-mode:char;text-transform:uppercase;">FORM 8&#8209;K</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=7 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:char;">CURRENT REPORT<br>
  Pursuant to Section 13 or 15(d)<br>
  of the Securities Exchange Act of 1934</font></b></p>
  <p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">Date of Report (Date of
  Earliest Event Reported):&#160; September 18, 2020</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=7 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:24.0pt;layout-grid-mode:char;">Putnam Municipal
  Opportunities Trust</font></b></p>
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">(Exact Name of Registrant
  as Specified in its Charter)</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=34% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:2.0pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">Massachusetts<br>
  </font></b><b><font face="Times New Roman" style="font-size:8.0pt;layout-grid-mode:char;">(State or Other Jurisdiction<br>
  of Incorporation)</font></b></p>
  </td>
 <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:2.0pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></b></p>
  </td>
 <td colspan=2 valign=top width=30% style="padding:0in 0in 0in 0in;">
  <p align=left style="margin-bottom:0in;margin-left:40.5pt;margin-right:0in;margin-top:2.0pt;page-break-after:avoid;text-align:left;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">811-07626<br>
  </font></b><b><font face="Times New Roman" style="font-size:8.0pt;layout-grid-mode:char;">(Commission<br>
  File Number)</font></b></p>
  </td>
 <td valign=top width=8% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=24% style="padding:0in 0in 0in 0in;">
  <p align=left style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:2.0pt;page-break-after:avoid;text-align:left;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">04-3187549<br>
  </font></b><b><font face="Times New Roman" style="font-size:8.0pt;layout-grid-mode:char;">(IRS Employer<br>
  Identification No.)</font></b></p>
  </td>
 </tr>
<tr style="height:1.0pt;">
  <td valign=top width=9% style="height:1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=48% style="height:1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">100 Federal Street<br>
  Boston, Massachusetts<br>
  </font></b><b><font face="Times New Roman" style="font-size:8.0pt;layout-grid-mode:char;">(Address of Principal Executive Offices)</font></b></p>
  </td>
 <td valign=top width=11% style="height:1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></b></p>
  </td>
 <td valign=top width=8% style="height:1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></b></p>
  </td>
 <td valign=top width=24% style="height:1.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin-bottom:0in;margin-left:13.5pt;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;text-align:left;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">02110<br>
  </font></b><b><font face="Times New Roman" style="font-size:8.0pt;layout-grid-mode:char;">(Zip Code)</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=7 valign=top width=100% style="padding:0in 0in 0in 0in;">
  <p align=left style="margin-bottom:6.0pt;margin-left:81.0pt;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;text-align:left;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">Registrant&#8217;s
  Telephone Number, Including Area Code:&#160; (617) 292-1000</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=7 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">Not Applicable<br>
  </font></b><b><font face="Times New Roman" style="font-size:8.0pt;layout-grid-mode:char;">(Former Name or Former Address, if Changed
  Since Last Report)</font></b></p>
  </td>
 </tr>
<tr height=0>
  <td width=9%>&nbsp;</td>
 <td width=25%>&nbsp;</td>
 <td width=4%>&nbsp;</td>
 <td width=19%>&nbsp;</td>
 <td width=11%>&nbsp;</td>
 <td width=8%>&nbsp;</td>
 <td width=24%>&nbsp;</td>
 </tr>
</table></div>

<p style="margin:0in;margin-top:12.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Check the appropriate box
below if the Form 8&#8209;K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see
General Instruction A.2 below):</font></p>

<p style="margin:0in;"><font face="ms gothic" lang=EN-US style="font-size:10.0pt;">&#9744;</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </font></p>

<p style="margin:0in;"><font face="ms gothic" lang=EN-US style="font-size:10.0pt;">&#9744;</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Soliciting
material pursuant to Rule 14a&#8209;12 under the Exchange Act (17 CFR 240.14a&#8209;12)</font></p>

<p style="margin:0in;"><font face="ms gothic" lang=EN-US style="font-size:10.0pt;">&#9744;</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Pre&#8209;commencement
communications pursuant to Rule 14d&#8209;2(b) under the Exchange Act (17 CFR
240.14d&#8209;2(b))</font></p>

<p style="margin:0in;"><font face="ms gothic" lang=EN-US style="font-size:10.0pt;">&#9744;</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Pre&#8209;commencement
communications pursuant to Rule 13e&#8209;4(c) under the Exchange Act (17 CFR
240.13e&#8209;4(c))</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Securities registered pursuant to Section 12(b) of the
Act:</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:95%;">
 <tr>
  <td valign=bottom width=45% style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">Title
  of Each Class</font></b></p>
  </td>
 <td valign=bottom width=23% style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">Trading<br>
  Symbol(s)</font></b></p>
  </td>
 <td valign=top width=1% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=32% style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">Name
  of Each Exchange<br>
  on Which Registered</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=45% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">Common
  Shares of beneficial interest</font></b></p>
  <p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">&#160;</font></b></p>
  </td>
 <td valign=top width=23% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">PMO</font></b></p>
  </td>
 <td valign=top width=1% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></b></p>
  </td>
 <td valign=top width=32% style="padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">New York Stock Exchange</font></b></p>
  </td>
 </tr>
</table></div>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;">Indicate by check mark whether the registrant is an
emerging growth company as defined in Rule 405 of the Securities Act of 1933
(CFR 230.405) or Rule 12b&#8209;2 of the Securities Exchange Act of 1934 (CFR 240.12b&#8209;2).</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;">Emerging growth company </font><font face="ms gothic" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;">&#9744;</font></p>

<p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;">If an emerging growth
company, indicate by check mark if the registrant has elected not to use the
extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. </font><font face="ms gothic" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;">&#9744;</font></p>

<p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>





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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:95%;">
 <tr style="height:6.0pt;">
  <td valign=top width=100% style="border-bottom:groove #d0cece 3.75pt;border-top:solid windowtext 1.0pt;height:6.0pt;padding:0in 5.75pt 0in 5.75pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;line-height:6.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Item 5.03 Amendments to Articles of Incorporation
or Bylaws; Change in Fiscal Year.</font></b></p>

<p style="margin:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">On September 18, 2020, the Board of Trustees
of Putnam Municipal Opportunities Trust (the &#8220;Fund&#8221;) amended and restated the
Bylaws of the Fund (the &#8220;Amended and Restated Bylaws&#8221;).&#160; The Amended and
Restated Bylaws have been revised to include provisions (collectively, the
&#8220;Control Share Amendment&#8221;) pursuant to which, in summary, a shareholder who
obtains beneficial ownership of Fund shares in a &#8220;Control Share Acquisition&#8221;
may exercise voting rights with respect to such shares only to the extent the
authorization of such voting rights is approved by other shareholders of the
Fund.&#160; The Control Share Amendment is primarily intended to protect the
interests of the Fund and its shareholders by limiting the risk that the Fund
will become subject to undue influence by activist investors.&#160; As described
further below, the Control Share Amendment does not eliminate voting rights for
shares acquired in Control Share Acquisitions, but rather, it entrusts the
Fund&#8217;s other &#8220;non&#8209;interested&#8221; shareholders with determining whether to
approve the authorization of voting rights for such shares.</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Subject to various conditions and exceptions,
the Amended and Restated Bylaws define a &#8220;Control Share Acquisition&#8221; to include
an acquisition of Fund shares (other than remarketed preferred shares of a
series existing as of September 18, 2020) that, but for the Control Share
Amendment, would entitle the beneficial owner, upon the acquisition of such shares,
to vote or direct the voting of shares having voting power in the election of
Fund Trustees (except for elections of Trustees by preferred shareholders of
the Fund voting as a separate class) within any of the following ranges:</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(i) One&#8209;tenth or more, but less than
one&#8209;fifth of all voting power;</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(ii) One&#8209;fifth or more, but less than
one&#8209;third of all voting power;</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(iii) One&#8209;third or more, but less than
a majority of all voting power; or</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(iv) A majority or more of all voting power.</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Shares acquired prior to September 18, 2020
are excluded from the definition of Control Share Acquisition, though such
shares are included in assessing whether any subsequent share acquisition
exceeds one of the enumerated thresholds.&#160; Subject to various conditions and
procedural requirements set forth in the Amended and Restated Bylaws, including
the delivery of a &#8220;Control Share Acquisition Statement&#8221; to the Fund&#8217;s Clerk
setting forth certain required information, a shareholder who obtains
beneficial ownership of shares in a Control Share Acquisition generally may
request a vote of Fund shareholders (excluding such acquiring shareholder and
certain other interested shareholders) to approve the authorization of voting
rights for such shares at the next annual meeting of Fund shareholders, notice
of which has not been given prior to the receipt by the Fund of the Control
Share Acquisition Statement.</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The above discussion is only a high&#8209;level
summary of certain aspects of the Control Share Amendment, and is qualified in
its entirety by reference to the full Amended and Restated Bylaws.&#160; Investors
should refer to the Amended and Restated Bylaws for more information.</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">The Amended and Restated Bylaws were
effective as of September 18, 2020 and are attached as an Exhibit and are
incorporated herein by reference.</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Item 9.01.&#160; Financial Statements and Exhibits.</font></b></p>

<p style="margin:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:6.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Exhibits.</font></p>

<p style="margin:0in;margin-bottom:6.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:95%;">
 <tr>
  <td valign=bottom width=9% style="border-bottom:solid windowtext 1.0pt;border-top:groove #f2f2f2 2.25pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">Exhibit<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No.</font></b></p>
  </td>
 <td valign=bottom width=8% style="border-top:groove #f2f2f2 2.25pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=83% style="border-bottom:solid windowtext 1.0pt;border-top:groove #f2f2f2 2.25pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">Description</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=9% style="border-bottom:groove #d0cece 3.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;"><a href="b_exmotbylaws.htm">5.03</a></font></p>
  </td>
 <td valign=top width=8% style="border-bottom:groove #d0cece 3.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=83% style="border-bottom:groove #d0cece 3.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;"><a href="b_exmotbylaws.htm">Amended and Restated Bylaws of Putnam Municipal
  Opportunities Trust dated September 18, 2020 </a></font></p>
  </td>
 </tr>
</table></div>


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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;text-transform:uppercase;">&nbsp;</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;text-transform:uppercase;">SIGNATURE</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Pursuant to the
requirements of the Securities Exchange Act of 1934, as amended, the registrant
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:95%;">
 <tr>
  <td valign=top width=44% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=56% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">Putnam Municipal Opportunities Trust</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=44% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">By:</font></p>
  </td>
 <td valign=top width=51% style="padding:0in 0in 0in 0in;">
  <div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
  <p style="border:none;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;"><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">/s/
  Jonathan S. Horwitz</font></p>
  </div>
  </td>
 </tr>
<tr>
  <td valign=top width=44% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=5% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=51% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">Jonathan S. Horwitz</font></p>
  </td>
 </tr>
<tr style="height:19.8pt;">
  <td valign=top width=44% style="height:19.8pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">Date:&#160; September 23, 2020</font></p>
  </td>
 <td valign=top width=5% style="height:19.8pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=51% style="height:19.8pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">Executive Vice President,
  Principal Executive Officer and Compliance Liaison</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>





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<DESCRIPTION>EX-5.03
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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;layout-grid-mode:line;">AMENDED
AND RESTATED BYLAWS </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;layout-grid-mode:line;">OF </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;layout-grid-mode:line;">PUTNAM MUNICIPAL
OPPORTUNITIES TRUST<sup>*</sup></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;layout-grid-mode:line;">&nbsp;</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;layout-grid-mode:line;">(Dated as of
September 18, 2020)</font></b></p>

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

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

<p align=center style="margin:0in;page-break-after:avoid;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">ARTICLE 1</font></b></p>

<p align=center style="margin:0in;page-break-after:avoid;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Agreement and Declaration of Trust and Principal Office</font></b></p>

<p style="margin:0in;page-break-after:avoid;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">1.1&#160;
Agreement and Declaration of Trust.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; These
Bylaws shall be subject to the Agreement and Declaration of Trust, as from time
to time in effect (the &#8220;Declaration of Trust&#8221;), of the Massachusetts business
trust established by the Declaration of Trust (the &#8220;Trust&#8221;).&#160; Capitalized terms
used but not defined in these Bylaws have the meanings given to them in the
Declaration of Trust.</font></p>

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

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">1.2&#160;
Principal Office of the Trust.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; The
principal office of the Trust shall be located in Boston, Massachusetts.&#160; The
Trust may have other principal offices within or without the Commonwealth of
Massachusetts as the Trustees may from time to time determine.</font></p>

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

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">ARTICLE 2</font></b></p>

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Meetings of Trustees</font></b></p>

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

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">2.1&#160;
Regular Meetings.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; Regular meetings of the
Trustees may be held without call or notice at such places and at such times as
the Trustees may from time to time determine, provided that notice of the first
regular meeting following any such determination shall be given to absent
Trustees.</font></p>

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

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">2.2&#160;
Special Meetings.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; Special meetings of the
Trustees may be held at any time and at any place designated in the call of the
meeting when called by the Chair of the Trustees, the President, the Executive
Vice President or the Treasurer or by two or more Trustees, sufficient notice
thereof being given to each Trustee by the Clerk or an Assistant Clerk or by
the officer or the Trustees calling the meeting.</font></p>

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

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">2.3&#160;
Notice of Special Meetings.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; It shall be
sufficient notice to a Trustee of a special meeting: (a) to send notice (i) by
mail at least forty&#8209;eight hours before the meeting, (ii) by courier at
least forty-eight hours before the meeting, (iii) by electronic mail (e-mail),
facsimile or other electronic means at least twenty&#8209;four hours before the
meeting, in each case, addressed to the Trustee at his or her usual or last
known business or residence address (or e-mail address, facsimile number or
other appropriate address); or (b) to give notice to him or her in person or by
telephone at least twenty&#8209;four hours before the meeting.&#160; Notice of a
special meeting need not be given to any Trustee if a written waiver of notice,
executed by him or her before or after the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">meeting, is
filed with the records of the meeting, or to any Trustee who attends the
meeting without protesting before or at its commencement the lack of notice to
him or her.&#160; Any written waiver of notice may be provided and delivered to the
Trust by mail, courier, e-mail, facsimile or other electronic means. Neither
notice of a meeting nor a waiver of a notice need specify the purposes of the
meeting.&#160; All notices shall be deemed to be given when sent.</font></p>


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<div id=ftn1><font lang=EN-US>

</font><p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">*</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"> Articles 1 &#8211; 11 and 13 &#8211; 16 of the
Bylaws are amended and restated as of September 18, 2020. Article 12 of the
Bylaws is amended through September 16, 2016</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">.&#160;
</font></p><font lang=EN-US>

</font></div>





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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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">1</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>

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

<p style="margin:0in;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">2.4&#160; Quorum.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; At any meeting
of the Trustees a majority of the Trustees then in office shall constitute a
quorum.&#160; Once a quorum has been validly established for a meeting, it cannot be
broken by Trustees withdrawing from the meeting.&#160; Any meeting may be adjourned
from time to time by a majority of the votes cast upon the question, whether or
not a quorum is present, and the meeting may be held as adjourned without
further notice.</font></p>

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

<p style="margin:0in;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">2.5&#160; Telephone Meeting; Action
Without a Meeting.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; Except as otherwise provided in the Declaration of
Trust and these Bylaws, any action to be taken by the Trustees may be taken by
a majority of the Trustees present at the meeting of the Trustees (a quorum
being present), including any meeting held by means of a conference telephone
or other communications equipment by means of which all persons participating
in the meeting can hear each other at the same time and participation by such
means shall constitute presence in person at a meeting. Any action to be taken
by the Trustees may also be taken without a meeting if </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">one
or more written consents thereto are signed by a majority of the Trustees.&#160; Any
written consent may be given by mail, courier, e-mail, facsimile or other
electronic means.&#160; Copies of such written consents shall be filed with the
minutes of the proceedings of the Trustees.&#160; Such consents shall be treated for
all purposes as a vote taken at a meeting of the Trustees. &#160;If in accordance with
the provisions of the Declaration of Trust and these Bylaws any action is taken
by the Trustees by written consents of less than all of the Trustees, then
prompt notice of any 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></p>

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

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">ARTICLE 3</font></b></p>

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Officers</font></b></p>

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

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">3.1&#160;
Enumeration; Qualification.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; The officers
of the Trust shall be a President, a Treasurer, a Clerk and such other officers
(including Vice President, which shall include the office of Executive Vice
President), if any, as the Trustees from time to time may in their discretion
elect.&#160; The Trust may also have such agents as the Trustees from time to time
may in their discretion appoint.&#160; In addition, there shall be a Chair of the
Trustees, who will be considered an officer of the Trustees and not of the
Trust.&#160; The Chair of the Trustees shall be a Trustee and may but need not be a
Shareholder; and any other officer may but need not be a Trustee or a
Shareholder.&#160; Any two or more offices may be held by the same person. </font></p>

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

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">3.2&#160;
Election.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; The Chair of the Trustees, the
President, the Treasurer and the Clerk shall be elected by the Trustees upon
the occurrence of any vacancy in any such office.&#160; Other officers, if any, may
be elected or appointed by the Trustees at any time.&#160; Vacancies in any such
other office may be filled at any time.</font></p>

<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">2</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">3.3&#160; Tenure.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; The
Chair of the Trustees, the President, the Treasurer and the Clerk shall hold
office in each case until he or she dies, resigns, is removed or becomes
disqualified.&#160; Each other officer shall hold office, and each agent shall
retain authority, at the pleasure of the Trustees.&#160; Notwithstanding the
foregoing, the tenure of any officer of the Trust who is an employee or officer
of the Trust&#8217;s investment adviser or its affiliates shall automatically
terminate contemporaneously with the termination of such person&#8217;s employment
with, or service as officer of, the Trust&#8217;s investment adviser and all of its
affiliates.</font></p>

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

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">3.4&#160;
Powers.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; Subject to the other provisions
of these Bylaws, each officer shall have, in addition to the duties and powers
set forth in these Bylaws and in the Declaration of Trust, such duties and
powers as are commonly incident to the office occupied by him or her as if the
Trust were organized as a Massachusetts business corporation and such other
duties and powers as the Trustees may from time to time designate.</font></p>

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

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">3.5&#160;
Chair.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; Unless the Trustees otherwise
provide, the Chair of the Trustees shall preside at all meetings of the
Trustees.&#160; The Chair of the Trustees shall have such other duties and powers
relating to the operations of the Trustees as the Trustees may from time to
time designate, but shall have no individual authority to act for the Trust as
an officer of the Trust.&#160; The Trustees, including a majority of the Trustees
who are not &#8220;interested persons&#8221; of the Trust, as that term is defined in the
1940 Act, may appoint one or more persons to perform the duties of the Chair of
the Trustees in the event of his or her absence at any meeting or in the event
of his or her disability.&#160; The Chair of the Trustees shall also have the power
to appoint one or more persons to perform the duties of the Chair of the
Trustees in the event of his or her absence at any meeting.</font></p>

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

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">3.6&#160;
President.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; Unless the Trustees otherwise
provide by vote or otherwise, the President shall be the principal executive
officer of the Trust.</font></p>

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

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">3.7&#160;
Treasurer.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; Unless the Trustees otherwise
provide by vote or otherwise, the Treasurer shall be the principal financial
and accounting officer of the Trust, and shall, subject to the provisions of
the Declaration of Trust and to any arrangement made by the Trustees with a
custodian, investment adviser, subadviser or manager, or transfer, Shareholder
servicing or similar agent, be in charge of the valuable papers, books of
account and accounting records of the Trust, and shall have such other duties
and powers as may be designated from time to time by the Trustees or by the
principal executive officer of the Trust.</font></p>

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

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">3.8&#160;
Clerk.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; The Clerk shall record all proceedings
of the Shareholders and the Trustees in books to be kept therefor, which books
or a copy thereof shall be kept at the principal office of the Trust.&#160; In the
absence of the Clerk from any meeting of the Shareholders or Trustees (or a
Committee thereof), an Assistant Clerk, or if there be none or if he or she is
absent, a temporary Clerk chosen at such meeting by the chair of such meeting,
shall record the proceedings thereof in the aforesaid books.</font></p>

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

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">3.9&#160;
Resignations and Removals.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; Any Trustee or
officer may resign at any time by written instrument signed by him or her and
delivered to the Chair of the Trustees, the President or the Clerk or to a
meeting of the Trustees.&#160; Such resignation shall be effective upon receipt </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">unless specified to be effective at some other time.&#160; The
Trustees may remove any officer elected or appointed by them with or without
cause.&#160; Except to the extent expressly provided in a written agreement with the
Trust, no Trustee or 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></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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">3</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

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

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">ARTICLE 4</font></b></p>

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Committees</font></b></p>

<p style="margin:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">4.1&#160;
Quorum; Voting. </font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;Except as provided below
or as otherwise specifically provided in the votes or charter constituting a
Committee of the Trustees and providing for the conduct of its meetings, a
majority of the members of any Committee of the Trustees shall constitute a
quorum for the transaction of business (which quorum once validly established
cannot be broken by Trustees withdrawing from the meeting), and any action of
such a Committee may be taken by a vote of a majority of the members of such
Committee (a) present at a meeting of such Committee (a quorum being present),
including any meeting held by means of a conference telephone or other
communications equipment by means of which all persons participating in the
meeting can hear each other at the same time (participation by such means shall
constitute presence in person at a meeting), or (b) evidenced by one or more
written consents, including written consents submitted by mail, courier,
e-mail, facsimile or other electronic means.&#160; Copies of such written consents
shall be filed with the minutes of the proceedings of such Committee.&#160; Such
consents shall be treated for all purposes as a vote taken at a meeting of such
Committee.&#160; If in accordance with the provisions of the Declaration of Trust
and these Bylaws any action is taken by written consents of less than all of
the Committee&#8217;s members, then prompt notice of any such action shall be
furnished to each member 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.&#160; In the absence of any member of any such
Committee, the members thereof present at any properly called meeting, whether
or not they constitute a quorum, may appoint a member of the Trustees to act at
that meeting only in the place of any absent member. </font></p>

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

<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as specifically
provided in the votes constituting a Committee of the Trustees and providing
for the conduct of its meetings, Section 2.3 of these Bylaws relating to
special meetings shall govern the notice requirements for Committee meetings.</font></p>

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

<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">4.2&#160; Authority of
Trustees.&#160; </font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">The Trustees have the power to rescind any action of any
Committee, but no such rescission shall have retroactive effect unless
determined so by the Trustees. </font></p>

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

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">ARTICLE 5</font></b></p>

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Reports</font></b></p>

<p style="margin:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">5.1&#160;
General. </font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;The Trustees and officers shall
render reports at the time and in the manner required by the Declaration of
Trust or any applicable law.&#160; Officers and Committees shall render such
additional reports as they may deem desirable or as may from time to time be
required by the Trustees.</font></p>

<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">4</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


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<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">ARTICLE 6</font></b></p>

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Fiscal Year</font></b></p>

<p style="margin:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">6.1&#160;
General.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; Except as from time to time
otherwise provided by the Trustees, the initial fiscal year of the Trust shall
end on such date as is determined in advance or in arrears by the Treasurer,
and subsequent fiscal years shall end on such date in subsequent years.</font></p>

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

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">ARTICLE 7</font></b></p>

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Seal</font></b></p>

<p style="margin:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">7.1&#160;
General.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; The seal of the Trust, if any,
shall consist of a flat&#8209;faced die with the word &#8220;Massachusetts&#8221;, together
with the name of the Trust and the year of its organization cut or engraved
thereon but, unless otherwise required by the Trustees, the seal need not be
placed on,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"> 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></p>

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

<p align=center style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">ARTICLE
8</font></b></p>

<p align=center style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Execution
of Papers</font></b></p>

<p style="margin:0in;page-break-after:avoid;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">8.1&#160; General.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; Except as the
Trustees may generally or in particular cases authorize the execution thereof
in some other manner, all deeds, leases, contracts, notes and other obligations
made, accepted or endorsed by the Trust shall be signed by the President, a
Vice President</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"> or the Treasurer, and need not bear
the seal of the Trust.</font></p>

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

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">ARTICLE 9</font></b></p>

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Issuance of Shares and Share Certificates</font></b></p>

<p style="margin:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">9.1&#160;
Sale of Shares.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; Except as otherwise
determined by the Trustees, the Trust will issue and sell for cash or
securities from time to time full and fractional Shares, such Shares to be
issued and sold at a price of not less than the par value per share, if any,
and not less than the net asset value per share as from time to time determined
in accordance with procedures adopted by the Trustees and, in the case of
fractional Shares, at a proportionate reduction in such price.&#160; In the case of
Shares sold for securities, such securities shall be valued in accordance with
procedures approved by the Trustees for determining the value of the assets of
the Trust.&#160; The officers of the Trust are severally authorized to take all such
actions as may be necessary or desirable to carry out this Section 9.1.</font></p>

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

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">9.2&#160;
Share Certificates.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; In lieu of issuing
certificates for Shares, the Trustees or the transfer agent may either issue
receipts therefor or may keep accounts upon the books of the Trust for the
record holders of such Shares, who shall in either case be deemed, for all
purposes hereunder, to be the holders of certificates for such Shares as if
they had accepted such certificates and shall be held to have expressly
assented and agreed to the terms hereof.</font></p>

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

<p style="margin:0in;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">The
Trustees may at any time authorize the issuance of Share certificates.&#160; In that
event, each Shareholder shall be entitled to a certificate stating the number
of Shares owned by him or her, in such form as shall be prescribed from time to
time by the Trustees.&#160; Such certificate shall </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">be signed
by the President or a Vice President and by the Treasurer or an Assistant
Treasurer.&#160; Such signatures may be facsimile if the certificate is signed by a
transfer agent or by a registrar.&#160; In case any officer who has signed or whose
facsimile signature has been placed on such certificate shall cease to be such
officer before such certificate is issued, it may be issued by the Trust with
the same effect as if he or she were such officer at the time of its issue.</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">5</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">9.3&#160;
Loss of Certificates.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; The transfer agent
of the Trust, with the approval of any two officers of the Trust, is authorized
to issue and countersign replacement certificates for the Shares of the Trust
which have been lost, stolen or destroyed upon (i) receipt of an affidavit or
affidavits of loss or non&#8209;receipt and of an indemnity agreement executed
by the registered holder or his or her legal representative and supported by an
open penalty surety bond, said agreement and said bond in all cases to be in
form and content satisfactory to and approved by the President or the
Treasurer, or (ii) receipt of such other documents as may be approved by the
Trustees.</font></p>

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

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">9.4&#160;
Issuance of New Certificate to Pledgee.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; A
pledgee of Shares transferred as collateral security shall be entitled to a new
certificate if the instrument of transfer substantially describes the debt or
duty that is intended to be secured thereby.&#160; Such new certificate shall
express on its face that it is held as collateral security, and the name of the
pledgor shall be stated thereon, who alone shall be liable as a Shareholder and
entitled to vote thereon.</font></p>

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

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">9.5&#160;
Discontinuance of Issuance of Certificates. </font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;The
Trustees may at any time discontinue the issuance of Share certificates and
may, by written notice to each Shareholder whom the Trust believes to hold a
Share certificate, require the surrender of Share certificates to the Trust for
cancellation.&#160; Such surrender and cancellation shall not affect the ownership
of Shares in the Trust.</font></p>

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

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">ARTICLE 10</font></b></p>

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Shareholders</font></b></p>

<p style="margin:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">10.1&#160;
Annual Meeting.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; The annual meeting of the
Shareholders of the Trust shall be held on the last Friday in April in each
year or on such other day as may be fixed by the Trustees.&#160; The meeting shall
be held at such time as the Trustees may fix in the notice of the meeting or
otherwise.&#160; Purposes for which an annual meeting is to be held, additional to
those prescribed by law or these Bylaws, may be specified by the Trustees.&#160; Any
previously scheduled annual meeting of Shareholders may be postponed or
cancelled by the Trustees upon public notice given prior to the time previously
scheduled for such meeting, in accordance with these Bylaws.</font></p>

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

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">10.2 &#160;Adjournment.&#160; </font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Any meeting of Shareholders may, by action of the chair of the meeting, be
adjourned from time to time without notice other than announcement at the
meeting at which the adjournment is taken with respect to one or more matters
to be considered at such meeting to a designated date which may be more than
120 days after the date initially set for the meeting, time and place, whether
or not a quorum is present with respect to such matter.&#160; Upon motion of the
chair of the meeting, the question of adjournment may be (but is not required by these Bylaws to be) submitted to a vote of the Shareholders, and in that case, any adjournment with respect
to one or more matters must be approved by the vote of holders of a majority of
the Shares present and entitled to vote with respect to the matter or matters
adjourned and, if </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">approved, such adjournment shall take
place without further notice other than announcement at the meeting at which
the adjournment is taken.&#160; Unless a proxy is otherwise limited in this regard,
any Shares
present and entitled to vote at a meeting, including any Shares that are
represented by broker non-votes, may, at the discretion of the proxies named
therein, be voted in favor of such an adjournment.&#160; Any proposal for which sufficient
favorable votes have been received may (but need not) be acted upon and
considered final and effective regardless of whether the meeting is adjourned
to permit additional solicitation with respect to any other proposal that is
properly before the meeting.</font></p>
<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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">6</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&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%">


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

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">10.3&#160;
Conduct of Meetings.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"> Meetings of the
Shareholders shall be presided over by the Chair of the Trustees, or, if the
Chair is not present at the meeting, then by a Trustee or officer designated by
the Chair or authorized by the Trustees, or if there is no such person present
at the meeting, then by any officer of the Trust present at the meeting, and
such person shall be deemed for all purposes the chair of the meeting.&#160; The
chair of the meeting 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 necessary, appropriate or convenient for the proper conduct
of the meeting, including, without limitation, establishing: an agenda or order
of business for the meeting; rules and procedures for maintaining order at the
meeting and the safety of those present; conditions on the recording of the
meeting; limitations on participation in such meeting to Shareholders of record
of the Trust and their duly authorized and constituted proxies, and such other
persons as the chair shall permit; restrictions on entry to the meeting after
the time fixed for the commencement thereof; limitations on the time allotted
to questions or comments by participants; conditions for the removal of any
Shareholder or any other person who refuses to comply with meeting procedures,
rules or guidelines as set forth by the chair of the meeting; and regulations
for the opening and closing of the polls for balloting on matters which are to be
voted on by ballot.&#160; With the exception of proposals submitted in accordance
with, and otherwise meeting the requirements of, Rule 14a-8 under the
Securities Exchange Act of 1934, as amended, or any successor provisions, only
matters proposed by the Trustees may be included in the Trust&#8217;s proxy
materials.&#160; At all meetings of Shareholders, unless voting is conducted by
inspectors, all questions relating to the qualification of voters and the
validity of proxies and the acceptance or rejection of votes shall be decided
by the chair of the meeting.&#160; The chair of the meeting shall determine, in the
chair&#8217;s sole discretion, whether to appoint an inspector for any meeting.&#160;
Unless otherwise determined by the chair of the meeting, meetings shall not be
required to be held in accordance with any rules of parliamentary procedure.</font></p>

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

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

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">10.4&#160;
Record Dates.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; For the purpose of
determining the Shareholders of any class or series of Shares of the Trust who
are entitled to vote or act at any meeting or any adjournment thereof, or who
are entitled to receive payment of any dividend or of any other distribution,
the Trustees (or their designees) may from time to time fix a time, which shall
be not more than 90 days before the date of any meeting of Shareholders or more
than 60 days before the date of payment of any dividend or of any other
distribution, as the record date for determining the Shareholders of such class
or series having the right to notice of and to vote at such meeting and any
adjournment thereof or the right to receive such dividend or distribution, and
in such case only Shareholders of record on such record date shall have such
right notwithstanding any transfer of Shares on the books of the Trust after
the record date; or without fixing such record </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">date the
Trustees may for any such purposes close the register or transfer books for all
or part of such period.</font></p>
<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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">7</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&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%">


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

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">10.5
Communications with Shareholders.&#160; </font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Any
notices, reports, statements or other communications with Shareholders of any
kind required under the Declaration of Trust, these Bylaws or applicable law
may be sent, delivered or made available in any reasonable manner as may be
determined by the Trustees or officers if not otherwise prohibited by
applicable law, including, without limitation, by mail, courier, e-mail,
facsimile or other electronic means or by posting on a website; and such communications may be
sent, delivered or otherwise made available to Shareholders in accordance with
householding or other similar rules under which a single copy of such notice or
report may be sent to Shareholders who reside at the same address.&#160; No
communication need be given to any Shareholder who shall have failed to inform
the Trust of the Shareholder&#8217;s current address and the Trustees may from time
to time adopt, or may authorize the officers or agents of the Trust to adopt,
procedures or policies with respect to communications to Shareholders that are
returned to the Trust or its agents as undeliverable and similar matters.</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;
Any Shareholder may waive receipt of any notice or other communication.</font></p>

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

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">10.6
Proxies.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; The placing of a Shareholder&#8217;s
name on a proxy pursuant to telephone or electronically transmitted
instructions (including instructions submitted via the Internet) obtained
pursuant to procedures reasonably designed to verify that such instructions
have been authorized by such Shareholder shall constitute execution of such
proxy by or on behalf of such Shareholder.</font></p>

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

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">ARTICLE 11</font></b></p>

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

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">11.1
Inspection of Books.&#160; </font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">The Trustees shall
from time to time determine whether and to what extent, at what times and
places and under what conditions and regulations any of the accounts and books
of the Trust shall be open to the inspection of the Shareholders, and no
Shareholder shall have any right to inspect any account or book or document of
the Trust except as conferred by law or otherwise by the Trustees or by these
Bylaws.</font></p>

<p align=left style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:left;text-indent: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;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE 12<br>
<a name="_Toc158823166"></a><a name="_Toc158823357"></a><a name="_Toc158823405"></a><a name="_Toc158985273"></a><a name="_Toc158985321"></a><a name="_Toc158988291"></a><a name="_Toc158988567"></a><a name="_Toc158991525"></a>Shares of Beneficial Interest</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">12.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160; The Trust has an unlimited number of
Common Shares, without par value, which may be issued from time to time by the
Trustees of the Trust.&#160; The Trust also has a class of 6,000 preferred shares,
without par value, which may be issued by the Trustees from time to time in one
or more series.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc158823167"></a><a name="_Toc158823358"></a><a name="_Toc158823406"></a><a name="_Toc158985274"></a><a name="_Toc158985322"></a><a name="_Toc158988292"></a><a name="_Toc158988568"></a><a name="_Toc158991526"></a><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">12.1</font></b><b><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Statement Creating Three Series of Remarketed Preferred<sup>&#174;</sup>
Shares</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<p style="margin:0in;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;">There are three series of Remarketed Preferred&#174; Shares.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><a name="_Toc158988293"></a><a name="_Toc158988569"></a><a name="_Toc158991527"></a></p>
<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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">8</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&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%">
<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">PART I<br>
DESIGNATION</font></p>

<p style="margin:0in;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;">SERIES A:&#160; A series of 800 shares of preferred shares,
without par value, liquidation preference $50,000 per share plus accumulated
but unpaid dividends, if any, thereon (whether or not earned or declared), is hereby
designated &quot;Remarketed Preferred Shares, Series A&quot; and is referred to
below as &quot;Series A RP</font><sup><font face=symbol lang=EN-US style="font-size:12.0pt;">&reg;</font></sup><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;.&#160;
Each share of Series A RP shall be issued on a date to be determined by the
Trustees, by any duly authorized committee thereof or by any of the President,
the Vice Chairman, any Executive Vice President or the Treasurer of the Trust;
have such initial dividend rate as shall be determined in advance of the
issuance thereof by the Trustees, by any duly authorized committee thereof or
by any of the President, the Vice Chairman, any Executive Vice President or the
Treasurer of the Trust; have an Initial Dividend Period and an Initial Dividend
Payment Date to be determined by the Trustees of the Trust, by a duly
authorized committee thereof or by any of the President, the Vice Chairman, any
Executive Vice President or the Treasurer of the Trust; be redeemed (unless
such share shall have been otherwise redeemed pursuant to paragraph 4 of Part I
of this Section 12.1 by the Trust on a date to be determined by the Trustees of
the Trust) at the option of the Trust at a redemption price of $50,000 per
share plus accumulated but unpaid dividends to the date fixed for redemption
(whether or not earned or declared) plus the premium, if any, resulting from
the designation of a Premium Call Period; and have such other preferences,
limitations and relative voting rights, in addition to those required by
applicable law or set forth in the Trust's Declaration of Trust applicable to
preferred shares of the Trust, as are set forth in Part I and Part II of this
Section 12.1.&#160; Series A RP shall constitute a separate series of preferred
shares of the Trust, and each share of Series A RP shall be identical except as
provided in paragraph 4 of this Part I of this Section 12.1.</font></p>

<p style="margin:0in;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;">SERIES B: &#160;A series of 1,620 shares of preferred shares,
without par value, liquidation preference $25,000 per share plus accumulated
but unpaid dividends, if any, thereon (whether or not earned or declared), is
hereby designated &quot;Remarketed Preferred Shares, Series B&quot; and is
referred to below as &quot;Series B RP&quot;.&#160; Each share of Series B RP shall
be issued on a date to be determined by the Trustees, by any duly authorized
committee thereof or by any of the President, the Vice Chairman, any Executive
Vice President or the Treasurer of the Trust; have such initial dividend rate
as shall be determined in advance of the issuance thereof by the Trustees, by
any duly authorized committee thereof or by any of the President, the Vice
Chairman, any Executive Vice President or the Treasurer of the Trust; have an
Initial Dividend Period and an Initial Dividend Payment Date to be determined
by the Trustees of the Trust, by a duly authorized committee thereof or by any
of the President, the Vice Chairman, any Executive Vice President or the
Treasurer of the Trust; be redeemed (unless such share shall have been
otherwise redeemed pursuant to paragraph 4 of Part I of this Section 12.1 by
the Trust on a date to be determined by the Trustees of the Trust) at the
option of the Trust at a redemption price of $25,000 per share plus accumulated
but unpaid dividends to the date fixed for redemption (whether or not earned or
declared) plus the premium, if any, resulting from the designation of a Premium
Call Period; and have such other preferences, limitations and relative voting
rights, in addition to those required by applicable law or set forth in the
Trust's Declaration of Trust </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">applicable to preferred
shares of the Trust, as are set forth in Part I and Part II of this Section
12.1.&#160; Series B RP shall constitute a separate series of preferred shares of
the Trust, and each share of Series B RP shall be identical except as provided
in paragraph 4 of this Part I of this Section 12.1.</font></p>


<hr align=left size=1 width="33%">
<div id=ftn2><font lang=EN-US>

</font><p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=symbol lang=EN-US style="font-size:10.0pt;">&reg;</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;
Registered trademark of Merrill Lynch &amp; Co., Inc.</font></p><font lang=EN-US>

</font></div>




<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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">9</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&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%">


<p style="margin:0in;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;">SERIES C:&#160; A series of 1,620 shares of preferred shares,
without par value, liquidation preference $25,000 per share plus accumulated
but unpaid dividends, if any, thereon (whether or not earned or declared), is
hereby designated &quot;Remarketed Preferred Shares, Series C&quot; and is
referred to below as &quot;Series C RP&quot;.&#160; Each share of Series C RP shall
be issued on a date to be determined by the Trustees, by any duly authorized
committee thereof or by any of the President, the Vice Chairman, any Executive
Vice President or the Treasurer of the Trust; have such initial dividend rate
as shall be determined in advance of the issuance thereof by the Trustees, by
any duly authorized committee thereof or by any of the President, the Vice
Chairman, any Executive Vice President or the Treasurer of the Trust; have an
Initial Dividend Period and an Initial Dividend Payment Date to be determined
by the Trustees of the Trust, by a duly authorized committee thereof or by any
of the President, the Vice Chairman, any Executive Vice President or the
Treasurer of the Trust; be redeemed (unless such share shall have been
otherwise redeemed pursuant to paragraph 4 of Part I of this Section 12.1 by
the Trust on a date to be determined by the Trustees of the Trust) at the
option of the Trust at a redemption price of $25,000 per share plus accumulated
but unpaid dividends to the date fixed for redemption (whether or not earned or
declared) plus the premium, if any, resulting from the designation of a Premium
Call Period; and have such other preferences, limitations and relative voting
rights, in addition to those required by applicable law or set forth in the
Trust's Declaration of Trust applicable to preferred shares of the Trust, as
are set forth in Part I and Part II of this Section 12.1.&#160; Series C RP shall
constitute a separate series of preferred shares of the Trust, and each share
of Series C RP shall be identical except as provided in paragraph 4 of this
Part I of this Section 12.1.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc158988294"></a><a name="_Toc158988570"></a><a name="_Toc158991528"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">1.&#160;&#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;">.&#160; Unless the context or use
indicates another or different meaning or intent, in this Section 12.1 the following
terms have the following meanings, whether used in the singular or plural:</font></p>

<p style="margin:0in;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;">&quot;'AA' Composite Commercial Paper Rate,&quot; on any date
of determination, means (i) the Interest Equivalent of the rate on commercial
paper placed on behalf of issuers whose corporate bonds are rated
&quot;AA&quot; by S&amp;P or &quot;Aa&quot; by Moody's or the equivalent of
such rating by another nationally recognized rating agency, as such rate is
made available on a discount basis or otherwise by the Federal Reserve Bank of
New York for the Business Day immediately preceding such date, or (ii) in the
event that the Federal Reserve Bank of New York does not make available such a
rate, then the arithmetic average of the Interest Equivalent of the rate on
commercial paper placed on behalf of such issuers, as quoted on a discount
basis or otherwise by the Commercial Paper Dealers to the Remarketing Agents
for the close of business on the Business Day immediately preceding such date.&#160;
If one of the Commercial Paper Dealers does not quote a rate required to
determine the &quot;AA&quot; Composite Commercial Paper Rate, the
&quot;AA&quot; Composite Commercial Paper Rate will be determined on the basis
of the quotation or quotations furnished by any Substitute Commercial Paper
Dealer or Substitute Commercial Paper Dealers selected by the Trust to provide
such rate or rates not being supplied by the Commercial Paper Dealer.&#160; If the
number of Dividend Period days (in each case determined without regard to any </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">adjustment in the length of a Dividend Period or in the
remarketing schedule in respect of non-Business Days, as provided herein) shall
be (i) 7 or more days but fewer than 49 days, such rate shall be the Interest
Equivalent of the 30-day rate on such commercial paper; (ii) 49 or more days
but fewer than 70 days, such rate shall be the Interest Equivalent of the
60-day rate on such commercial paper; (iii) 70 or more days but fewer than 85
days, such rate shall be the arithmetic average of the Interest Equivalent of
the 60-day and 90-day rates on such commercial paper; (iv) 85 or more days but
fewer than 99 days, such rate shall be the Interest Equivalent of the 90-day
rate on such commercial paper; (v) 99 or more days but fewer than 120 days,
such rate shall be the arithmetic average of the Interest Equivalent of the
90-day and 120-day rates on such commercial paper; (vi) 120 or more days but
fewer than 141 days, such rate shall be the Interest Equivalent of the 120-day
rate on such commercial paper; (vii) 141 or more days but fewer than 162 days,
such rate shall be the arithmetic average of the Interest Equivalent of the
120-day and 180-day rates on such commercial paper; and (viii) 162 or more days
but fewer than 183 days, such rate shall be the Interest Equivalent of the
180-day rate on such commercial paper.</font></p>
<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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">10</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&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%">


<p style="margin:0in;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;">&quot;Accountant's Confirmation&quot; has the meaning set
forth in paragraph 8(g) of this Part I of Section 12.1.</font></p>

<p style="margin:0in;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;">&quot;Additional Dividend&quot; has the meaning set forth in
paragraph 3(k) of this Part I of Section 12.1.</font></p>

<p style="margin:0in;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;">&quot;Adviser&quot; means the Trust's investment manager
which is Putnam Investment Management, Inc.</font></p>

<p style="margin:0in;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;">&quot;Agent Member&quot; means a member of the Securities
Depository that will maintain records for a Beneficial Owner of one or more
shares of RP.</font></p>

<p style="margin:0in;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;">&quot;Alternate Treasury Bill Rate&quot; has the meaning set
forth under &quot;U.S. Treasury Bill Rate&quot; below.</font></p>

<p style="margin:0in;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;">&quot;Alternate Treasury Note Rate&quot; has the meaning set
forth under &quot;U.S. Treasury Note Rate&quot; below.</font></p>

<p style="margin:0in;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;">&quot;Anticipation Notes&quot; shall mean the following
Municipal Bonds: revenue anticipation notes, tax anticipation notes, tax and
revenue anticipation notes, grant anticipation notes and bond anticipation
notes.</font></p>

<p style="margin:0in;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;">&quot;Applicable Dividend Rate&quot; means, with respect to
the Initial Dividend Period, the rate of dividend per annum established by the
Trustees, by a duly authorized committee thereof or by any of the President,
the Vice Chairman, any Executive Vice President or the Treasurer of the Trust
and, for each subsequent Dividend Period, means the rate of dividend per annum
that (i) except for a Dividend Period commencing during a Non-Payment Period,
will be equal to the lower of the rate of dividend per annum that the
Remarketing Agents advise results on the Remarketing Date preceding the first
day of such Dividend Period from implementation of the remarketing procedures
set forth in Part II hereof and the Maximum Dividend Rate or (ii) for each
Dividend Period commencing during a Non-Payment Period, will be equal to the
Non-Payment Period Rate.</font></p>


<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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">11</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&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%">
<p style="margin:0in;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;">&quot;Applicable Percentage&quot;
has the meaning set forth under &quot;Maximum Dividend Rate&quot; below.</font></p>

<p style="margin:0in;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;">&quot;Authorized Newspaper&quot; means a newspaper of general
circulation in the English language generally published on Business Days in The
City of New York.</font></p>

<p style="margin:0in;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;">&quot;Beneficial Owner&quot; means a person that is listed as
the beneficial owner of one or more shares of RP in the records of the Paying
Agent or, with respect to any share of RP not registered in the name of the
Securities Depository on the share transfer books of the Trust, the person in
whose name such share is so registered.</font></p>

<p style="margin:0in;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;">&quot;Business Day&quot; means a day on which the New York
Stock Exchange, Inc. is open for trading, and which is not a day on which banks
in The City of New York are authorized or obligated by law to close.</font></p>

<p style="margin:0in;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;">&quot;By-laws&quot; means these Amended and Restated By-laws
of the Trust.</font></p>

<p style="margin:0in;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;">&quot;Closing Transactions&quot; has the meaning set forth in
paragraph 12(a) of this Part I of Section 12.1.</font></p>

<p style="margin:0in;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;">&quot;Code&quot; means the Internal Revenue Code of 1986, as
amended from time to time.</font></p>

<p style="margin:0in;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;">&quot;Commercial Paper Dealers&quot; means Merrill Lynch,
Pierce, Fenner &amp; Smith Incorporated and such other commercial paper dealer
or dealers as the Trust may from time to time appoint, or, in lieu of any
thereof, their respective affiliates or successors.</font></p>

<p style="margin:0in;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;">&quot;Common Shares&quot; means the common shares of
beneficial interest, without par value, of the Trust.</font></p>

<p style="margin:0in;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;">&quot;Date of Original Issue&quot; means, with respect to any
share of RP, the date on which the Trust originally issues such share.</font></p>

<p style="margin:0in;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;">&quot;Declaration of Trust&quot; means the Agreement and
Declaration of Trust dated April 1, 1993 of the Trust on file with the
Secretary of State of The Commonwealth of Massachusetts.</font></p>

<p style="margin:0in;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;">&quot;Deposit Securities&quot; means cash and Municipal Bonds
rated at least AAA, A-l + or SP-1+ by S&amp;P.</font></p>

<p style="margin:0in;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;">&quot;Discounted Value&quot; means (i) with respect to an
S&amp;P Eligible Asset, the quotient of the Market Value thereof divided by the
applicable S&amp;P Discount Factor and (ii) with respect to a Moody's Eligible
Asset, the lower of par and the quotient of the Market Value thereof divided by
the applicable Moody's Discount Factor.</font></p>

<p style="margin:0in;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;">&quot;Dividend Payment Date,&quot; with respect to RP, means,
(i) with respect to the Initial Dividend Period for RP, the Initial Dividend
Payment Date; (ii) with respect to any 7-day Dividend Period (in the case of
Series B RP and Series C RP) or 28-day Dividend Period (in the case of Series A
RP) and any Short Term Dividend Period of 35 or fewer days, the day next
succeeding the last day thereof; and (iii) with respect to any Short Term
Dividend Period of more </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">than 35 days and with respect
to any Long Term Dividend Period, the first Business Day of each calendar month
during such Short Term Dividend Period or Long Term Dividend Period and the day
next succeeding the last day of such period (each such date referred to in
clause (i), (ii) or (iii) being herein referred to as a &quot;Normal Dividend
Payment Date&quot;), except that if such Normal Dividend Payment Date is not a
Business Day, then (a) the Dividend Payment Date shall be the first Business
Day next succeeding such Normal Dividend Payment Date if such Normal Dividend
Payment Date is a Monday, Tuesday, Wednesday or Thursday, or (b) the Dividend
Payment Date shall be the first Business Day next preceding such Normal
Dividend Payment Date if such Normal Dividend Payment Date is a Friday, and in
each case the length of the current Dividend Period will be adjusted
accordingly, if necessary.&#160; If, however, in the case of clause (b) in the
preceding sentence, the Securities Depository shall make available to its
participants and members in funds immediately available in New York City on
Dividend Payment Dates the amount due as dividends on such Dividend Payment
Dates (and the Securities Depository shall have so advised the Trust), and if
the Normal Dividend Payment Date is not a Business Day, then the Dividend
Payment Date shall be the next succeeding Business Day and the length of the
current Dividend Period will be adjusted accordingly, if necessary.&#160; Although
any particular Dividend Payment Date may not occur on the originally scheduled
date because of the exceptions discussed above, the next succeeding Dividend
Payment Date, subject to such exceptions, will occur on the next following
originally scheduled date, and in each case the length of the next succeeding
Dividend Period will be adjusted accordingly, if necessary.&#160; If for any reason
a Dividend Payment Date cannot be fixed as described above, then the Trustees
shall fix the Dividend Payment Date and the length of the current Dividend
Period will be adjusted accordingly, if necessary.&#160; The Initial Dividend
Period, 7-day Dividend Periods (in the case of Series B RP and Series C RP),
28-day Dividend Periods (in the case of Series A RP) and Special Dividend
Periods are hereinafter sometimes referred to as &quot;Dividend Periods.&quot;
Each dividend payment date determined as provided above is hereinafter referred
to as a &quot;Dividend Payment Date.&quot;</font></p>
<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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">12</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&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%">


<p style="margin:0in;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;">&quot;Dividend Period&quot; means
with respect to any share of RP, the Initial Dividend Period for such share and
thereafter a period which shall commence on each (but not the final) Dividend
Payment Date for such share; </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 any Dividend
Payment Date occurring after commencement of and during a Special Dividend Period
of more than 35 days, other than the last Dividend Payment Date during such
Dividend Period, will not give rise to a new Dividend Period.&#160; Subject to the
adjustment of Dividend Payment Dates as provided elsewhere herein, each such
subsequent Dividend Period for such share will be comprised of, beginning with
and including the day upon which it commences, 7 consecutive days (in the case
of Series B RP and Series C RP) or 28 consecutive days (in the case of
Series A RP); or in the case of a Special Dividend Period, the number of
consecutive days as shall be specified by the Trustees in accordance with the
provisions set forth in paragraph 3(j) of this Part I at the time the Trustees
designate a Special Dividend Period.&#160; Notwithstanding the foregoing, the
Dividend Periods for each of Series A RP, Series B RP and Series C RP will
never be co-extensive with the Dividend Period of any other series of RP unless
the Trust has received an opinion of tax counsel that having such co-extensive
periods will not affect the tax opinion relating to the deductibility of
dividends paid on the different series of RP.&#160; Further, any adjustment of the
remarketing schedule or the length of a Dividend Period as provided herein
shall also cause an adjustment of the relevant Settlement Date, if necessary,
so that such Settlement Date will be the first day of the next Dividend Period.</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">13</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&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-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;">&quot;Forward Commitments&quot;
shall have the meaning specified in paragraph 12(c) of this Part I of Section
12.1.</font></p>

<p style="margin:0in;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;">&quot;Gross-Up Tax Rate&quot; has the meaning set forth in
paragraph 3(k) of this Part I of Section 12.1.</font></p>

<p style="margin:0in;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;">&quot;Holder&quot; means, with respect to any share of RP,
the person whose name appears on the share transfer books of the Trust as the
registered holder of such share.</font></p>

<p style="margin:0in;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;">&quot;Independent Accountant&quot; means a nationally
recognized accountant, or firm of accountants, that is, with respect to the
Trust, an independent public accountant or firm of independent public
accountants under the Securities Act of 1933, as amended.</font></p>

<p style="margin:0in;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;">&quot;Initial Dividend Payment Date&quot; means August 30, 1993
with respect to Series A RP, July 29, 1997 with respect to Series B RP and
August 1, 1997 with respect to Series C RP.</font></p>

<p style="margin:0in;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;">&quot;Initial Dividend Period&quot; means, with respect to
RP, the period commencing on and including the Date of Original Issue of such
RP and ending on and including the day prior to the Initial Dividend Payment
Date for such RP.</font></p>

<p style="margin:0in;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;">&quot;Initial Margin&quot; means the amount of cash or
securities deposited with a broker as a margin payment at the time of purchase
or sale of a futures contract or an option thereon.</font></p>

<p style="margin:0in;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;">&quot;Interest Equivalent&quot; means a yield on a 360-day
basis of a discount basis security which is equal to the yield on an equivalent
interest-bearing security.</font></p>

<p style="margin:0in;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;">&quot;Kenny Index&quot; has the meaning set forth under
&quot;Taxable Equivalent of the Short-Term Municipal Bond Rate.&quot;</font></p>

<p style="margin:0in;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;">&quot;Long Term Dividend Period&quot; means a Special
Dividend Period consisting of a specified period of one whole year or more but
not greater than five years.</font></p>

<p style="margin:0in;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;">&quot;Mandatory Redemption Price&quot; means $25,000 per
share of Series B RP and Series C RP, or $50,000 per share of Series A RP, plus
in the case of each series of RP an amount equal to accumulated but unpaid
dividends thereon (whether or not earned or declared) to the date fixed for
redemption.</font></p>

<p style="margin:0in;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;">&quot;Marginal Tax Rate&quot; means the maximum marginal
regular Federal individual income tax rate applicable to ordinary income or the
maximum marginal regular Federal corporate income tax rate, whichever is
greater.</font></p>

<p style="margin:0in;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;">&quot;Market Value&quot; of any asset of the Trust means the
market value thereof determined by the Pricing Service.&#160; The Market Value of
any asset shall include any interest accrued thereon.&#160; The Pricing Service
shall value portfolio securities at the mean between the quoted bid and asked
price or the yield equivalent when quotations are readily available.&#160; Securities
for which quotations are not readily available shall be valued at fair value as
determined by the Pricing Service using methods which include consideration of:
yields or prices of municipal bonds of comparable quality, type of issue,
coupon, maturity and rating; indications as to value from </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">dealers;
and general market conditions.&#160; The Pricing Service may employ electronic data
processing techniques and/or a matrix system to determine valuations.&#160; In the
event the Pricing Service is unable to value a security, the security shall be
valued at the lower of two dealer bids obtained by the Trust from dealers who
are members of the National Association of Securities Dealers, Inc. and make a
market in the security, at least one of which shall be in writing.&#160; Futures
contracts and options are valued at closing prices for such instruments
established by the exchange or board of trade on which they are traded, or if
market quotations are not readily available, are valued at fair value on a
consistent basis using methods determined in good faith by the Trustees.</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">14</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&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;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;">&quot;Maximum Dividend Rate&quot; for any Dividend Period
shall be the Applicable Percentage of the Reference Rate determined as of the
relevant Remarketing Date or the Date of Original Issue, as the case may be,
for such RP.&#160; The Applicable Percentage on any date will be determined based on
(i) the lower of the credit rating or ratings assigned on such date to shares
of such RP by Moody's and S&amp;P (or if Moody's or S&amp;P or both shall not
make such rating available, the equivalent of either or both of such ratings by
a Substitute Rating Agency or two Substitute Rating Agencies or, in the event
that only one such rating shall be available, such rating) and (ii) whether the
Trust has provided to the Remarketing Agents prior to the Remarketing
establishing the Applicable Dividend Rate notification pursuant to paragraph
3(m) of this Part I of Section 12.1 that net capital gain or other income
subject to regular Federal income tax will be included in a dividend on shares
of such RP during such Dividend Period as follows:</font></p>

<div align=center>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:95%;">
 <tr>
  <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=21% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td rowspan=3 valign=top width=21% style="padding:0in 5.4pt 0in 5.4pt;">
  <div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
  <p align=center style="border:none;margin:0in;padding:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">Applicable Percentage of Reference Rate &#8211;
  No Notification</font></p>
  </div>
  </td>
 <td rowspan=3 valign=top width=19% style="padding:0in 5.4pt 0in 5.4pt;">
  <div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
  <p align=center style="border:none;margin:0in;padding:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">Applicable Percentage of Reference Rate -
  Notification</font></p>
  </div>
  </td>
 </tr>
<tr style="height:28.5pt;">
  <td colspan=2 valign=bottom width=43% style="height:28.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
  <p align=center style="border:none;margin:0in;padding:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">Credit Ratings</font></p>
  </div>
  </td>
 <td rowspan=2 valign=top width=17% style="height:28.5pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:.2in;">
  <td valign=top width=22% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
  <p align=center style="border:none;margin:0in;padding:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">Moody's</font></p>
  </div>
  </td>
 <td valign=top width=21% style="height:.2in;padding:0in 5.4pt 0in 5.4pt;">
  <div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
  <p align=center style="border:none;margin:0in;padding:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">S&amp;P</font></p>
  </div>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=21% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=21% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=19% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&quot;aa3&quot; or higher</font></p>
  </td>
 <td valign=top width=21% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">AA-or higher</font></p>
  </td>
 <td valign=top width=17% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=21% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">110%</font></p>
  </td>
 <td valign=top width=19% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">150%</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&quot;a3&quot; to
  &quot;a1&quot;</font></p>
  </td>
 <td valign=top width=21% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">A- to A+</font></p>
  </td>
 <td valign=top width=17% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=21% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">125%</font></p>
  </td>
 <td valign=top width=19% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">160%</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&quot;baa3&quot; to
  &quot;baa1&quot;</font></p>
  </td>
 <td valign=top width=21% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">BBB- to BBB+</font></p>
  </td>
 <td valign=top width=17% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=21% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">150%</font></p>
  </td>
 <td valign=top width=19% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">250%</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">Below &quot;baa3&quot;</font></p>
  </td>
 <td valign=top width=21% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">Below BBB-</font></p>
  </td>
 <td valign=top width=17% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=21% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">200%</font></p>
  </td>
 <td valign=top width=19% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">275%</font></p>
  </td>
 </tr>
</table>

</div>

<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;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 Remarketing Agents shall round each applicable Maximum
Dividend Rate to the nearest one-thousandth (0.001) of one percent per annum,
with any such number ending in five ten-thousandths (0.0005) of one percent
being rounded upwards to the nearest one-thousandth (0.001) of one percent.&#160;
The Remarketing Agents shall not round the Reference Rate as part of their
calculation of any Maximum Dividend Rate.</font></p>

<p style="margin:0in;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;">&quot;Maximum Potential Additional Dividend Liability,&quot;
as of any Valuation Date, means the aggregate amount of Additional Dividends
that would be payable with respect to RP if the Trust were to make Retroactive
Taxable Allocations, with respect to any fiscal year, estimated based upon
dividends paid and the amount of undistributed realized net capital gain and
other income subject to regular Federal income tax earned by the Trust, as of
the end of the calendar month immediately preceding such Valuation Date and assuming
such Additional Dividends are fully taxable.</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">15</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&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-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;">&quot;Moody's&quot; means Moody's
Investors Service, Inc. or its successors.</font></p>

<p style="margin:0in;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;">&quot;Moody's Discount Factor&quot; means, for purposes of
determining the Discounted Value of any Municipal Bond which constitutes a
Moody's Eligible Asset, the percentage determined by reference to (a) the
rating by Moody's or S&amp;P on such Bond and (b) the Moody's Exposure Period,
in accordance with the table set forth below:</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:95%;">
 <tr>
  <td valign=top width=27% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>
  </td>
 <td colspan=7 valign=top width=73% style="padding:0in 5.4pt 0in 5.4pt;">
  <div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;">
  <p align=center style="border:none;margin:0in;padding:0in;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;">Rating Category</font></b></p>
  </div>
  </td>
 </tr>
<tr>
  <td valign=top width=27% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><u><font face="Times New Roman" style="font-size:10.0pt;">Moody's Exposure Period</font></u></b></p>
  </td>
 <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><u><font face="Times New Roman" style="font-size:10.0pt;">Aaa*</font></u></b></p>
  </td>
 <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><u><font face="Times New Roman" style="font-size:10.0pt;">Aa*</font></u></b></p>
  </td>
 <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><u><font face="Times New Roman" style="font-size:10.0pt;">A*</font></u></b></p>
  </td>
 <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><u><font face="Times New Roman" style="font-size:10.0pt;">Baa*</font></u></b></p>
  </td>
 <td valign=top width=10% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><u><font face="Times New Roman" style="font-size:10.0pt;">Other**</font></u></b></p>
  </td>
 <td valign=top width=14% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><u><font face="Times New Roman" style="font-size:10.0pt;">VMIG-1***</font></u></b></p>
  </td>
 <td valign=top width=13% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><u><font face="Times New Roman" style="font-size:10.0pt;">SP-1+****</font></u></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=27% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">7 weeks or less............................ </font></p>
  </td>
 <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">151%</font></p>
  </td>
 <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">159%</font></p>
  </td>
 <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">168%</font></p>
  </td>
 <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">202%</font></p>
  </td>
 <td valign=top width=10% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&#160;&#160; 229%</font></p>
  </td>
 <td valign=top width=14% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&#160;&#160; 136%</font></p>
  </td>
 <td valign=top width=13% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&#160;&#160; 148%</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=27% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">8 weeks or less but</font></p>
  </td>
 <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=10% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=14% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=13% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=27% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">greater than 7 weeks.................. </font></p>
  </td>
 <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">154</font></p>
  </td>
 <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">164</font></p>
  </td>
 <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">173</font></p>
  </td>
 <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">205</font></p>
  </td>
 <td valign=top width=10% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&#160;&#160; 235</font></p>
  </td>
 <td valign=top width=14% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&#160;&#160; 137</font></p>
  </td>
 <td valign=top width=13% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&#160;&#160; 149</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=27% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">9 weeks or less but</font></p>
  </td>
 <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=10% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=14% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=13% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=27% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">greater than 8 weeks.................. </font></p>
  </td>
 <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">158</font></p>
  </td>
 <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">169</font></p>
  </td>
 <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">179</font></p>
  </td>
 <td valign=top width=9% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">209</font></p>
  </td>
 <td valign=top width=10% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&#160;&#160; 242</font></p>
  </td>
 <td valign=top width=14% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&#160;&#160; 138</font></p>
  </td>
 <td valign=top width=13% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:10.0pt;">&#160;&#160; 150</font></p>
  </td>
 </tr>
</table></div>

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

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Moody's rating.</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">**&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Municipal Bonds not
rated by Moody's but rated BBB-, BBB or BBB+ by S&amp;P.</font></p>

<p style="margin:0in;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">***&#160;&#160;&#160;&#160;&#160;&#160; Municipal Bonds rated MIG-1, VMIG-1 or P-1
by Moody's which do not mature or have a demand feature at par exercisable
within the Moody's Exposure Period and which do not have a long-term rating.&#160;
For the purpose of the definition of Moody's Eligible Assets, these securities
will have an assumed rating of 'A' by Moody's.</font></p>

<p style="margin:0in;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">****&#160;&#160;&#160;&#160; Municipal Bonds rated SP-1+ or A-l+ by
S&amp;P which do not mature or have a demand feature at par exercisable within
the Moody's Exposure Period and which do not have a long-term rating.&#160; For the
purposes of the definition of Moody's Eligible Assets, these securities will
have an assumed rating of 'A' by Moody's.</font></p>

<p style="margin:0in;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;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;">Notwithstanding the foregoing, (i) no Moody's Discount Factor
will be applied to short-term Municipal Bonds, so long as such Municipal Bonds
are rated at least MIG-1, VMIG-1 or P-1 by Moody's and mature or have a demand
feature at par exercisable within the Moody's Exposure Period, and the Moody's Discount
Factor for such Bonds will be 125% if such Bonds are not rated by Moody's but
are rated A-1+ or SP-1+ or AA by S&amp;P and mature or have a demand feature at
par exercisable within the Moody's Exposure Period, and (ii) no Moody's
Discount Factor will be applied to cash or to Receivables for Municipal Bonds
Sold. </font></p>

<p style="margin:0in;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;">&quot;Receivables for Municipal Bonds Sold,&quot; for
purposes of calculating Moody's Eligible Assets as of any Valuation Date, means
the aggregate of the following: (i) the book value of receivables for Municipal
Bonds sold as of or prior to such Valuation Date if such receivables are due
within five Business Days of such Valuation Date, and if the trades which
generated such receivables are (x) settled through clearing house firms with
respect to which the Trust has received prior written authorization from
Moody's or (y) with counterparties having a Moody's long-term debt rating of at
least Baa3; and (ii) the Discounted Value of Municipal Bonds sold (applying the
relevant Moody's Discount Factor to such Bonds) as of or prior to such
Valuation Date which generated such receivables, if such receivables are due
within five Business Days of such Valuation Date but do not comply with either
of conditions (x) or (y) of the preceding clause (i).</font></p>

<p style="margin:0in;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;">&quot;Moody's Eligible Asset&quot;
means cash, Receivables for Municipal Bonds Sold, a short-term Municipal Bond
rated VMIG-1, MIG-1 or P-1 by Moody's or SP-1+ or A-l+ by S&amp;P or a
Municipal Bond that (i) pays interest in cash; (ii) is publicly rated Baa or
higher by Moody's or, </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">if not rated by Moody's but
rated by S&amp;P, is rated at least BBB- by S&amp;P (provided that, for
purposes of determining the Moody's Discount Factor applicable to any such
S&amp;P-rated Municipal Bond, such Municipal Bond (excluding any
short-term Municipal Bond and any Municipal Bond rated BBB-, BBB or BBB+) will
be deemed to have a Moody's rating which is one full rating category lower than
its S&amp;P rating); (iii) does not have its Moody's rating suspended by
Moody's; and (iv) is part of an issue of Municipal Bonds of at least
$10,000,000.&#160; In addition, Municipal Bonds in the Trust's portfolio will be
included as Moody's Eligible Assets only to the extent they meet the following
diversification requirements:</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">16</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&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%">


<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:95%;">
 <tr>
  <td valign=bottom width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><u><font face="Times New Roman" style="font-size:11.0pt;">Rating</font></u></p>
  </td>
 <td valign=bottom width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">Minimum<br>
  Issue Size<br>
  </font><u><font face="Times New Roman" style="font-size:11.0pt;">($ Millions)</font></u></p>
  </td>
 <td valign=bottom width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">Maximum<br>
  Underlying<br>
  </font><u><font face="Times New Roman" style="font-size:11.0pt;">Obligor (%)(1)</font></u></p>
  </td>
 <td valign=bottom width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">Maximum State<br>
  or Territory<br>
  </font><u><font face="Times New Roman" style="font-size:11.0pt;">Concentration (%)(1)(3)</font></u></p>
  </td>
 </tr>
<tr>
  <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">Aaa............................ </font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">10</font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">100</font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">100</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">Aa.............................. </font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">10</font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">20</font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">60</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">A............................... </font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">10</font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">10</font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">40</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">Baa............................ </font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">10</font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">6</font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">20</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">Other(2)..................... </font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">10</font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">4</font></p>
  </td>
 <td valign=top width=25% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:11.0pt;">12</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-top:6.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">_______________________</font></p>

<p style="margin:0in;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The referenced percentages represent maximum cumulative totals for the
related rating category and each lower rating category.</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Municipal Bonds not
rated by Moody's but rated BBB-, BBB or BBB+ by S&amp;P.</font></p>

<p style="margin:0in;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Territorial bonds (other than those issued
by Puerto Rico and counted collectively) of any territory are limited to 10% of Moody's Eligible Assets.</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;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">For purposes of the maximum underlying obligor requirement
described above, any such Bond backed by a guaranty, letter of credit or
insurance issued by a third party will be deemed to be issued by such third
party if the issuance of such third party credit is the sole determinant of the
rating on such Bond.</font></p>

<p style="margin:0in;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 the Trust sells a Municipal Bond and agrees to
repurchase it at a future date, such Bond will constitute a Moody's Eligible
Asset and the amount the Trust is required to pay upon repurchase of such Bond
will count as a liability for purposes of calculating the RP Basic Maintenance
Amount.&#160; When the Trust purchases a Municipal Bond and agrees to sell it at a
future date to another party, cash receivable by the Trust in connection
therewith will constitute a Moody's Eligible Asset if the long-term debt of
such other party is rated at least A2 by Moody's and such agreement has a term
of 30 days or less; otherwise such Bond will constitute a Moody's Eligible Asset.</font></p>

<p style="margin:0in;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;">Notwithstanding the foregoing, an asset will not be
considered a Moody's Eligible Asset if it is (i) held in a margin account, (ii)
subject to any material lien, mortgage, pledge, security interest or security
agreement of any kind, (iii) held for the purchase of a security pursuant to a </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Forward Commitment or (iv) irrevocably deposited by the
Trust for the payment of dividends or redemption.</font></p>
<a name="_bclFooter17"></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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">17</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_18"></a><a name="_bclPageBorder18"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;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;">&quot;Moody's Exposure Period&quot; means the period
commencing on and including a given Valuation Date and ending 48 days thereafter.</font></p>

<p style="margin:0in;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;">&quot;Moody's Hedging Transaction&quot; has the meaning set
forth in paragraph 12(b) of this Part I of Section 12.1.</font></p>

<p style="margin:0in;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;">&quot;Moody's Volatility Factor&quot; means 272% as long as
there has not been enacted an increase to the Marginal Tax Rate.&#160; If an
increase is enacted to the Marginal Tax Rate but not yet implemented, the
Moody's Volatility Factor shall be as follows:</font></p>

<div align=center>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:95%;">
 <tr>
  <td valign=top width=39% style="padding:0in 5.4pt 0in 5.4pt;">
  <div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="border:none;margin:0in;padding:0in;text-align:center;"><font face="Times New Roman" style="font-size:12.0pt;">% Change in<br>
  Marginal Tax Rate</font></p>
  </div>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=39% style="padding:0in 5.4pt 0in 5.4pt;">
  <div style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="border:none;margin:0in;padding:0in;text-align:center;"><font face="Times New Roman" style="font-size:12.0pt;">Moody's Volatility<br>
  Factor</font></p>
  </div>
  </td>
 </tr>
<tr>
  <td valign=top width=39% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=39% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=39% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><u><font face="Times New Roman" style="font-size:12.0pt;">&lt;</font></u><font face="Times New Roman" style="font-size:12.0pt;"> 5%</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=39% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:12.0pt;">292%</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=39% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&gt; 5% but </font><u><font face="Times New Roman" style="font-size:12.0pt;">&lt;</font></u><font face="Times New Roman" style="font-size:12.0pt;"> 10%</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=39% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:12.0pt;">313%</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=39% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&gt; 10% but </font><u><font face="Times New Roman" style="font-size:12.0pt;">&lt;</font></u><font face="Times New Roman" style="font-size:12.0pt;"> 15%</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=39% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:12.0pt;">338%</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=39% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&gt; 15% but </font><u><font face="Times New Roman" style="font-size:12.0pt;">&lt;</font></u><font face="Times New Roman" style="font-size:12.0pt;"> 20%</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=39% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:12.0pt;">364%</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=39% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&gt; 20% but </font><u><font face="Times New Roman" style="font-size:12.0pt;">&lt;</font></u><font face="Times New Roman" style="font-size:12.0pt;"> 25%</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=39% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:12.0pt;">396%</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=39% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&gt; 25% but </font><u><font face="Times New Roman" style="font-size:12.0pt;">&lt;</font></u><font face="Times New Roman" style="font-size:12.0pt;"> 30%</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=39% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:12.0pt;">432%</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=39% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&gt; 30% but </font><u><font face="Times New Roman" style="font-size:12.0pt;">&lt;</font></u><font face="Times New Roman" style="font-size:12.0pt;"> 35%</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=39% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:12.0pt;">472%</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=39% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&gt; 35% but </font><u><font face="Times New Roman" style="font-size:12.0pt;">&lt;</font></u><font face="Times New Roman" style="font-size:12.0pt;"> 40%</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=39% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" style="font-size:12.0pt;">520%</font></p>
  </td>
 </tr>
</table>

</div>

<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;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Notwithstanding the foregoing, the Moody's Volatility
Factor may mean such other potential dividend rate increase factor as Moody's
advises the Trust in writing is applicable.</font></p>

<p style="margin:0in;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;">&quot;Municipal Bonds&quot; means obligations issued by or on
behalf of states, territories and possessions of the United States and the
District of Columbia and their political subdivisions, agencies and
instrumentalities, the interest on which, in the opinion of bond counsel or
other counsel to the issuer of such securities, is at the time of issuance not
includable in gross income for Federal income tax purposes.</font></p>

<p style="margin:0in;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;">&quot;Municipal Index&quot; has the meaning set forth in
paragraph 12(a) of this Part I of Section 12.1.</font></p>

<p style="margin:0in;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;">&quot;1940 Act&quot; means the Investment Company Act of
1940, as amended from time to time.</font></p>

<p style="margin:0in;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;">&quot;1940 Act Cure Date,&quot; with respect to the failure
by the Trust to maintain the 1940 Act RP Asset Coverage (as required by
paragraph 7 of this Part I of Section 12.1) as of the last Business Day of each
month, means the last Business Day of the following month.</font></p>

<p style="margin:0in;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;">&quot;1940 Act RP Asset Coverage&quot; means asset coverage,
as defined in section 18(h) of the 1940 Act, of at least 200% with respect to
all outstanding senior securities of the Trust which are shares, including all
outstanding shares of each series of RP (or such other asset coverage as may in
the future be specified in or under the 1940 Act as the minimum asset coverage
for senior </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">securities which are shares of a closed-end
investment company as a condition of paying dividends on its common shares).</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">18</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_19"></a><a name="_bclPageBorder19"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;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;">&quot;Non-Call Period&quot; has the meaning described under
&quot;Specific Redemption Provisions&quot; below.</font></p>

<p style="margin:0in;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;">&quot;Non-Payment Period&quot; with respect to any shares of
RP means any period commencing on and including the day on which the Trust
shall fail to (i) declare, prior to 12:00 noon, New York City time, on any
Dividend Payment Date for shares of such RP, for payment on or (to the extent
permitted below) within three Business Days after such Dividend Payment Date to
the Holders of such shares as of 12:00 noon, New York City time, on the
Business Day preceding such Dividend Payment Date, the full amount of any
dividend on such shares payable on such Dividend Payment Date or (ii) deposit,
irrevocably in trust, in same-day funds, with the Paying Agent by 12:00 noon,
New York City time, (A) on or (to the extent permitted below) within three
Business Days after any Dividend Payment Date for any shares of RP the full
amount of any dividend on such shares (whether or not earned or declared)
payable on such Dividend Payment Date or (B) on or (to the extent permitted
below) within three Business Days after any redemption date for any shares of
RP called for redemption, the Mandatory Redemption Price or Optional Redemption
Price, as the case may be, and ending on and including the Business Day on
which, by 12:00 noon, New York City time, all unpaid dividends and unpaid
redemption prices shall have been so deposited or shall have otherwise been
made available to Holders in same-day funds; provided that a Non-Payment Period
shall not end during the first seven days thereof unless the Trust shall have
given at least three days' written notice to the Paying Agent, the Remarketing
Agents and the Securities Depository and thereafter shall not end unless the
Trust shall have given at least fourteen days' written notice to the Paying
Agent, the Remarketing Agents, the Securities Depository and all Holders.&#160; Any
dividend on shares of RP due on any Dividend Payment Date for such shares (if,
prior to 12:00 noon, New York City time, on such Dividend Payment Date, the
Trust has declared such dividend payable on or within three Business Days after
such Dividend Payment Date to the Holders who held such shares as of 12:00
noon, New York City time, on the Business Day preceding such Dividend Payment
Date) or redemption price with respect to shares of RP not paid to Holders when
due may (if such non-payment occurs because the Trust is prevented from doing
so by these By-laws or applicable law) be paid pro rata to such Holders in the
same form of funds by 12:00 noon, New York City time, on any of the first three
Business Days after such Dividend Payment Date or due date, as the case may be,
provided that such amount is accompanied by a late charge calculated for such
period of non-payment at the Non-Payment Period Rate applied to the amount of
such non-payment based on the actual number of days comprising such period
divided by 365.</font></p>

<p style="margin:0in;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;">&quot;Non-Payment Period Rate&quot; means 200% of the
applicable Reference Rate (or 275% of such rate if the Trust has provided
notification to the Remarketing Agents prior to the Remarketing Date
establishing the Applicable Dividend Rate for the relevant dividend pursuant to
paragraph 3(m) hereof that net capital gain or other income subject to regular
Federal income tax will be included in such dividend on shares of RP), provided
that the Trustees shall have the authority to adjust, modify, alter or change
from time to time the Non-Payment Period Rate if the Trustees determine and
Moody's and S&amp;P (or any Substitute Rating Agency in lieu of Moody's or
S&amp;P in the event either of such parties shall not rate the RP) advise the
Trust in writing that </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">such adjustment, modification,
alteration or change will not adversely affect the then-current ratings of the
RP.</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">19</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_20"></a><a name="_bclPageBorder20"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;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;">&quot;Normal Dividend Payment Date&quot; has the meaning set
forth under &quot;Dividend Payment Date.&quot;</font></p>

<p style="margin:0in;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;">&quot;Notice of Redemption&quot; means any notice with
respect to the redemption of shares of RP pursuant to paragraph 4 of this Part
I of Section 12.1.</font></p>

<p style="margin:0in;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;">&quot;Notice of Revocation&quot; has the meaning set forth in
paragraph 3(j) of this Part I of Section 12.1.</font></p>

<p style="margin:0in;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;">&quot;Notice of Special Dividend Period&quot; has the meaning
set forth in paragraph 3(j) of this Part I of Section 12.1.</font></p>

<p style="margin:0in;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;">&quot;Optional Redemption Price&quot; shall mean $25,000 per
share of Series B RP or Series C RP, or $50,000 per share of Series A RP, as
the case may be, plus in the case of each series of RP an amount equal to
accumulated but unpaid dividends (whether or not earned or declared) to the
date fixed for redemption plus any applicable redemption premium per share
attributable to the designation of a Premium Call Period for such share.</font></p>

<p style="margin:0in;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;">&quot;Paragraph 3(a) Dividend&quot; has the meaning set forth
in paragraph 3(k) of this Part I of Section 12.1.</font></p>

<p style="margin:0in;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;">&quot;Paying Agent&quot; means Bankers Trust Company or any
successor company or entity, which has entered into a Paying Agent Agreement
with the Trust to act for the Trust, among other things, as the transfer agent,
registrar, dividend and redemption price disbursing agent, settlement agent and
agent for certain notifications in connection with the shares of RP in
accordance with such agreement.</font></p>

<p style="margin:0in;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;">&quot;Paying Agent Agreement&quot; means an agreement to be
entered into between the Trust and the Paying Agent.</font></p>

<p style="margin:0in;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;">&quot;Preferred Shares&quot; means the preferred shares of
the Trust, and includes RP.</font></p>

<p style="margin:0in;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;">&quot;Premium Call Period&quot; has the meaning specified in
&quot;Specific Redemption Provisions,&quot; below.</font></p>

<p style="margin:0in;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;">&quot;Pricing Service&quot; means Muller Investdata Corp., or
any successor company or entity, or any other entity designated from time to time
by the Trustees.&#160; Notwithstanding the foregoing, the Trustees will not
designate a new Pricing Service unless the Trust has received a written
confirmation from Moody's and S&amp;P that such action would not impair the
ratings then assigned by Moody's and S&amp;P to any series of RP.</font></p>

<p style="margin:0in;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;">&quot;Quarterly Valuation Date&quot; means the last Business
Day of each fiscal quarter of the Trust in each fiscal year of the Trust,
commencing July 31, 1993.</font></p>


<a name="_bclFooter20"></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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">20</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&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%">
<p style="margin:0in;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;">&quot;Receivables for Municipal
Bonds Sold&quot; for Moody's has the meaning set forth under the definition of
Moody's Discount Factor, and for S&amp;P has the meaning set forth under the
definition of S&amp;P Discount Factor.</font></p>

<p style="margin:0in;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;">&quot;Reference Rate&quot; means: (i) with respect to a
Dividend Period having 28 or fewer days, the higher of the applicable
&quot;AA&quot; Composite Commercial Paper Rate and the Taxable Equivalent of
the Short-Term Municipal Bond Rate, (ii) with respect to any Short Term
Dividend Period having more than 28 but fewer than 183 days, the applicable
&quot;AA&quot; Composite Commercial Paper Rate, (iii) with respect to any Short
Term Dividend Period having 183 or more but fewer than 365 days, the U.S.
Treasury Bill Rate and (iv) with respect to any Long Term Dividend Period, the
applicable U.S. Treasury Note Rate.</font></p>

<p style="margin:0in;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;">&quot;Remarketing&quot; means each periodic operation of the
process for remarketing shares of RP as described in Part II of Section 12.1.</font></p>

<p style="margin:0in;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;">&quot;Remarketing Agents&quot; means Merrill Lynch, Pierce,
Fenner &amp; Smith Incorporated and any additional or successor companies or
entities, if any, which have entered into an agreement with the Trust to follow
the remarketing procedures for the purpose of determining the Applicable
Dividend Rate.</font></p>

<p style="margin:0in;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;">&quot;Remarketing Agreement&quot; means an agreement entered
into between the Trust and the Remarketing Agents with respect to Remarketing.</font></p>

<p style="margin:0in;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;">&quot;Remarketing Date&quot; means any date on which (i) each
Beneficial Owner of shares of RP must provide to the Remarketing Agents
irrevocable telephonic notice of intent to tender shares in a Remarketing and
(ii) the Remarketing Agents (A) determine the Applicable Dividend Rate for the
ensuing Dividend Period, (B) notify Holders, purchasers and tendering
Beneficial Owners of shares of RP by telephone, telex or otherwise of the
results of the Remarketing and (C) announce the Applicable Dividend Rate.</font></p>

<p style="margin:0in;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;">&quot;Request for Special Dividend Period&quot; has the
meaning set forth in paragraph 3(j) of this Part I of Section 12.1.</font></p>

<p style="margin:0in;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;">&quot;Response&quot; has the meaning set forth in paragraph
3(j) of this Part I of Section 12.1.</font></p>

<p style="margin:0in;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;">&quot;Retroactive Taxable Allocation&quot; has the meaning
set forth in paragraph 3(k) of this Part I of Section 12.1.</font></p>

<p style="margin:0in;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;">&quot;Right&quot; has the meaning set forth in paragraph 3(k)
of this Part I of Section 12.1.</font></p>

<p style="margin:0in;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;">&quot;RP&quot; means, as the case may be, the Series A RP;
the Series B RP; or the Series C RP; or if the context shall so indicate, all
such series.</font></p>

<p style="margin:0in;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;">&quot;RP Basic Maintenance Amount,&quot; as of any Valuation
Date, means the dollar amount equal to (i) the sum of (A) the product of the
number of shares of Series A RP outstanding on such Valuation Date multiplied
by the sum of (a) $50,000 and (b) any applicable redemption premium per share
attributable to the designation of a Premium Call Period; (B) the product of
the number of shares of Series B RP and Series C RP outstanding on such
Valuation Date </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">multiplied by the sum of (a) $25,000
and (b) any applicable redemption premium per share of each series attributable
to the designation of a Premium Call Period; (C) the aggregate amount of cash
dividends (whether or not earned or declared) that will have accumulated for
each series of RP outstanding, in each case, to (but not including) the end of
the current Dividend Period for such series of RP that follows such Valuation
Date or to (but not including) the 49th day after such Valuation Date,
whichever is sooner; (D) the aggregate amount of cash dividends that would accumulate
at the Maximum Dividend Rate applicable to a Dividend Period of 28 days (in the
case of shares of Series A RP) and 7 days (in the case of shares of Series B RP
and Series C RP) outstanding from the end of such Dividend Period through the
49th day after such Valuation Date, multiplied by the larger of the Moody's
Volatility Factor and the S&amp;P Volatility Factor, determined from time to
time by Moody's and S&amp;P, respectively (except that if such Valuation Date
occurs during a Non-Payment Period, the cash dividend for purposes of
calculation would accumulate at the then current Non-Payment Period Rate); (E)
the amount of anticipated expenses of the Trust for the 90 days subsequent to
such Valuation Date; (F) the amount of the Trust's Maximum Potential Additional
Dividend Liability as of such Valuation Date; and (G) any current liabilities
as of such Valuation Date to the extent not reflected in any of (i)(A) through
(i)(F) (including, without limitation, any amounts due and payable by the Trust
pursuant to repurchase agreements and any payables for Municipal Bonds
purchased as of such Valuation Date) less (ii) either (A) the Discounted Value
of any of the Trust's assets, or (B) the face value of any of the Trust's
assets if such assets mature prior to or on the date of redemption of any
shares of RP or payment of a liability and are either securities issued or
guaranteed by the U.S. Government or, with respect to Moody's, have a rating
assigned by Moody's of at least Aaa, P-l, VMIG-1 or MIG-1 and, with respect to
S&amp;P, have a rating assigned by S&amp;P of at least AAA, SP-1+ or A-1+, in
both cases irrevocably deposited by the Trust for the payment of the amount
needed to redeem shares of RP subject to redemption or any of (i)(C) through
(i)(G).</font></p>
<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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">21</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&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%">


<p style="margin:0in;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;">&quot;RP Basic Maintenance Cure Date,&quot; with respect to
the failure by the Trust to satisfy the RP Basic Maintenance Amount (as
required by paragraph 8(a) of this Part I of Section 12.1) as of a given
Valuation Date, means the sixth Business Day following such Valuation Date.</font></p>

<p style="margin:0in;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;">&quot;RP Basic Maintenance Report&quot; means a report signed
by the President, Treasurer or any Executive Vice President or Vice President
of the Trust which sets forth, as of the related Valuation Date, the assets of
the Trust, the Market Value and the Discounted Value thereof (seriatim and in
the aggregate), and the RP Basic Maintenance Amount.</font></p>

<p style="margin:0in;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;">&quot;S&amp;P&quot; means Standard &amp; Poor's Ratings
Services or its successors.</font></p>

<p style="margin:0in;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;">&quot;S&amp;P Discount Factor&quot; means, for purposes of
determining the Discounted Value of any Municipal Bond which constitutes an
S&amp;P Eligible Asset, the percentage determined by reference to (a) the
rating by S&amp;P or Moody's on such Bond and (b) the S&amp;P Exposure Period,
in accordance with the table set forth below:</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">22</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_23"></a><a name="_bclPageBorder23"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:95%;">
 <tr>
  <td colspan=5 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><u><font face="Times New Roman" style="font-size:11.0pt;">Rating Category</font></u></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=28% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=19% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=18% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=17% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=18% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=bottom width=28% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><u><font face="Times New Roman" style="font-size:11.0pt;">S&amp;P Exposure Period</font></u></p>
  </td>
 <td valign=bottom width=19% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><u><font face="Times New Roman" style="font-size:11.0pt;">AAA</font></u></p>
  </td>
 <td valign=bottom width=18% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><u><font face="Times New Roman" style="font-size:11.0pt;">AA</font></u></p>
  </td>
 <td valign=bottom width=17% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><u><font face="Times New Roman" style="font-size:11.0pt;">A</font></u></p>
  </td>
 <td valign=bottom width=18% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;text-align:center;"><u><font face="Times New Roman" style="font-size:11.0pt;">BBB</font></u></p>
  </td>
 </tr>
<tr>
  <td valign=top width=28% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=19% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=18% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=18% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=28% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">40 Business Days................ </font></p>
  </td>
 <td valign=top width=19% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 190%</font></p>
  </td>
 <td valign=top width=18% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 195%</font></p>
  </td>
 <td valign=top width=17% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 210%</font></p>
  </td>
 <td valign=top width=18% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 250%</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=28% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">22 Business Days................ </font></p>
  </td>
 <td valign=top width=19% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 170</font></p>
  </td>
 <td valign=top width=18% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 175</font></p>
  </td>
 <td valign=top width=17% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 190</font></p>
  </td>
 <td valign=top width=18% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 230</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=28% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">10 Business Days................ </font></p>
  </td>
 <td valign=top width=19% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 155</font></p>
  </td>
 <td valign=top width=18% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 160</font></p>
  </td>
 <td valign=top width=17% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 175</font></p>
  </td>
 <td valign=top width=18% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 215</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=28% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">7 Business Days.................. </font></p>
  </td>
 <td valign=top width=19% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 150</font></p>
  </td>
 <td valign=top width=18% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 155</font></p>
  </td>
 <td valign=top width=17% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 170</font></p>
  </td>
 <td valign=top width=18% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 210</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=28% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">3 Business Days.................. </font></p>
  </td>
 <td valign=top width=19% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 130</font></p>
  </td>
 <td valign=top width=18% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 135</font></p>
  </td>
 <td valign=top width=17% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 150</font></p>
  </td>
 <td valign=top width=18% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 190</font></p>
  </td>
 </tr>
</table></div>

<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;">Notwithstanding the foregoing, (i) the S&amp;P Discount Factor
for short-term Municipal Bonds will be 115%, so long as such Municipal Bonds
are rated A-1+ or SP-1+ by S&amp;P and mature or have a demand feature
exercisable in 30 days or less, or 125% if such Municipal Bonds are not rated
by S&amp;P but are rated VMIG-1, P-l or MIG-1 by Moody's, and such short-term
Municipal Bonds referred to in this clause (i) shall qualify as S&amp;P
Eligible Assets; provided, however, such short-term Municipal Bonds rated by
Moody's but not rated by S&amp;P having a demand feature exercisable in 30 days
or less must be backed by a letter of credit, liquidity facility or guarantee
from a bank or other financial institution having a short-term rating of at
least A-1+ from S&amp;P; and further provided that such short-term Municipal
Bonds rated by Moody's but not rated by S&amp;P may comprise no more than 50%
of short-term Municipal Bonds that qualify as S&amp;P Eligible Assets and (ii)
no S&amp;P Discount Factor will be applied to cash or to Receivables for
Municipal Bonds Sold. </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;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;">&quot;Receivables for Municipal Bonds Sold,&quot; for
purposes of calculating S&amp;P Eligible Assets as of any Valuation Date, means
the book value of receivables for Municipal Bonds sold as of or prior to such
Valuation Date if such receivables are due within five Business Days of such
Valuation Date.&#160; For purposes of the foregoing, Anticipation Notes rated SP-1+
or, if not rated by S&amp;P, rated VMIG-1 by Moody's, whether or not they
mature or have a demand feature exercisable in 30 days and which do not have a
long-term rating, shall be considered to be short-term Municipal Bonds and
shall qualify as S&amp;P Eligible Assets. </font></p>

<p style="margin:0in;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;">&quot;S&amp;P Eligible Asset&quot;
means cash, Receivables for Municipal Bonds Sold or a Municipal Bond that (i)
is issued by any of the 50 states, any territory or possession of the United
States, the District of Columbia, and any political subdivision,
instrumentality, county, city, town, village, school district or agency (such
as authorities and special districts created by the states) of any of the
foregoing, and certain federally sponsored agencies such as local housing
authorities; (ii) is interest bearing and pays interest at least semi-annually;
(iii) is payable with respect to principal and interest in United States
Dollars; (iv) is publicly rated BBB or higher by S&amp;P or, except in the case
of Anticipation Notes that are grant anticipation notes or bond anticipation
notes which must be rated by S&amp;P to be included in S&amp;P Eligible Assets,
if not rated by S&amp;P but rated by Moody's, is rated at least A by Moody's
(provided that such Moody's-rated Municipal Bonds will be included in S&amp;P
Eligible Assets only to the extent the Market Value of such Municipal Bonds
does not exceed 50% of the aggregate Market Value of the S&amp;P Eligible
Assets; and further provided that, for purposes of determining the S&amp;P
Discount Factor applicable to any such Moody's-rated Municipal Bond, such
Municipal Bond will be deemed to have an S&amp;P rating which is one
full rating category lower than its Moody's rating); (v) is not subject to a
covered </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">call or covered put option written by the
Trust; (vi) is not part of a private placement of Municipal Bonds; and (vii) is
part of an issue of Municipal Bonds with an original issue size of at least $20
million or, if of an issue with an original issue size below $20 million (but
in no event below $10 million), is issued by an issuer with a total of at least
$50 million of securities outstanding.&#160; Notwithstanding the foregoing:</font></p>
<a name="_bclFooter23"></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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">23</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_24"></a><a name="_bclPageBorder24"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:.5in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Municipal Bonds of any one issuer will be
considered S&amp;P Eligible Assets only to the extent the Market Value of such
Municipal Bonds does not exceed 10% of the aggregate Market Value of the
S&amp;P Eligible Assets, provided that 2% is added to the applicable S&amp;P
Discount Factor for every 1 % by which the Market Value of such Municipal Bonds
exceeds 5% of the aggregate Market Value of the S&amp;P Eligible Assets; and</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:.5in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Municipal Bonds issued by issuers in any
one state or territory will be considered S&amp;P Eligible Assets only to the
extent the Market Value of such Municipal Bonds does not exceed 20% of the
aggregate Market Value of S&amp;P Eligible Assets.</font></p>

<p style="margin:0in;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;">&quot;S&amp;P Exposure Period&quot; means the maximum period
of time following a Valuation Date, including the Valuation Date and the RP
Basic Maintenance Cure Date, that the Trust has under this Section 12.1 to cure
any failure to maintain, as of such Valuation Date, a Discounted Value of its
portfolio at least equal to the RP Basic Maintenance Amount (as described in
paragraph 8(a) of this Section 12.1).</font></p>

<p style="margin:0in;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;">&quot;S&amp;P Hedging Transactions&quot; has the meaning set
forth in paragraph 12(a) of this Section 12.1.</font></p>

<p style="margin:0in;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;">&quot;S&amp;P Volatility Factor&quot; means 277% or such
other potential dividend rate increase factor as S&amp;P advises the Trust in
writing is applicable.</font></p>

<p style="margin:0in;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;">&quot;Securities Depository&quot; means The Depository Trust
Company or any successor company or other entity selected by the Trust as
securities depository of the shares of RP that agrees to follow the procedures
required to be followed by such securities depository in connection with shares
of RP.</font></p>

<p style="margin:0in;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;">&quot;Series A RP&quot; means the Remarketed Preferred
Shares, Series A.</font></p>

<p style="margin:0in;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;">&quot;Series B RP&quot; means the Remarketed Preferred
Shares, Series B.</font></p>

<p style="margin:0in;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;">&quot;Series C RP&quot; means the Remarketed Preferred
Shares, Series C.</font></p>

<p style="margin:0in;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;">&quot;Service&quot; means the Internal Revenue Service.</font></p>

<p style="margin:0in;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;">&quot;Settlement Date&quot; means the first Business Day
after a Remarketing Date applicable to a share of RP.</font></p>

<p style="margin:0in;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;">&quot;7-day Dividend Period&quot; means, with respect to
Series B RP and Series C RP, a Dividend Period consisting of seven days.</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">24</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&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:0in;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;">&quot;Short Term Dividend
Period&quot; means a Special Dividend Period consisting of a specified number
of days (other than 28, in the case of Series A RP, or seven, in the case of
Series B RP and Series C RP), evenly divisible by seven and not fewer than
seven or more than 364.</font></p>

<p style="margin:0in;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;">&quot;Special Dividend Period&quot; means a Dividend Period
consisting of (i) a specified number of days (other than 28, in the case of
Series A RP, or seven, in the case of Series B RP and Series C RP), evenly
divisible by seven and not fewer than seven nor more than 364 or (ii) a
specified period of one whole year or more but not greater than five years (in
each case subject to adjustment as provided herein).&#160; Except as otherwise
provided in the definition of &quot;Dividend Period&quot; in this Section 12.1,
the Dividend Periods for the Series A RP, Series B RP and Series C RP will
never be co-extensive.</font></p>

<p style="margin:0in;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;">&quot;Specific Redemption Provisions&quot; means, with
respect to a Special Dividend Period of 365 or more days, either, or any
combination of, the designation of (i) a period (a &quot;Non-Call Period&quot;)
determined by the Trustees, after consultation with the Remarketing Agents,
during which the shares of RP subject to such Dividend Period shall not be
subject to redemption at the option of the Trust and (ii) a period (a
&quot;Premium Call Period&quot;), consisting of a number of whole years and
determined by the Trustees, after consultation with the Remarketing Agents,
during each year of which the shares of RP subject to such Dividend Period
shall be redeemable at the Trust's option at a price per share equal to $50,000
(in the case of Series A RP), or $25,000 (in the case of Series B RP or Series
C RP), plus in the case of each series of RP accumulated but unpaid dividends
plus an applicable premium, as determined by the Trustees after consultation
with the Remarketing Agents.</font></p>

<p style="margin:0in;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;">&quot;Substitute Commercial Paper Dealers&quot; means such
substitute commercial paper dealer or dealers as the Trust may from time to
time appoint or, in lieu of any thereof, their respective affiliates or
successors.</font></p>

<p style="margin:0in;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;">&quot;Substitute Rating Agency&quot; and &quot;Substitute
Rating Agencies&quot; mean a nationally recognized statistical rating
organization or two nationally recognized statistical rating organizations,
respectively, selected by the Trust to act as the substitute rating agency or
substitute rating agencies, as the case may be, to determine the credit ratings
of the shares of RP.</font></p>

<p style="margin:0in;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;">&quot;Taxable Equivalent of the Short-Term Municipal Bond
Rate&quot; on any date means 90% of the quotient of (A) the per annum rate
expressed on an Interest Equivalent basis equal to the Kenny S&amp;P 30-day
High Grade Index or any comparable index based upon 30-day yield evaluations at
par of bonds the interest on which is excludable for regular Federal income tax
purposes under the Code of &quot;high grade&quot; component issuers selected by
Kenny Information Systems Inc. (or any successor thereto from time to time
selected by the Trust in its discretion), which component issuers shall
include, without limitation, issuers of general obligation bonds but shall
exclude any bonds the interest on which constitutes an item of tax preference
under Section 57(a)(5) of the Code, or successor provisions, for purposes of
the &quot;alternative minimum tax,&quot; (as defined in the Code) (the
&quot;Kenny Index&quot;), made available for the Business Day immediately
preceding such date but in any event not later than 8:30 A.M., New York City
time, on such date by Kenny Information Systems Inc. (or any such successor),
divided by (B) 1.00 minus the Marginal Tax Rate (expressed as a decimal);
provided, however, that if the Kenny Index is not made so available by 8:30
A.M., New York City time, on such date by Kenny </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Information
Systems Inc. (or any such successor), the Taxable Equivalent of the Short-Term
Municipal Bond Rate shall mean the quotient of (A) the per annum rate expressed
on an Interest Equivalent basis equal to the most recent Kenny Index so made
available, divided by (B) 1.00 minus the Marginal Tax Rate (expressed as a
decimal).&#160; No successor to Kenny Information Systems Inc. shall be chosen
without first obtaining written confirmation from Moody's and S&amp;P that the
choice of such successor would not impair the rating then assigned to any
series of RP by Moody's or S&amp;P.</font></p>
<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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">25</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&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%">


<p style="margin:0in;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;">&quot;Tender and Dividend Reset&quot; means the process
pursuant to which shares of RP may be tendered in a Remarketing or held and
become subject to the new Applicable Dividend Rate determined by the
Remarketing Agents in such Remarketing.</font></p>

<p style="margin:0in;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;">&quot;Treasury Bonds&quot; shall have the meaning set forth
in paragraph 12(a) of this Part I of Section 12.1.</font></p>

<p style="margin:0in;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;">&quot;Trust&quot; means Putnam Municipal Opportunities Trust,
a Massachusetts business trust.</font></p>

<p style="margin:0in;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;">&quot;28-day Dividend Period&quot; means, with respect to
Series A RP, a Dividend Period consisting of 28 days.</font></p>

<p style="margin:0in;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;">&quot;Trustees&quot; means the Trustees of the Trust.</font></p>

<p style="margin:0in;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;">&quot;U.S. Treasury Bill Rate&quot; on any date of
determination means (i) the Interest Equivalent of the rate on the actively
traded Treasury Bill with a maturity most nearly comparable to the length of
the related Dividend Period, as such rate is made available on a discount basis
or otherwise on the Business Day immediately preceding such date by the Federal
Reserve Bank of New York in its Composite 3:30 P.M.&#160; Quotations for U.S.
Government Securities report for such Business Day, or (ii) if such yield as so
calculated is not available, the Alternate Treasury Bill Rate on such date.&#160;
&quot;Alternate Treasury Bill Rate&quot; on any date means the Interest
Equivalent of the yield as calculated by reference to the arithmetic average of
the bid price quotations of the actively traded Treasury Bill with a maturity
most nearly comparable to the length of the related Dividend Period, as
determined by bid price quotations as of any time on the Business Day
immediately preceding such date, obtained from at least three recognized
primary U.S. Government securities dealers selected by the Remarketing Agents.</font></p>

<p style="margin:0in;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;">&quot;U.S. Treasury Note Rate&quot; on any date of
determination means (i) the yield as calculated by reference to the bid price
quotation of the actively traded, current coupon Treasury Note with a maturity
most nearly comparable to the length of the related Dividend Period, as such
bid price quotation is published on the Business Day immediately preceding such
date by the Federal Reserve Bank of New York in its Composite 3:30 P.M.
Quotations for U.S. Government Securities report for such Business Day, or (ii)
if such yield as so calculated is not available, the Alternate Treasury Note
Rate on such date. &#160;</font></p>

<p style="margin:0in;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;">&quot;Alternate Treasury Note Rate&quot; on any date means
the yield as calculated by reference to the arithmetic average of the bid price
quotations of the actively traded, current coupon Treasury Note with a maturity
most nearly comparable to the length of the related Dividend Period, as
determined by the bid price quotations as of any time on the Business Day
immediately </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">preceding such date, obtained from at
least three recognized primary U.S. Government securities dealers selected by
the Remarketing Agents.</font></p>
<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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">26</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&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%">


<p style="margin:0in;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;">&quot;Valuation Date&quot; means, for purposes of determining
whether the Trust is maintaining the RP Basic Maintenance Amount, each Business
Day commencing with the Date of Original Issue.</font></p>

<p style="margin:0in;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;">&quot;Voting Period&quot; has the meaning set forth in
paragraph 6(b) of this Part I of Section 12.1.</font></p>

<p style="margin:0in;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;">&quot;Variation Margin&quot; means, in connection with an
outstanding futures contract or option thereon owned or sold by the Trust, the
amount of cash or securities paid to or received from a broker (subsequent to
the Initial Margin payment) from time to time as the price of such futures
contract or option fluctuates.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc158988571"></a><a name="_Toc158991529"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Fractional
Shares</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; No fractional shares of RP shall be issued. </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:0in;"><a name="_Toc158988572"></a><a name="_Toc158991530"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Dividends</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">( )</font></p>

<p style="margin:0in;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;">The Holders of RP as of 12:00 noon, New York City time, on the Business
Day preceding the applicable Dividend Payment Date, shall be entitled to
receive, when, as and if declared by the Trustees, out of funds legally
available therefor, (i) cumulative dividends, at the Applicable Dividend Rate,
(ii) a Right (as defined in paragraph 3(k) of this Part I of Section 12.1) to
receive an Additional Dividend or Additional Dividends in certain
circumstances, and (iii) any additional amounts as set forth in paragraph 3(m)
of this Part I of Section 12.1.&#160; Each share of RP shall remain on a parity with
other shares of RP with respect to the payment of dividends at the rates fixed
for the respective series.&#160; No dividends on any series of RP shall be paid or
declared if there shall exist a Non-Payment Period with respect to any other
series of RP unless dividends in ratable proportion are declared and paid on
such other series.&#160; Dividends on the shares of RP so declared and payable shall
be paid in preference to and in priority over any dividends declared and
payable on the Common Shares.</font></p>

<p style="margin:0in;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;">Dividends on each share of RP shall accumulate from its Date of Original
Issue and will be payable, when, as and if declared by the Trustees, on each
Dividend Payment Date applicable to such share of RP.</font></p>

<p style="margin:0in;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;">Each declared dividend shall be payable on the applicable Dividend
Payment Date to the Holder or Holders of such shares of RP as set forth in
paragraph 3(a) of this Part I of Section 12.1.&#160; Dividends on shares of RP in
arrears with respect to any past Dividend Payment Date may be declared and paid
at any time, without reference to any regular Dividend Payment Date, pro rata
to the Holders of such shares as of a date not exceeding five Business Days
preceding the date of payment thereof as may be fixed by the Trustees.&#160; Any
dividend payment made on any share of RP shall be first credited against the
dividends accumulated but unpaid (whether or not earned or declared) with
respect to the earliest Dividend Payment Date on which dividends were not paid.</font></p>

<p style="margin:0in;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;">Neither Holders nor Beneficial Owners of shares of RP shall be entitled to
any dividends on the shares of RP, whether payable in cash, property or stock,
in excess of full cumulative dividends thereon (which include any amounts
actually due and payable pursuant to </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">paragraph 3(k),
3(1) or 3(m) of this Part I of Section 12.1).&#160; Except as provided in paragraph
3(h) of this Part I of Section 12.1, neither Holders nor Beneficial Owners of
shares of RP shall be entitled to any interest, or other additional amount, on
any dividend payment on any share of RP which may be in arrears.</font></p>
<a name="_bclFooter27"></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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">27</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_28"></a><a name="_bclPageBorder28"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;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;">Except as otherwise provided herein, the Applicable Dividend Rate on
each share of RP for each Dividend Period with respect to such share shall be
equal to the lower of the rate per annum that results from implementation of
the remarketing procedures described in Part II hereof and the Maximum Dividend
Rate.</font></p>

<p style="margin:0in;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;">The amount of declared dividends for each share of RP payable on the
Initial Dividend Payment Date, the Dividend Payment Date for each 7-day
Dividend Period, the Dividend Payment Date for each 28-day Dividend Period and
the Dividend Payment Date or Dates for each Short-Term Dividend Period shall be
computed by the Trust by multiplying the Applicable Dividend Rate in effect
with respect to dividends payable on such share on such Dividend Payment Date
by a fraction the numerator of which shall be the number of days in such
Dividend Period such share was outstanding from and including its Date of
Original Issue or the preceding Dividend Payment Date, as the case may be, to
and including the day preceding such Dividend Payment Date, and the denominator
of which shall be 365, then multiplying the amount so obtained by $50,000 (in
the case of Series A RP) or $25,000 (in the case of Series B RP and Series C
RP) and rounding the amount so obtained to the nearest cent.&#160; During any Long
Term Dividend Period, the amount of dividends per share payable on any Dividend
Payment Date shall be computed by dividing the Applicable Dividend Rate for
such Dividend Period by twelve, multiplying the amount so obtained by $50,000
(in the case of Series A RP) or $25,000 (in the case of Series B RP and Series
C RP), and rounding the amount so obtained to the nearest cent; provided,
however, that, if the number of days from and including the Date of Original
Issue or the preceding Dividend Payment Date, as the case may be, to and
including the day preceding such Dividend Payment Date is less than 30 and such
days do not constitute a full calendar month, then the amount of dividends per
share payable on such Dividend Payment Date shall be computed by multiplying
the Applicable Dividend Rate for such Dividend Period by a fraction, the
numerator of which will be such number of days and the denominator of which
will be 360, multiplying the amount so obtained by $50,000 (in the case of
Series A RP) or $25,000 (in the case of Series B RP and Series C RP), and
rounding the amount so obtained to the nearest cent.</font></p>

<p style="margin:0in;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;">No later than 12:00 noon, New York City time, on each Dividend Payment
Date, the Trust shall deposit in same-day funds with the Paying Agent the full
amount of any dividend declared and payable on such Dividend Payment Date on
any share of RP.</font></p>

<p style="margin:0in;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;">The Applicable Dividend Rate for each Dividend Period commencing during
a Non-Payment Period shall be equal to the Non-Payment Period Rate and any share
of RP for which a Special Dividend Period would otherwise have commenced on the
first day of or during a Non-Payment Period shall have a 28-day Dividend Period
(in the case of Series A RP) or a 7-day Dividend Period (in the case of Series
B RP and Series C RP).&#160; Any amount of any dividend due on any Dividend Payment
Date for any shares of RP (if, prior to 12:00 noon, New York City time, on such
Dividend Payment Date, the Trust has declared such dividend payable on or
within three Business Days after such Dividend Payment Date to the Holders who
held such shares of </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">RP as of 12:00 noon, New York City
time, on the Business Day preceding such Dividend Payment Date) or redemption
price with respect to any shares of RP not paid to Holders when due but paid to
such Holders in the same form of funds by 12:00 noon, New York City time, on
any of the first three Business Days after such Dividend Payment Date or due
date, as the case may be, shall incur a late charge to be paid therewith to
such Holders and calculated for such period of non-payment at the Non-Payment
Period Rate applied to the amount of such non-payment based on the actual
number of days comprising such period divided by 365.&#160; If the Trust fails to
pay a dividend on a Dividend Payment Date or to redeem any shares of RP on the
date set for such redemption (otherwise than because it is prevented from doing
so by these By-laws or by applicable law), the preceding sentence shall not
apply and the Applicable Dividend Rate for the Dividend Period commencing during
the Non-Payment Period resulting from such failure shall be the Non-Payment
Period Rate.&#160; For the purposes of the foregoing and paragraphs 3(g) and 4(g) of
this Part I of Section 12.1, payment to a person in New York Clearing House
(next-day) funds on any Business Day at any time shall be considered equivalent
to payment to such person in same-day funds at the same time on the next
Business Day, and any payment made after 12:00 noon, New York City time, on any
Business Day shall be considered to have been made instead in the same form of
funds and to the same person before 12:00 noon, New York City time, on the next
Business Day.</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">28</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_29"></a><a name="_bclPageBorder29"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;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;">Except during a Non-Payment Period, by 12:00 noon, New York City time,
on the Remarketing Date in the Remarketing at the end of the Initial Dividend
Period applicable to a share of RP, and by 12:00 noon, New York City time, on
the Remarketing Date in the Remarketing at the end of each subsequent Dividend
Period applicable to a share of RP, the Beneficial Owner of such share of RP
may elect to tender such share or hold such share for the next Dividend Period
to the extent provided in Part II of Section 12.1.</font></p>

<p style="margin:0in;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;">The Trust may, at its sole option and to the extent permitted by law, by
telephonic or written notice (a &quot;Request for Special Dividend
Period&quot;) to the Remarketing Agents, request that the next succeeding
Dividend Period for a series of RP be the number of days (other than 28, in the
case of Series A RP, or seven, in the case of Series B RP or Series C RP)
evenly divisible by seven, and not fewer than seven or more than 364 in the
case of a Short Term Dividend Period or one whole year or more but not greater
than five years in the case of a Long Term Dividend Period, specified in such
notice, provided that the Trust may not give a Request for Special Dividend
Period of greater than 28 days, in the case of Series A RP, or seven days, in
the case of Series B RP or Series C RP (and any such request shall be null and
void) unless the Trust has given written notice thereof to Moody's and S&amp;P
and unless, with respect to such series of RP, full cumulative dividends, any
amounts due with respect to redemptions, and any Additional Dividends payable
prior to such date have been paid in full and, for any Remarketing occurring
after the initial Remarketing, all shares tendered were remarketed in the last
occurring Remarketing.&#160; Except as otherwise provided in the definition of
&quot;Dividend Period&quot; in this Section 12.1, the Dividend Periods for the
Series A RP, Series B RP and Series C RP will never be co-extensive.&#160; Such
Request for Special Dividend Period, in the case of a Short Term Dividend
Period, shall be given on or prior to the fourth Business Day but not more than
seven Business Days prior to a Remarketing Date and, in the case of a Long Term
Dividend Period, shall be given on or prior to the 14th day but not more than
28 days prior to a Remarketing Date.&#160; Upon receiving such Request for a Special
Dividend Period, the Remarketing Agents shall determine (i) whether, given the
factors set forth below, it is advisable that the Trust issue a </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Notice of Special Dividend Period for such RP as
contemplated by such Request for Special Dividend Period, (ii) the Optional
Redemption Price of such RP during such Special Dividend Period and (iii) the
Specific Redemption Provisions and shall give the Trust written notice (a
&quot;Response&quot;) of such determination by no later than the third Business
Day prior to such Remarketing Date.&#160; In making such determination the
Remarketing Agents will consider (1) existing short-term and long-term market
rates and indices of such short-term and long-term rates, (2) existing market
supply and demand for short-term and long-term securities, (3) existing yield
curves for short-term and long-term securities comparable to the RP, (4)
industry and financial conditions which may affect such RP, (5) the investment
objective of the Trust, and (6) the Dividend Periods and dividend rates at
which current and potential Beneficial Owners of such RP would remain or become
Beneficial Owners.&#160; If the Remarketing Agents shall not give the Trust a
Response by such third Business Day or if the Response states that given the
factors set forth above it is not advisable that the Trust give a Notice of
Special Dividend Period, the Trust may not give a Notice of Special Dividend
Period in respect of such Request for Special Dividend Period.&#160; In the event
the Response indicates that it is advisable that the Trust give a Notice of
Special Dividend Period, the Trust may by no later than the second Business Day
prior to such Remarketing Date give a notice (a &quot;Notice of Special
Dividend Period&quot;) to the Remarketing Agents and to the Securities
Depository which notice will specify (i) the duration of the Special Dividend
Period, (ii) the Optional Redemption Price as specified in the related Response
and (iii) the Specific Redemption Provisions, if any, as specified in the
related Response.&#160; The Trust shall not give a Notice of Special Dividend Period
and, if the Trust has given a Notice of Special Dividend Period, the Trust is
required to give telephonic or written notice of its revocation (a &quot;Notice
of Revocation&quot;) to the Remarketing Agents (in the case of clauses (x) and
(y)) and the Securities Depository (in the case of clauses (x), (y) and (z)) on
or prior to the Business Day prior to the relevant Remarketing Date if (x)
either the 1940 Act RP Asset Coverage is not satisfied or the Trust shall fail
to maintain S&amp;P Eligible Assets and Moody's Eligible Assets each with an
aggregate Discounted Value at least equal to the RP Basic Maintenance Amount,
in each case on each of the two Valuation Dates immediately preceding the
Business Day prior to the relevant Remarketing Date on an actual basis and on a
pro forma basis giving effect to the proposed Special Dividend Period (using as
a pro forma dividend rate with respect to such Special Dividend Period the
dividend rate which the Remarketing Agents shall advise the Trust is an
approximately equal rate for securities similar to the RP with an equal
dividend period), provided that (unless Moody's advises the Trust to the
contrary), in calculating the aggregate Discounted Value of Moody's Eligible
Assets for this purpose, the Moody's Exposure Period shall be deemed to be one
week longer than the Moody's Exposure Period that would otherwise apply as of
the date of the Notice of Special Dividend Period, (y) sufficient funds for the
payment of dividends payable on the immediately succeeding Dividend Payment
Date for RP have not been irrevocably deposited with the Paying Agent by the
close of business on the third Business Day preceding the relevant Remarketing
Date or (z) the Remarketing Agents advise the Trust that after consideration of
the factors listed above, it is advisable to give a Notice of Revocation.&#160; If
the Trust is prohibited from giving a Notice of Special Dividend Period as a
result of any of the factors enumerated in clause (x), (y) or (z) of the prior
sentence or if the Trust gives a Notice of Revocation with respect to a Notice
of Special Dividend Period for RP, the next succeeding Dividend Period will be
a 28-day Dividend Period (in the case of Series A RP) or a 7-day Dividend
Period (in the case of Series B RP or Series C RP), provided that if the then
current Dividend Period for RP is a Special Dividend Period of less than 28
days (in the </font></p>
<a name="_bclFooter29"></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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">29</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_30"></a><a name="_bclPageBorder30"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;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;">case of Series A RP), the next succeeding
Dividend Period will be the same length as the current Dividend Period.&#160; In
addition, in the event all shares of RP tendered for which the Trust has given
a Notice of Special Dividend Period are not remarketed or a Remarketing for RP
is not held for any reason, the Trust may not again give a Notice of Special
Dividend Period with respect to RP (and any such attempted notice shall be null
and void) until all shares of such RP tendered in a subsequent Remarketing with
respect to a 28-day Dividend Period (in the case of Series A RP) or a 7-day
Dividend Period (in the case of Series B RP or Series C RP) have been
Remarketed.</font></p>
<a name="_bclFooter30"></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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">30</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_31"></a><a name="_bclPageBorder31"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;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;">Simultaneously with the declaration of each dividend at the Applicable
Dividend Rate to a Holder determined as set forth in paragraph 3(a) of this
Part I of Section 12.1 (each, a &quot;Paragraph 3(a) Dividend&quot;), the
Trustees shall also declare a dividend to the same Holder consisting of one
right (a &quot;Right&quot;) to receive an Additional Dividend in respect of
such Paragraph 3(a) Dividend.&#160; If, after the close of its fiscal year, the
Trust characterizes all or a portion of a Paragraph 3(a) Dividend paid on
shares of RP during such previous fiscal year as consisting of net capital gain
or other income subject to regular Federal income tax, without having either
given advance notice to the Remarketing Agents of the inclusion of such taxable
income in such Paragraph 3(a) Dividend prior to the setting of the Applicable
Dividend Rate for such Paragraph 3(a) Dividend or included an additional amount
in the Paragraph 3(a) Dividend to offset the tax effect of the inclusion
therein of such taxable income, in each case as provided in paragraph 3(m)
hereof, and the Trust so characterizes all or a portion of the Paragraph 3(a)
Dividend solely because (i) the Trust has redeemed all or a portion of the
outstanding shares of RP or the Trust has liquidated and (ii) the Trust, in its
judgment, believes it is required, in order to comply with a published position
of the Internal Revenue Service concerning the allocation of different types of
income between different classes and series of shares, Rev. Rul. 89-81, 1989-1
C.B. 226, to allocate such taxable income to the RP (the amount so
characterized referred to herein as a &quot;Retroactive Taxable
Allocation&quot;), the Trust will, within 90 days after the end of such fiscal
year, provide notice of the Retroactive Taxable Allocation made with respect to
the Paragraph 3(a) Dividend to the Paying Agent and to each Holder who received
such Paragraph 3(a) Dividend and the corresponding Right, at such Holder's
address as the same appears or last appeared on the share books of the Trust.&#160;
The Trust will, within 30 days after such notice is given to the Paying Agent, pay
to the Paying Agent (who will then distribute to such holders of Rights), out
of funds legally available therefor, an amount equal to the aggregate of the
Additional Dividends payable in respect of such Retroactive Taxable
Allocation.&#160; The Trust may direct the Paying Agent to invest any such available
funds in Deposit Securities (provided that such Deposit Securities are also
rated at least P-l, MIG-1 or VMIG-1 by Moody's) provided that the proceeds of
any such investment will be available in The City of New York at the opening of
business on the payment date for such Additional Dividends.&#160; All such funds (to
the extent necessary to pay the full amount of such Additional Dividends) shall
be held in trust for the benefit of the holders of Rights.&#160; An Additional
Dividend or Additional Dividends declared in respect of a Right shall be paid
to the Holder that received such Right, whether or not such Holder continues to
own the shares of RP in respect of which such Right was issued.&#160; Rights shall
be nontransferable except by operation of law, and no purported transfer of a
Right will be recognized by the Trust. No certificates will be issued
evidencing Rights.</font></p>





<a name="_bclFooter31"></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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">31</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_32"></a><a name="_bclPageBorder32"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;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;">An &quot;Additional Dividend&quot;
in respect of any Paragraph 3(a) Dividend means payment to a present or former Holder
of a share of RP of an amount which, giving effect to the Retroactive Taxable
Allocation made with respect to such Paragraph 3(a) Dividend, would cause such
Holder's after-tax return (taking into account both the Paragraph 3(a) Dividend
and the Additional Dividend and assuming such Holder is taxable at the Gross-Up
Tax Rate) to be equal to the after-tax return which the Holder would have
realized if the retroactive allocation of taxable income had not been made.&#160;
Such Additional Dividend shall be calculated (i) without consideration being
given to the time value of money; (ii) assuming that no Holder or former Holder
of shares of RP is subject to the Federal alternative minimum tax with respect
to dividends received from the Trust; and (iii) assuming that the Holder of the
share of RP in respect of which a Retroactive Taxable Allocation was made is
taxable at the Gross-Up Tax Rate.&#160; An Additional Dividend will not include an
amount to compensate for the fact that the Additional Dividend or the retroactive
allocation of taxable income may be subject to state and local taxes.&#160; The
Gross-Up Tax Rate shall be equal to the sum of (i) the percentage of the
taxable income included in the Paragraph 3(a) Dividend that is taxable for
Federal income tax purposes as ordinary income, multiplied by the greater of
(A) the highest marginal Federal corporate income tax rate (without regard to
the phase-out of graduated rates) applicable to ordinary income and (B) the
highest marginal Federal individual income tax rate applicable to ordinary
income (including any surtax but without regard to any phase-out of personal
exemptions or any limitation on itemized deductions), and (ii) the percentage
of the taxable income included in the Paragraph 3(a) Dividend that is taxable
for Federal income tax purposes as long-term capital gain, multiplied by the
greater of (A) the highest marginal Federal corporate income tax rate (without
regard to the phase-out of graduated rates) applicable to long-term capital
gain and (B) the highest marginal Federal individual income tax rate applicable
to long-term capital gain (including any surtax, but without regard to any
phase-out of personal exemptions or any limitation on itemized deductions).</font></p>

<p style="margin:0in;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;">Except as provided above, no Additional Dividend shall for
any reason be payable in respect of any Paragraph 3(a) Dividend previously paid
to a Holder.&#160; In particular, and without limiting the generality of the
foregoing, no Additional Dividend shall be payable as a result of any Internal
Revenue Service challenge to, among other things, the characterization of the
RP as equity, the Trust's method of allocating various types of income between
dividends paid on different classes or series of shares or between dividends
paid on the same class or series of shares, or the designations made by the
Trust relating to distributions made with respect to an earlier taxable year.</font></p>

<p style="margin:0in;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;">The Trustees may in their sole discretion from time to time declare a
special dividend (each, a &quot;special dividend&quot;) in an amount determined
in their sole judgment to be necessary or desirable to cause the Trust to
comply with any distribution requirements of the Code and thereby to avoid the
incurrence by the Trust of any income or excise tax under the Code, provided
that the Trustees shall not declare a special dividend if the declaration
thereof causes the Trust to fail to maintain the RP Basic Maintenance Amount or
the 1940 Act RP Asset Coverage.&#160; Any such special dividend shall be payable on
a date specified by the Trustees to Holders of record on a date specified by
the Trustees consistent with these By-laws.&#160; The Trust shall deposit with the
Paying Agent sufficient funds for the payment of any such special dividend not
later than noon on the Business Day immediately preceding the date on which
such special dividend becomes payable and shall give the Paying Agent
irrevocable instructions to apply such </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">funds and, if
applicable, the income and proceeds therefrom, to payment of such special
dividends.&#160; The Trust may direct the Paying Agent to invest any such available
funds in Deposit Securities (provided that such Deposit Securities are also
rated at least P-l, MIG-1 or VMIG-1 by Moody's) provided that the proceeds of
any such investment will be available in The City of New York at the opening of
business on the payment date for such special dividend.&#160; All such funds (to the
extent necessary to pay the full amount of such special dividend) shall be held
in trust for the benefit of the Holders.</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">32</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_33"></a><a name="_bclPageBorder33"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;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;">Whenever the Trust intends to include any net capital gain or other
income subject to regular Federal income tax in a dividend on shares of RP
solely because the Trust, in its judgment, believes it is required, in order to
comply with Rev. Rul. 89-81 described in paragraph 3(k) of this Part I of
Section 12.1, to allocate taxable income to shares of RP, the Trust may notify
the Remarketing Agents of the amount to be so included at least five Business
Days prior to the Remarketing Date on which the Applicable Dividend Rate for
such dividend is to be established.&#160; In the event the Trust has provided such
notice to the Remarketing Agents, yet, after giving such notice and prior to
paying the dividend the Trust intends to include additional income subject to
regular Federal income tax beyond the amount set forth in such Notice in such
dividend because the Trust, in its sole judgment, believes it is required, in
order to comply with such Rev. Rul. 89-81, to allocate such additional income
to such shares of the series of RP, the Trust will (i) increase the dividend by
an amount such that the return to a Holder of RP with respect to such dividend
(as so increased and after giving effect to Federal income tax at the Gross-Up
Tax Rate) shall equal the return such Holder of RP would have received, after
application of Federal income tax, if such additional amount of taxable income
had not been included in such dividend (and such dividend had not been
increased to take account of any additional amount of taxable income) and (ii)
notify the Paying Agent of the additional amount to be included in the dividend
at least five Business Days prior to the applicable Dividend Payment Date.&#160;
Alternatively, if the Trust has not provided the notice referred to in the
second preceding sentence, yet nevertheless prior to paying the dividend
intends to include income subject to regular Federal income tax in a dividend
on shares of RP solely because the Trust, in its judgment, believes it is
required, in order to comply with such Rev. Rul. 89-81, to allocate such income
to shares of RP, the Trust will (i) increase the dividend by an amount such
that the return to a Holder of RP with respect to such dividend (as so
increased and after giving effect to tax at the Gross-Up Tax Rate) equals the
Applicable Dividend Rate and (ii) notify the Paying Agent of the additional
amount to be included in the dividend at least five Business Days prior to the
applicable Dividend Payment Date.&#160; The Trust will not be required to notify any
Holder of RP of the prospective inclusion of, or to increase any dividend as a
result of the inclusion of, any taxable income in any dividend other than as
provided in this paragraph 3(m) or in paragraph 3(k) of this Part I of Section
12.1.</font></p>

<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">(iii)</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:0in;"><a name="_Toc158991531"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Redemption</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Shares of RP
shall be redeemable by the Trust as provided below:</font></p>

<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">( )</font></p>

<p style="margin:0in;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;">To the extent permitted under the 1940 Act, upon giving a Notice of
Redemption, the Trust at its option may redeem shares of any series of RP, in
whole or in part, on the next succeeding scheduled Dividend Payment Date
applicable to those shares of RP called for redemption, out of funds legally
available therefor, at the Optional Redemption Price per share; provided that
no share of RP shall be subject to redemption pursuant to this paragraph 4(a)
on any Dividend Payment Date during (A) the Initial Dividend Period with
respect to such share or </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(B) a Non-Call Period to
which such share is subject; and provided further that the Trust shall effect
no redemption pursuant to this paragraph 4(a) if as a result of such redemption
the Trust shall have failed to maintain S&amp;P Eligible Assets and Moody's
Eligible Assets with an aggregate Discounted Value at least equal to the RP
Basic Maintenance Amount or to maintain the 1940 Act RP Asset Coverage.&#160; For so
long as S&amp;P rates any series of RP, the Trust may not give a Notice of
Redemption relating to an optional redemption as described in paragraph 4(a)
unless, at the time of giving such Notice of Redemption, the Trust has
available Deposit Securities with maturity or tender dates not later than the
day preceding the applicable redemption date and having a Discounted Value not
less than the amount due to Holders by reason of the redemption of shares of
such series of RP on such redemption date.</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">33</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_34"></a><a name="_bclPageBorder34"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;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;">The Trust shall redeem, out of funds legally available therefor, at the
Mandatory Redemption Price per share, certain of the shares of RP, to the
extent permitted under the 1940 Act, if the Trust fails to maintain S&amp;P
Eligible Assets and Moody's Eligible Assets with an aggregate Discounted Value at
least equal to the RP Basic Maintenance Amount or to maintain the 1940 Act RP
Asset Coverage and such failure is not cured on or before the RP Basic
Maintenance Cure Date or the 1940 Act Cure Date (each herein referred to as a
&quot;Cure Date&quot;), as the case may be.&#160; The number of shares of RP to be
redeemed shall be equal to the lesser of (i) the minimum number of shares of
all series of RP the redemption of which, if deemed to have occurred
immediately prior to the opening of business on the Cure Date, together with
all other Preferred Shares subject to redemption or retirement, would result in
the satisfaction of the RP Basic Maintenance Amount or the 1940 Act RP Asset
Coverage, as the case may be, on such Cure Date (provided that, if there is no
such minimum number of shares of all series of RP and other Preferred Shares
the redemption of which would have such result, all shares of all series of RP
then outstanding shall be redeemed) and (ii) the maximum number of shares of
RP, together with all other Preferred Shares subject to redemption or
retirement, that can be redeemed out of funds expected to be legally available
therefor.&#160; In determining the number of shares of RP required to be redeemed in
accordance with the foregoing, the Trust shall allocate the number required to
be redeemed to satisfy the RP Basic Maintenance Amount or the 1940 Act RP Asset
Coverage, as the case may be, pro rata among shares of all series of RP and
other Preferred Shares (as determined by the liquidation preferences of such series
of RP and other Preferred Shares) subject to redemption provisions similar to
those contained in this paragraph 4(b).&#160; The Trust shall effect such redemption
not later than 35 days after such Cure Date, except that if the Trust does not
have funds legally available for the redemption of all of the required number
of shares of all series of RP and other Preferred Shares which are subject to
mandatory redemption or the Trust otherwise is unable to effect such redemption
on or prior to 35 days after such Cure Date, the Trust shall redeem those
shares of all series of RP and other Preferred Shares which it was unable to
redeem on the earliest practicable date on which it is able to effect such
redemption.</font></p>

<p style="margin:0in;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;">Any share of RP shall be subject to mandatory redemption
regardless of whether such share is subject to a Non-Call Period, provided that
shares of RP subject to a Non-Call Period will only be subject to redemption to
the extent that the other shares of such series of RP not subject to a Non-Call
Period or other Preferred Shares are not available to satisfy the number of
shares required to be redeemed.&#160; In such event, such shares subject to a
Non-Call Period will be selected for redemption in an ascending order of
outstanding Non-Call Period (with shares with </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the
lowest number of days remaining in the respective Dividend Period to be called
first) and by lot in the event of equal outstanding Non-Call Periods.</font></p>
<a name="_bclFooter34"></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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">34</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

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</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_35"></a><a name="_bclPageBorder35"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;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;">Subject to paragraph 4(d) of this Part I of Section 12.1, if fewer than
all the outstanding shares of any series of RP are to be redeemed pursuant to
this paragraph 4, the number of such shares of such series of RP so to be
redeemed shall be a whole number of shares and shall be determined by the
Trustees, and the Trust shall give a Notice of Redemption as provided in
paragraph 4(e) of this Part I, provided that no such share of RP will be
subject to optional redemption on any Dividend Payment Date during a Non-Call
Period to which it is subject and shares of RP subject to a Non-Call Period
will be subject to mandatory redemption only on the basis described under
paragraph 4(b) of this Part I.&#160; Unless certificates representing shares of RP
are held by Holders other than the Securities Depository or its nominee, the
Securities Depository, upon receipt of such notice, shall determine by lot (or
otherwise in accordance with procedures in effect at the time which shall be
consistent with the 1940 Act) the number of shares of such series of RP to be
redeemed from the account of each Agent Member (which may include an Agent
Member, including a Remarketing Agent, holding shares for its own account) and
notify the Paying Agent of such determination.&#160; The Paying Agent, upon receipt
of such notice, shall in turn determine by lot the number of shares of such
series of RP to be redeemed from the accounts of the Beneficial Owners of the
shares of such series of RP whose Agent Members have been selected by the
Securities Depository and give notice of such determination to the Remarketing
Agents.&#160; In doing so, the Paying Agent may determine that shares of RP shall be
redeemed from the accounts of some Beneficial Owners, which may include the
Remarketing Agents, without shares of RP being redeemed from the accounts of
other Beneficial Owners.</font></p>

<p style="margin:0in;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;">Notwithstanding paragraph 4(c) of this Part I, if any certificates
representing shares of any series of RP are held by Holders other than the
Securities Depository or its nominee, then the shares of such series of RP to
be redeemed shall be selected by the Paying Agent by lot.</font></p>

<p style="margin:0in;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;">Any Notice of Redemption with respect to shares of RP shall be given (A)
in the case of a redemption pursuant to paragraph 4(a) of this Part I, by the
Trust to the Paying Agent, the Securities Depository (and any other Holder) and
the Remarketing Agents, by telephone, not later than 1:00 p.m. New York City
time (and later confirmed in writing) not less than 20 nor more than 30 days
prior to the earliest date upon which any such redemption may occur and (B) in
the case of a mandatory redemption pursuant to paragraph 4(b) of this Part I,
by the Trust to the Paying Agent, the Securities Depository (and any other
Holder) and the Remarketing Agents, by telephone, not later than 1:00 p.m., New
York City time (and later confirmed in writing) not less than 20 nor more than
30 days prior to the redemption date established by the Trustees and specified
in such notice.&#160; In the case of a partial redemption of the shares of any
series of RP, the Paying Agent shall use its reasonable efforts to provide
telephonic notice to each Beneficial Owner of shares of RP called for
redemption not later than the close of business on the Business Day on which
the Paying Agent determines the shares to be redeemed, as described in
paragraphs 4(c) and 4(d) of this Part I of Section 12.1 (or, during a Non-Payment
Period with respect to such shares, not later than the close of business on the
Business Day immediately following the day on which the Paying Agent receives a
Notice of Redemption from the Trust).&#160; Such telephonic notice shall be
confirmed promptly in writing to the Remarketing Agents, the </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Securities Depository and each Beneficial Owner of shares
of RP called for redemption not later than the close of business on the
Business Day immediately following the day on which the Paying Agent determines
the shares to be redeemed.&#160; In the case of a redemption in whole of the shares
of any series of RP, the Paying Agent shall use its reasonable efforts to
provide telephonic notice to each Beneficial Owner of shares of RP called for
redemption not later than the close of business on the Business Day immediately
following the day on which it receives a Notice of Redemption from the Trust.&#160;
Such telephonic notice shall be confirmed promptly in writing to each
Beneficial Owner of shares of RP called for redemption, the Remarketing Agents
and the Securities Depository not later than the close of business on the
second Business Day following the day on which the Paying Agent receives a
Notice of Redemption.</font></p>
<a name="_bclFooter35"></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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">35</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

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</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_36"></a><a name="_bclPageBorder36"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;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;">Every Notice of Redemption and other redemption notice shall state: (i)
the redemption date; (ii) the number of shares of RP to be redeemed; (iii) the
redemption price; (iv) that dividends on the shares of RP to be redeemed shall
cease to accumulate as of such redemption date; and (v) the provision of the
Declaration of Trust or the By-laws pursuant to which such shares are being
redeemed.&#160; In addition, notice of redemption given to a Beneficial Owner by the
Paying Agent shall state the CUSIP number, if any, of the shares of RP to be
redeemed and the manner in which the Beneficial Owners of such shares may
obtain payment of the redemption price.&#160; No defect in the Notice of Redemption
or other redemption notice or in the transmittal or the mailing thereof shall
affect the validity of the redemption proceedings, except as required by
applicable law.&#160; The Paying Agent shall use its reasonable efforts to cause the
publication of a Notice of Redemption in an Authorized Newspaper within two
Business Days of the date of the Notice of Redemption, but failure so to
publish such notification shall not affect the validity or effectiveness of any
such redemption proceedings.</font></p>

<p style="margin:0in;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;">On any redemption date, the Trust shall deposit, irrevocably in trust,
in same-day funds, with the Paying Agent, by 12:00 noon, New York City time,
the Optional Redemption Price or Mandatory Redemption Price, as the case may
be, for each share of RP called for redemption.</font></p>

<p style="margin:0in;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;">In connection with any redemption, upon the giving of a Notice of
Redemption and the deposit of sufficient funds necessary for such redemption
with the Paying Agent in accordance with this paragraph 4, shares of RP so
called for redemption shall no longer be deemed outstanding for any purpose and
all rights of the Holders of shares of RP so called for redemption shall cease
and terminate, except the right of the Holders thereof to receive the Optional
Redemption Price or the Mandatory Redemption Price, as the case may be, but
without any interest or other additional amount (except as provided in
paragraph 3(k) of this Part I of Section 12.1).&#160; The Trust shall be entitled to
receive from the Paying Agent, promptly after the date fixed for redemption,
any cash deposited with the Paying Agent as aforesaid in excess of the sum of
(i) the aggregate redemption price of the shares of RP called for redemption on
such date and (ii) all other amounts to which Holders of shares of RP called
for redemption may be entitled.&#160; The Trust shall be entitled to receive, from
time to time after the date fixed for redemption, any interest on any funds
deposited in respect of such redemption.&#160; Any funds so deposited with the
Paying Agent which are unclaimed at the end of ninety days from such redemption
date shall, to the extent permitted by law, be repaid to the Trust, after which
time the Holders of shares of RP so called for redemption shall look only to
the Trust for payment of the redemption price and all other amounts to which
they may be entitled.&#160; For so long as S&amp;P rates </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">any
series of RP, if any such unclaimed funds relating to shares of such series of
RP are repaid to the Trust, the Trust shall invest such unclaimed funds in
Deposit Securities with a maturity of no more than one Business Day until such
time as there are no unclaimed funds.</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">36</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_37"></a><a name="_bclPageBorder37"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;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;">To the extent that any redemption for which Notice of Redemption has been
given is not made by reason of the absence of legally available funds therefor,
such redemption shall be made as soon as practicable to the extent such funds
become available.&#160; Failure to redeem shares of RP shall be deemed to exist at
any time after the date specified for redemption in a Notice of Redemption when
the Trust shall have failed, for any reason whatsoever, to deposit funds with
the Paying Agent pursuant to paragraph 4(g) of this Part I of Section 12.1 with
respect to any shares for which such Notice of Redemption has been given.</font></p>

<p style="margin:0in;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;">Notwithstanding any of the foregoing provisions of this paragraph 4, the
Remarketing Agents may, in their sole discretion, modify the procedures set
forth above with respect to notification of redemption, provided that any such
modification does not adversely affect any Holder of shares of RP or materially
alter the obligations of the Paying Agent or the Fund; and further provided
that the Trust receives written confirmation from S&amp;P or Moody's that any
such modification would not impair the ratings then assigned by S&amp;P or
Moody's to shares of any series of RP.</font></p>

<p style="margin:0in;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;">In effecting any redemption pursuant to this paragraph 4, the Trust
shall use all reasonable efforts to satisfy all applicable procedural
conditions precedent to effecting such redemption under the 1940 Act and
Massachusetts law.</font></p>

<p style="margin:0in;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;">Notwithstanding the foregoing, (i) no share of RP may be redeemed
pursuant to paragraph 4(a) of this Part I of Section 12.1 unless the full
amount of accumulated but unpaid dividends to the date fixed for redemption for
each such share of RP called for redemption shall have been declared, and (ii)
no share of RP may be redeemed unless all outstanding shares of such series of
RP are simultaneously redeemed, nor may any shares of RP be purchased or
otherwise acquired by the Trust except in accordance with a purchase offer made
on substantially equivalent terms by the Trust for all outstanding shares of
RP, unless, in each such instance, dividends (other than dividends, if any, to
be paid pursuant to paragraph 3(k) or 3(1) of this Part I of Section 12.1 which
have not yet become due and payable) on all outstanding shares of RP through
the most recent Dividend Payment Date shall have been paid or declared and
sufficient funds for the payment thereof deposited with the Paying Agent.</font></p>

<p style="margin:0in;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;">Except as set forth in this paragraph 4 with respect to redemptions and
subject to paragraph 4(1) of this Part I of Section 12.1, nothing contained
herein shall limit any legal right of the Trust or any affiliate to purchase or
otherwise acquire any share of RP at any price.&#160; Any shares of RP which have
been redeemed, purchased or otherwise acquired by the Trust or any affiliate
thereof may be resold if, after the resale, the Trust has Moody's Eligible
Assets with an aggregate Discounted Value equal to or greater than the RP Basic
Maintenance Amount as provided in Paragraph 8(a) of this Part I of Section
12.1.&#160; In lieu of redeeming shares called for redemption, the Trust shall have
the right to arrange for other purchasers to purchase from Holders all shares
of RP to be redeemed pursuant to this paragraph 4, except those shares of RP to
be redeemed pursuant to paragraph 4(b) of this Part I of Section 12.1, by their
paying to such Holders on or before the close of business on the redemption
date an amount equal to not less </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">than the redemption
price payable by the Trust on the redemption of such shares, and the obligation
of the Trust to pay such redemption price shall be satisfied and discharged to
the extent such payment is so made by such purchasers.&#160; Prior to the purchase
of such shares by such purchasers, the Trust shall notify each purchaser that
such shares have been called for redemption.</font></p>
<a name="_bclFooter37"></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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">37</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_38"></a><a name="_bclPageBorder38"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">4.&#160; </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:0in;"><a name="_Toc158991532"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Liquidation</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">( )</font></p>

<p style="margin:0in;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;">Upon a liquidation, dissolution or winding up of the affairs of the
Trust, whether voluntary or involuntary, the Holders of each share of RP shall
be entitled, whether from capital or surplus, before any assets of the Trust
shall be distributed among or paid over to holders of Common Shares or any
other class or series of shares of the Trust ranking junior to the RP as to
liquidation payments, to be paid the amount of $50,000 per share of Series A
RP, and $25,000 per share of Series B RP and Series C RP, as the case may be,
plus in the case of each series of RP an amount equal to all accumulated but
unpaid dividends thereon (whether or not earned or declared) to but excluding
the date of final distribution, in same-day funds.&#160; After any such payment, the
Holders shall not be entitled to any further participation in any distribution
of assets of the Trust, except as provided in paragraph 3(k) of this Part I of
Section 12.1.</font></p>

<p style="margin:0in;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;">If, upon any such liquidation, dissolution or winding up of the Trust,
the assets of the Trust shall be insufficient to make such full payments to the
Holders of shares of RP and the holders of any Preferred Shares ranking as to
liquidation, dissolution or winding up on a parity with the RP, then such
assets shall be distributed among the Holders of shares of each series of RP
and such parity holders ratably in accordance with the respective amounts which
would be payable on such shares of RP and any other such parity Preferred
Shares if all amounts thereof were paid in full.</font></p>

<p style="margin:0in;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;">Neither the consolidation nor the merger of the Trust with or into any
other entity or entities nor a reorganization of the Trust alone nor the sale,
lease or transfer by the Trust of all or substantially all of its assets shall
be deemed to be a dissolution or liquidation of the Trust.</font></p>

<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">5.&#160; </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:0in;"><a name="_Toc158991533"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Voting Rights</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">( )</font></p>

<p style="margin:0in;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><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">General</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Except as otherwise provided in the Declaration of
Trust or By-laws, each Holder of shares of RP and each record holder of Common
Shares shall be entitled to one vote for each share held on each matter
submitted to a vote of shareholders of the Trust, and the holders of
outstanding Preferred Shares, including each series of RP, and of Common Shares
shall vote together as a single class; provided that, at any meeting of the
shareholders of the Trust held for the election of Trustees, the holders of
Preferred Shares, including each series of RP, present in person or represented
by proxy at said meeting, shall be entitled, as a class, to the exclusion of
the holders of all other securities and classes of capital shares of the Trust,
to elect two Trustees of the Trust, each Preferred Share, including each share
of each series of RP, entitling the holder thereof to one vote.&#160; Subject to
paragraph 6(b) of this Part I of Section 12.1, the holders of outstanding
Common Shares and Preferred Shares, including each series of RP, voting as a
single class, shall elect the balance of the Trustees.</font></p>


<a name="_bclFooter38"></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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">38</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_39"></a><a name="_bclPageBorder39"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;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><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Right to Elect Majority of Trustees</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; During any period in which
any one or more of the conditions described below shall exist (such period
being referred to herein as a &quot;Voting Period&quot;), the number of
Trustees shall be automatically increased by the smallest number that, when
added to the two Trustees elected exclusively by the holders of Preferred Shares
(including each series of RP), would constitute a majority of the Trustees as
so increased by such smallest number; and the holders of Preferred Shares
(including each series of RP) shall be entitled, voting as a class on a
one-vote-per-share basis (to the exclusion of the holders of all other
securities and classes of capital shares of the Trust), to elect such smallest
number of additional Trustees, together with the two Trustees that such holders
are in any event entitled to elect.&#160; A Voting Period shall commence:</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.5in;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;">if at any time accumulated dividends (whether or not earned or declared,
and whether or not funds are then legally available in an amount sufficient
therefor) on the outstanding shares of any series of RP equal to at least two
full years' dividends shall be due and unpaid and sufficient cash or securities
shall not have been deposited with the Paying Agent for the payment of such
accumulated dividends; or</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.5in;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;">if at any time holders of any Preferred Shares other than the RP are
entitled to elect a majority of the Trustees of the Trust.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Upon the termination of a Voting Period, the voting rights
described in this paragraph 6(b) shall cease, subject always, however, to the
revesting of such voting rights in the Holders upon the further occurrence of
any of the events described in this paragraph 6(b).&#160; A Voting Period shall
terminate when all dividends in arrears shall have been paid or otherwise
provided for.</font></p>

<p style="margin:0in;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><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Other Actions</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Except as otherwise provided herein, so long as
any shares of RP are outstanding, the Trust shall not, without the affirmative
vote or consent of the Holders of at least a majority of the shares of RP
outstanding at the time, in person or by proxy, either in writing or at a
meeting (voting separately as one class): (i) authorize, create or issue, or
increase or decrease the authorized or issued amount of, any class or series of
shares of beneficial interest ranking prior to or on a parity with the RP with
respect to payment of dividends or the distribution of assets on liquidation,
or increase or decrease the number of authorized Preferred Shares (although the
Trust may, to the extent of the amount of Preferred Shares authorized from time
to time, issue additional shares of RP or other series of Preferred Shares on a
parity with the RP with respect to payment of dividends and the distribution of
assets on liquidation (including Preferred Shares with different dividend rates
and periods) without such vote or consent); (ii) amend, alter or repeal the
provisions of the Declaration of Trust and the By-laws, including this Section
12.1, whether by merger, consolidation or otherwise, so as to affect materially
and adversely any preference, right or power of such shares of RP or the
Holders thereof; or (iii) take any other action (including without limitation
bankruptcy proceedings) which pursuant to Section 18(a)(2)(D) of the 1940 Act
requires such approval by the Holders; provided that (i) the issuance of not
more than the 6,000 Preferred Shares presently authorized and (ii) the creation
and issuance of series of Preferred Shares ranking junior to the RP with
respect to payment of dividends and the distribution of assets on liquidation,
will not be deemed to affect such preferences, rights or powers unless such
issuance would, at the time thereof, cause the Trust not to satisfy the 1940
Act RP Asset Coverage or the RP Basic Maintenance Amount.</font></p>


<a name="_bclFooter39"></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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">39</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_40"></a><a name="_bclPageBorder40"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;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;">In the event of an amendment,
alteration or repeal of the provisions of the Declaration of Trust or the
By-Laws, whether by merger, consolidation or otherwise, so as to affect
materially and adversely any preference, right or power of shares of any series
of RP or the Holders thereof, the affirmative vote or consent of the Holders of
at least a majority of the outstanding shares of such series, in person or by
proxy, either in writing or at a meeting voting as a separate series shall be
required.</font></p>

<p style="margin:0in;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 foregoing voting provisions shall not apply with respect
to shares of RP if, at or prior to the time when a vote is required, such
shares of RP shall have been (i) redeemed or (ii) called for redemption and
sufficient funds (in the form of cash or Municipal Bonds rated at least P-1,
MIG-1 or VMIG-1 by Moody's and which mature prior to the redemption date) shall
have been deposited in trust to effect such redemption.</font></p>

<p style="margin:0in;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;">Notwithstanding the foregoing, the Trustees may, without the
vote or consent of the Holders of any series of RP, from time to time amend,
alter or repeal any or all of the provisions of paragraphs 12(a), 12(b), 12(c),
13(a) and 13(b) of this Part I of Section 12.1, as well as any or all of the
definitions of the terms listed below, and any such amendment, alteration or
repeal will be deemed not to affect the preferences, rights or powers of shares
of RP or the Holders thereof, provided the Trustees receive written
confirmation from Moody's, in the case of any such action with respect to
paragraphs 12(b), 12(c), 13(a) and 13(b), or from S&amp;P, in the case of any
such action with respect to paragraphs 12(a), 13(a) and 13(b), or from both
Moody's and S&amp;P, in the case of any such action with respect to the
definitions of the terms listed below, that any such amendment, alteration or
repeal would not impair the ratings then assigned to any series of RP by the
rating agency providing such confirmation:</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:95%;">
 <tr>
  <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Accountant's Confirmation</font></p>
  </td>
 <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Municipal Bonds</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Anticipation Notes</font></p>
  </td>
 <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Municipal Index</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Closing Transactions</font></p>
  </td>
 <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Non-Payment Period Rate</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Deposit Securities</font></p>
  </td>
 <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Quarterly Valuation Date</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Discounted Value</font></p>
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Forward Commitments</font></p>
  </td>
 <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Receivables for Municipal </font></p>
  <p style="margin:0in;text-indent:.05in;"><font face="Times New Roman" style="font-size:12.0pt;">Bonds Sold</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Independent Accountant</font></p>
  </td>
 <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">RP Basic Maintenance Amount</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Initial Margin </font></p>
  </td>
 <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">RP Basic Maintenance Cure Date</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Market Value</font></p>
  </td>
 <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">RP Basic Maintenance Report</font></p>
  </td>
 </tr>
<tr style="height:13.75pt;">
  <td rowspan=2 valign=top width=50% style="height:13.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Maximum Potential Additional</font></p>
  <p style="margin:0in;text-indent:9.0pt;"><font face="Times New Roman" style="font-size:12.0pt;">Dividend Liability</font></p>
  </td>
 <td valign=top width=50% style="height:13.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">S&amp;P Discount Factor</font></p>
  </td>
 </tr>
<tr style="height:13.75pt;">
  <td valign=top width=50% style="height:13.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">S&amp;P Eligible Asset</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Moody's Discount Factor</font></p>
  </td>
 <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">S&amp;P Hedging Transaction</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Moody's Eligible Asset</font></p>
  </td>
 <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">S&amp;P Exposure Period</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Moody's Hedging Transaction</font></p>
  </td>
 <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">S&amp;P Volatility Factor</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Moody's Exposure Period</font></p>
  </td>
 <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Treasury Bonds</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Moody's Volatility Factor</font></p>
  </td>
 <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Valuation Date</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">1940 Act Cure Date</font></p>
  </td>
 <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">Variation Margin</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">1940 Act RP Asset Coverage</font></p>
  </td>
 <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>

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





<a name="_bclFooter40"></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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">40</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_41"></a><a name="_bclPageBorder41"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;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><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Voting Procedures</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.5in;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;">As soon as practicable after the accrual of any right of the holders of
shares of Preferred Shares (including shares of each series of RP) to elect
additional Trustees as described in paragraph 6(b) above, the Trust shall
notify the Paying Agent and the Paying Agent shall call a special meeting of
such holders, by mailing a notice of such special meeting to such holders, such
meeting to be held not less than 10 nor more than 20 days after the date of
mailing of such notice.&#160; If the Trust fails to send such notice to the Paying
Agent or if the Paying Agent does not call such a special meeting, it may be
called by any such holder on like notice.&#160; The record date for determining the
holders entitled to notice of and to vote at such special meeting shall be the
close of business on the fifth Business Day preceding the day on which such
notice is mailed.&#160; At any such special meeting and at each meeting held during
a Voting Period, such holders, voting together as a class (to the exclusion of
the holders of all other securities and classes of capital shares of the
Trust), shall be entitled to elect the number of Trustees prescribed in
paragraph 6(b) above on a one-vote-per-share basis.&#160; At any such meeting or
adjournment thereof in the absence of a quorum, a majority of such holders
present in person or by proxy shall have the power to adjourn the meeting
without notice, other than an announcement at the meeting, until a quorum is
present. </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.5in;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;">For purposes of determining any rights of the Holders of shares of any
series of RP to vote on any matter, whether such right is created by this
Section 12.1, by the other provisions of the Declaration of Trust or the
By-laws, by statute or otherwise, no Holder of shares of any series of RP shall
be entitled to vote and no share of any series of RP shall be deemed to be
&quot;outstanding&quot; for the purpose of voting or determining the number of
shares required to constitute a quorum if, prior to or concurrently with the
time of determination of shares entitled to vote or shares deemed outstanding
for quorum purposes, as the case may be, sufficient funds (in the form of cash
or Municipal Bonds rated at least P-l, MIG-1 or VMIG-1 by Moody's and A-l+ or
SP-1+ by S&amp;P and which mature prior to the redemption date) for the
redemption of such shares have been deposited in trust with the Paying Agent
for that purpose and the requisite Notice of Redemption with respect to such
shares shall have been given as provided in paragraph 4 of this Part I of
Section 12.1.&#160; No share of RP held by the Trust or any affiliate of the Trust
shall have any voting rights or be deemed to be outstanding for voting
purposes.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.5in;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;">The terms of office of all persons who are Trustees of the Trust at the
time of a special meeting of Holders of shares of RP and holders of other
Preferred Shares to elect Trustees shall continue, notwithstanding the election
at such meeting by the Holders of shares of RP and such other holders of the
number of Trustees that they are entitled to elect, and the persons so elected
by the Holders of shares of RP and such other holders </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of
Preferred Shares, together with the two incumbent Trustees elected by the
Holders of shares of RP and such other holders of Preferred Shares and the
remaining incumbent Trustees elected by the holders of the Common Shares and
Preferred Shares, shall constitute the duly elected Trustees of the Trust.</font></p>
<a name="_bclFooter41"></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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">41</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_42"></a><a name="_bclPageBorder42"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.5in;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;">Simultaneously with the expiration of a Voting Period, the terms of
office of the additional Trustees elected by the Holders of shares of RP and
holders of other Preferred Shares pursuant to paragraph 6(b) of this Part I of
Section 12.1 shall terminate, the remaining Trustees shall constitute the
Trustees of the Trust and the voting rights of the Holders of shares of RP and
such other holders to elect additional Trustees pursuant to paragraph 6(b) of
this Part I of Section 12.1 shall cease, subject to the provisions of the
penultimate sentence of paragraph 6(b).</font></p>

<p style="margin:0in;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><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Exclusive Remedy</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Unless otherwise required by law, the Holders
of shares of RP shall not have any relative rights or preferences or other
special rights other than those specifically set forth herein.&#160; The Holders of
shares of RP shall have no preemptive rights or rights to cumulative voting.&#160;
In the event that the Trust fails to pay any dividends on the shares of RP, the
exclusive remedy of the Holders of shares of RP shall be the right to vote for
Trustees pursuant to the provisions of this paragraph 6.&#160; In no event shall the
Holders of shares of RP have any right to sue for, or bring a proceeding with
respect to, such dividends or redemptions or damages for the failure to receive
any dividends or the proceeds of a redemption.</font></p>

<p style="margin:0in;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><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Notification to Moody's and S&amp;P</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; In the event a vote of
Holders of shares of RP is required pursuant to the provisions of Section 13(a)
of the 1940 Act, the Trust shall, not later than ten Business Days prior to the
date on which such vote is to be taken, notify Moody's and S&amp;P that such
vote is to be taken, the nature of the action with respect to which such vote
is to be taken and, not later than 10 Business Days following the vote, the
results of the vote.</font></p>

<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">6.&#160; </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc158991534"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">1940 Act RP Asset
Coverage</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The Trust shall maintain, as of the last Business Day of each
month in which any share of RP is outstanding, the 1940 Act RP Asset Coverage.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:0in;"><a name="_Toc158991535"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">RP Basic Maintenance Amount</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">( )</font></p>

<p style="margin:0in;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;">The Trust shall maintain, on each Valuation Date, and shall verify to
its satisfaction that it is maintaining on such Valuation Date, S&amp;P
Eligible Assets having an aggregate Discounted Value equal to or greater than
the RP Basic Maintenance Amount and Moody's Eligible Assets having an aggregate
Discounted Value equal to or greater than the RP Basic Maintenance Amount.&#160;
Upon any failure to maintain the required Discounted Value, the Trust will use
its best efforts to alter the composition of its portfolio to reattain the RP
Basic Maintenance Amount on or prior to the RP Basic Maintenance Cure Date.&#160;
If, on any Valuation Date, the Trust shall have Moody's Eligible Assets with a
Discounted Value which exceeds the RP Basic Maintenance Amount by not more than
5%, the Adviser shall not alter the composition of the Trust's portfolio unless
it determines that such action will not cause the Trust to have Moody's
Eligible Assets with a Discounted Value less than the RP Basic Maintenance
Amount.</font></p>


<a name="_bclFooter42"></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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">42</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_43"></a><a name="_bclPageBorder43"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;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;">The Trust will deliver an RP Basic Maintenance Report to the Remarketing
Agents, the Paying Agent, Moody's and S&amp;P as of (i) each Quarterly
Valuation Date, (ii) the first day of a Special Dividend Period, and (iii) any
other time when specifically requested by either Moody's or S&amp;P, in each
case at or before 5:00 p.m., New York City time, on the third Business Day
after such day.</font></p>

<p style="margin:0in;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;">At or before 5:00 p.m., New York City time, on the third Business Day
after a Valuation Date on which the Trust fails to maintain Moody's Eligible
Assets or S&amp;P Eligible Assets, as the case may be, with an aggregate
Discounted Value which exceeds the RP Basic Maintenance Amount by 5% or more or
to satisfy the RP Basic Maintenance Amount, the Trust shall complete and
deliver to the Remarketing Agents, the Paying Agent, Moody's and S&amp;P an RP
Basic Maintenance Report as of the date of such failure.</font></p>

<p style="margin:0in;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;">At or before 5:00 p.m., New York City time, on the third Business Day
after a Valuation Date on which the Trust cures any failure to satisfy the RP
Basic Maintenance Amount, the Trust shall complete and deliver to the
Remarketing Agents, the Paying Agent, Moody's and S&amp;P an RP Basic
Maintenance Report as of the date of such cure.</font></p>

<p style="margin:0in;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 RP Basic Maintenance Report or Accountant's Confirmation will be
deemed to have been delivered to the Remarketing Agents, the Paying Agent,
Moody's and S&amp;P if the Remarketing Agents, the Paying Agent, Moody's and
S&amp;P receive a copy or telecopy, telex or other electronic transcription
thereof and on the same day the Trust mails to the Remarketing Agents, the
Paying Agent, Moody's and S&amp;P for delivery on the next Business Day the
full RP Basic Maintenance Report.&#160; A failure by the Trust to deliver an RP
Basic Maintenance Report under subparagraph (b), (c) or (d) of this paragraph 8
shall be deemed to be delivery of an RP Basic Maintenance Report indicating
that the Discounted Value for all assets of the Trust is less than the RP Basic
Maintenance Amount, as of the relevant Valuation Date.</font></p>

<p style="margin:0in;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;">Within ten Business Days after the date of delivery to the Remarketing
Agents, the Paying Agent, S&amp;P and Moody's of an RP Basic Maintenance Report
in accordance with paragraph 8(b) above relating to a Quarterly Valuation Date,
the Independent Accountant will confirm in writing to the Remarketing Agents,
the Paying Agent, S&amp;P and Moody's (i) the mathematical accuracy of the
calculations reflected in such Report (and, in any other RP Basic Maintenance
Report that was delivered by the Trust during the quarter ending on such
Quarterly Valuation Date, if any, with such RP Basic Maintenance Report to be
randomly selected by the Independent Accountant); (ii) that, in such Report
(and in such randomly selected Report, if any), (a) the Trust determined in
accordance with this Section 12.1 whether the Trust had, at such Quarterly
Valuation Date (and at the Valuation Date addressed in such randomly selected
Report, if any), S&amp;P Eligible Assets of an aggregate Discounted Value at
least equal to the RP Basic Maintenance Amount and Moody's Eligible Assets of
an aggregate Discounted Value at least equal to the RP Basic Maintenance
Amount, and (b) it has obtained confirmation from the Pricing Service that the
Market Value of portfolio securities as determined by the Pricing Service
equals the mean between the quoted bid and asked prices or the yield equivalent
(when quotations are readily available); (iii) that the Trust has excluded from
the RP Basic Maintenance Report assets not qualifying as Eligible Assets; and
(iv) with respect to such confirmation to Moody's, that the Trust has satisfied
the requirements of paragraph 12(b) of this Part I of Section 12.1 as of the
Quarterly Valuation Date (and at the Valuation Date addressed in such randomly </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">selected Report, if any) (such confirmation is herein
called the &quot;Accountant's Confirmation&quot;).&#160; In preparing the
Accountant's Confirmation, the Independent Accountant shall be entitled to
rely, without further investigation, on such interpretations of law by the Trust
as may have been necessary for the Trust to perform the computations contained
in the RP Basic Maintenance Report.</font></p>
<a name="_bclFooter43"></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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">43</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_44"></a><a name="_bclPageBorder44"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;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;">Within ten Business Days after the date of delivery to the Remarketing
Agents, the Paying Agent, S&amp;P and Moody's of an RP Basic Maintenance Report
in accordance with paragraph 8(c) above relating to any Valuation Date on which
the Trust failed to satisfy the RP Basic Maintenance Amount, the Independent
Accountant will provide to the Remarketing Agents, the Paying Agent, S&amp;P
and Moody's an Accountant's Confirmation as to such RP Basic Maintenance
Report.</font></p>

<p style="margin:0in;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;">Within ten Business Days after the date of delivery to the Remarketing
Agents, the Paying Agent, S&amp;P and Moody's of an RP Basic Maintenance Report
in accordance with paragraph 8(d) above relating to any Valuation Date on which
the Trust cured any failure to satisfy the RP Basic Maintenance Amount, the
Independent Accountant will provide to the Remarketing Agents, the Paying
Agent, S&amp;P and Moody's an Accountant's Confirmation as to such RP Basic Maintenance
Report.</font></p>

<p style="margin:0in;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;">If any Accountant's Confirmation delivered pursuant to subparagraph (g),
(h) or (i) of this paragraph 8 shows that an error was made in the RP Basic
Maintenance Report for a particular Valuation Date for which such Accountant's
Confirmation was required to be delivered, or shows that a lower aggregate
Discounted Value for the aggregate of all S&amp;P Eligible Assets or Moody's
Eligible Assets, as the case may be, of the Trust was determined by the
Independent Accountant, the calculation or determination made by such
Independent Accountant shall be final and conclusive and shall be binding on
the Trust, and the Trust shall accordingly amend and deliver the RP Basic
Maintenance Report to the Remarketing Agents, the Paying Agent, S&amp;P and
Moody's promptly following receipt by the Trust of such Accountant's
Confirmation.</font></p>

<p style="margin:0in;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;">At or before 5:00 p.m., New York City time, on the first Business Day
after the Date of Original Issue of the shares of RP, the Trust will complete
and deliver to Moody's and S&amp;P an RP Basic Maintenance Report as of the
close of business on such Date of Original Issue.&#160; Within five Business Days of
such Date of Original Issue, the Independent Accountant will provide to Moody's
and S&amp;P an Accountant's Confirmation as to such RP Basic Maintenance
Report.</font></p>

<p style="margin:0in;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;">At or before 5:00 p.m., New York City time, on the first Business Day
following any date on which the Trust repurchases any outstanding Common
Shares, the Trust will complete and deliver to Moody's and S&amp;P an RP Basic
Maintenance Report as of the close of business on the date of the repurchase.</font></p>

<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">8.&#160; </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:0in;"><a name="_Toc158991536"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [RESERVED]</font></p>




<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc158991537"></a></p>
<a name="_bclFooter44"></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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">44</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_45"></a><a name="_bclPageBorder45"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;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;">10.&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Restrictions
on Certain Distributions</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; For so long as any share of RP is outstanding,
the Trust shall not declare, pay or set apart for payment any dividend or other
distribution (other than a dividend or distribution paid in shares of, or
options, warrants or rights to subscribe for or purchase, Common Shares or
other shares, if any, ranking junior to the shares of RP as to dividends and
upon liquidation) in respect of Common Shares or any other shares of the Trust
ranking junior to or on a parity with the shares of RP as to dividends or upon
liquidation, or call for redemption, redeem, purchase or otherwise acquire for
consideration any Common Shares or any other such junior shares or parity
shares (except by conversion into or exchange for shares of the Trust ranking
junior to the shares of RP as to dividends and upon liquidation), unless (i)
full cumulative dividends on shares of RP through the most recent Dividend
Payment Date shall have been paid or shall have been declared and sufficient
funds for the payment thereof deposited with the Paying Agent, (ii) the Trust
has redeemed the full number of shares of RP required to be redeemed by any
provision for mandatory redemption pertaining thereto, (iii) immediately after
such transaction the aggregate Discounted Value of Moody's Eligible Assets and
S&amp;P Eligible Assets would at least equal the RP Basic Maintenance Amount
and (iv) the Trust meets the applicable requirements of Section 18(a)(2)(B) of
the 1940 Act.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc158991538"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">11.&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Notice</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; All
notices or communications, unless otherwise specified in these Bylaws, shall be
sufficiently given if in writing and delivered in person or mailed by
first-class mail, postage prepaid.&#160; Notice shall be deemed given on the earlier
of the date received or the date seven days after which such notice is mailed.</font></p>

<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc158991539"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">12.&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Futures and Options
Transactions; Forward Commitments</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; (a) For so long as any shares of RP are
rated by S&amp;P, the Trust will not purchase or sell futures contracts, write,
purchase or sell options on futures contracts or write put options (except
covered put options) or call options (except covered call options) on portfolio
securities unless it receives written confirmation from S&amp;P that engaging
in such transactions will not impair the rating then assigned to such shares of
RP by S&amp;P, except that the Trust may purchase or sell futures contracts
based on the Bond Buyer Municipal Bond Index (the &quot;Municipal Index&quot;)
or U.S. Treasury Bonds with remaining maturities often years or more
(&quot;Treasury Bonds&quot;) and write, purchase or sell put and call options
on such contracts (collectively &quot;S&amp;P Hedging Transactions&quot;),
subject to the following limitations:</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;">(A)&#160;&#160;&#160;&#160;&#160;&#160; the Trust
will not engage in any S&amp;P Hedging Transaction based on the Municipal Index
(other than transactions which terminate a futures contract or option held by
the Trust by the Trust's taking an opposite position thereto (&quot;Closing
Transactions&quot;)), which would cause the Trust at the time of such
transaction to own or have sold (1) 1,001 or more outstanding futures contracts
based on the Municipal Index, (2) outstanding futures contracts based on the
Municipal Index and on Treasury Bonds exceeding in number 25% of the quotient
of the Market Value of the Trust's total assets divided by $100,000 or (3)
outstanding futures contracts based on the Municipal Index exceeding in number
10% of the average number of daily traded futures contracts based on the
Municipal Index in the thirty days preceding the time of effecting such
transaction as reported by The Wall Street Journal;</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>





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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-left:.5in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160; the
Trust will not engage in any S&amp;P Hedging Transaction based on Treasury
Bonds (other than Closing Transactions) which would cause the Trust at the time
of such transaction to own or have sold (1) outstanding futures contracts based
on Treasury Bonds and on the Municipal Index exceeding in number 25% of the
quotient of the Market Value of the Trust's total assets divided by $100,000 or
(2) outstanding futures contracts based on Treasury Bonds exceeding in number
10% of the average number of daily traded futures contracts based on Treasury
Bonds in the thirty days preceding the time of effecting such transaction as
reported by The Wall Street Journal;</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;">(C)&#160;&#160;&#160;&#160;&#160;&#160; the Trust
will engage in Closing Transactions to close out any outstanding futures
contract which the Trust owns or has sold or any outstanding option thereon
owned by the Trust in the event (i) the Trust does not have S&amp;P Eligible
Assets with an aggregate Discounted Value equal to or greater than the RP Basic
Maintenance Amount on two consecutive Valuation Dates and (ii) the Trust is
required to pay Variation Margin on the second such Valuation Date;</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;">(D)&#160;&#160;&#160;&#160;&#160;&#160; the Trust
will engage in a Closing Transaction to close out any outstanding futures
contract or option thereon in the month prior to the delivery month under the
terms of such futures contract or option thereon unless the Trust holds the
securities deliverable under such terms; and</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;">(E)&#160;&#160;&#160;&#160;&#160;&#160; when the
Trust writes a futures contract or option thereon (including a futures contract
or option thereon which requires delivery of an underlying security), it will
either maintain an amount of cash, cash equivalents or short-term, fixed-income
securities in a segregated account with the Trust's custodian, so that the
amount so segregated plus the amount of Initial Margin and Variation Margin
held in the account of or on behalf of the Trust's broker with respect to such
futures contract or option equals the Market Value of the futures contract or
option, or, in the event the Trust writes a futures contract or option thereon
which requires delivery of an underlying security, it shall hold such
underlying security in its portfolio.</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-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;">For purposes of determining whether the Trust has S&amp;P Eligible
Assets with a Discounted Value that equals or exceeds the RP Basic Maintenance
Amount, such Discounted Value shall, unless the Trust receives written
confirmation from S&amp;P to the contrary, be reduced by an amount equal to (i)
30% of the aggregate settlement value, as marked to market, of any outstanding
futures contracts based on the Municipal Index which are owned by the Trust
plus (ii) 25% of the aggregate settlement value, as marked to market, of any
outstanding futures contracts based on Treasury Bonds which contracts are owned
by the Trust.</font></p>

<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">(a)</font></p>

<p style="margin:0in;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;">For so long as any shares of RP are rated by Moody's, the Trust will not
buy or sell futures contracts, write, purchase or sell put or call options on
futures contracts or write put or call options (except covered call or put
options) on portfolio securities unless it receives written confirmation from
Moody's that engaging in such transactions would not impair the rating then
assigned to any shares of RP by Moody's, except that the Trust may purchase or
sell exchange-traded futures contracts based on the Municipal Index or Treasury
Bonds and purchase, write or sell exchange-traded put options on such futures
contracts and purchase, write </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">or sell exchange-traded
call options on such futures contracts (collectively &quot;Moody's Hedging
Transactions&quot;), subject to the following limitations:</font></p>
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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-left:.5in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160; the Trust
will not engage in any Moody's Hedging Transaction based on the Municipal Index
(other than Closing Transactions) which would cause the Trust at the time of
such transaction to own or have sold (1) outstanding futures contracts based on
the Municipal Index exceeding in number 10% of the average number of daily
traded futures contracts based on the Municipal Index in the thirty days
preceding the time of effecting such transaction as reported by The Wall Street
Journal or (2) outstanding futures contracts based on the Municipal Index
having a Market Value exceeding the Market Value of Municipal Bonds
constituting Moody's Eligible Assets owned by the Trust;</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;">(B)&#160;&#160;&#160;&#160;&#160;&#160; the Trust
will not engage in any Moody's Hedging Transaction based on Treasury Bonds
(other than Closing Transactions) which would cause the Trust at the time of
such transaction to own or have sold in the aggregate (1) outstanding futures
contracts based on Treasury Bonds having an aggregate Market Value exceeding
10% of the aggregate Market Value of all Moody's Eligible Assets owned by the
Trust and rated Aaa by Moody's, (2) outstanding futures contracts based on
Treasury Bonds having an aggregate Market Value exceeding 50% of the aggregate
Market Value of all Moody's Eligible Assets owned by the Trust and rated Aa by
Moody's (or, if not rated by Moody's but rated by S&amp;P, rated AAA by
S&amp;P) or (3) outstanding futures contracts based on Treasury Bonds having an
aggregate Market Value exceeding 90% of the aggregate Market Value of Moody's
Eligible Assets owned by the Trust and rated Baa or A by Moody's (or, if not
rated by Moody's but rated by S&amp;P, rated A or AA by S&amp;P) (for purposes
of the foregoing clauses (A) and (B), the Trust shall be deemed to own the
number of futures contracts that underlie any outstanding options written by
the Trust);</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;">(C)&#160;&#160;&#160;&#160;&#160;&#160; the Trust
will engage in Closing Transactions to close out any outstanding futures
contract based on the Municipal Index if the amount of open interest in the
Municipal Index as reported by The Wall Street Journal is less than 5,000;</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;">(D)&#160;&#160;&#160;&#160;&#160;&#160; the Trust
will engage in a Closing Transaction to close out any outstanding futures
contract by no later than the fifth Business Day of the month in which such
contract expires and will engage in a Closing Transaction to close out any
outstanding option on a futures contract by no later than the first Business
Day of the month in which such option expires;</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;">(E)&#160;&#160;&#160;&#160;&#160;&#160; the Trust will
engage in Moody's Hedging Transactions only with respect to futures contracts
or options thereon having the next settlement date for such type of futures
contract or option, or the settlement date immediately thereafter;</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;">(F)&#160;&#160;&#160;&#160;&#160;&#160; the Trust
will not engage in options and futures transactions for leveraging or
speculative purposes unless Moody's shall advise the Trust that to do so would
not adversely affect Moody's' then current rating of the shares of RP;
provided, however, that the Trust will not be deemed to have engaged in a
futures or options transaction for </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">leveraging or
speculative purposes so long as it has done so otherwise in accordance with
this paragraph 12; and</font></p>
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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


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<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;">(G)&#160;&#160;&#160;&#160;&#160;&#160; the Trust
will not enter into an option or futures transaction unless, after giving effect
thereto, the Trust would continue to have Moody's Eligible Assets with an
aggregate Discounted Value equal to or greater than the RP Basic Maintenance
Amount. </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;">For purposes of determining whether
the Trust has Moody's Eligible Assets with an aggregate Discounted Value that
equals or exceeds the RP Basic Maintenance Amount, the Discounted Value of
Moody's Eligible Assets which the Trust is obligated to deliver or receive
pursuant to an outstanding futures contract or option shall be as follows (unless
the Trust receives written confirmation to the contrary from Moody's): (i)
assets subject to call options written by the Trust which are either
exchange-traded and &quot;readily reversible&quot; or which expire within 48
days after the date as of which such valuation is made shall be valued at the
lesser of (a) Discounted Value and (b) the exercise price of the call option
written by the Trust; (ii) assets subject to call options written by the Trust
not meeting the requirements of clause (i) of this sentence shall have no
value; (iii) assets subject to put options written by the Trust shall be valued
at the lesser of (a) the exercise price and (b) the Discounted Value of such
security; and (iv) futures contracts shall be valued at the lesser of (a)
settlement price and (b) the Discounted Value of the subject security, provided
that, if a contract matures within 48 days after the date as of which such
valuation is made, where the Trust is the seller the contract may be valued at
the settlement price and where the Trust is the buyer the contract may be
valued at the Discounted Value of the subject securities.</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-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;">For purposes of determining whether the Trust has Moody's
Eligible Assets with an aggregate Discounted Value that equals or exceeds the
RP Basic Maintenance Amount, the following amounts shall be added to the RP
Basic Maintenance Amount required to be maintained by the Trust under paragraph
8(a) of this Part I of Section 12.1 (unless the Trust receives written
confirmation to the contrary from Moody's): (i) 10% of the exercise price of a
written call option; (ii) the exercise price of any written put option; (iii)
where the Trust is the seller under a futures contract, 10% of the settlement
price of the futures contract; (iv) where the Trust is the purchaser under a futures
contract, the settlement price of assets to be purchased under such futures
contract; (v) the settlement price of the underlying futures contract if the
Trust writes put options on a futures contract; and (vi) 105% of the Market
Value of the underlying futures contracts if the Trust writes call options on
futures contracts and does not own the underlying contract.</font></p>

<p style="margin:0in;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;">For so long as any shares of RP are rated by Moody's, the Trust will not
enter into any contract to purchase securities for a fixed price at a future
date beyond customary settlement time (other than such contracts that
constitute Moody's Hedging Transactions that are permitted under paragraph
12(b) of this Part I of Section 12.1) unless it receives written confirmation
from Moody's that engaging in such transactions would not impair the rating
then assigned to such shares of RP by Moody's except that the Trust may enter
into such contracts to purchase newly-issued securities on the date such
securities are issued (&quot;Forward Commitments&quot;), subject to the
following limitations:</font></p>


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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-left:.5in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160; the
Trust will maintain in a segregated account with its custodian cash, cash
equivalents or short-term, fixed income securities rated P-l, MIG-1 or VMIG-1
by Moody's and maturing prior to the date of the Forward Commitment with a face
value that equals or exceeds the amount of the Trust's obligations under any
Forward Commitments to which it is from time to time a party or long-term fixed
income securities with a Discounted Value that equals or exceeds the amount of
the Trust's obligations under any Forward Commitments to which it is from time
to time a party; and</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;">(B)&#160;&#160;&#160;&#160;&#160;&#160; the Trust
will not enter into a Forward Commitment unless, after giving effect thereto,
the Trust would continue to have Moody's Eligible Assets with an aggregate
Discounted Value equal to or greater than the RP Basic Maintenance Amount.</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-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;">For purposes of determining whether the Trust has Moody's
Eligible Assets with an aggregate Discounted Value that equals or exceeds the
RP Basic Maintenance Amount, the Discounted Value of all Forward Commitments to
which the Trust is a party and of all securities deliverable to the Trust
pursuant to such Forward Commitments shall be zero.</font></p>

<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">12.&#160; </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:0in;"><a name="_Toc158991540"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">13.&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Certain Other Restrictions</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">( )</font></p>

<p style="margin:0in;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;">For so long as any shares of RP are outstanding, the Trust will not,
unless it has received written confirmation from Moody's and S&amp;P that any
such action would not impair the ratings then assigned by Moody's and S&amp;P
to any shares of RP, engage in any one or more of the following transactions:</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.5in;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;">borrow any money except as may be necessary for the clearance of
purchases and sales of portfolio securities and which borrowings shall be
repaid within 60 days and not be extended or renewed (provided that no such borrowing
will be permitted unless the Trust, after giving effect to such borrowing,
maintains Moody's Eligible Assets and S&amp;P Eligible Assets at least equal to
the RP Basic Maintenance Amount);</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.5in;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;">lend portfolio securities;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.5in;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;">designate a new Pricing Service;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.5in;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;">engage in short sales;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.5in;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;">merge or consolidate with any other entity;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.5in;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;">engage in reverse repurchase agreements; or</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.5in;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;">issue a class or series of shares of beneficial interest ranking prior
to or on a parity with the RP with respect to payment of dividends or the distribution
of assets on liquidation.</font></p>

<p style="margin:0in;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;">For so long as any shares of RP are rated by Moody's or S&amp;P, the
Trust shall give to Moody's or S&amp;P, as the case may be, prompt written
notice of the following circumstances:</font></p>


<a name="_bclFooter49"></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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">49</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.5in;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;">any change to the Declaration of Trust or Article 12 of the Bylaws;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.5in;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;">any failure to declare or pay any dividend on the shares of RP;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.5in;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;">any mandatory or optional redemption of the shares of RP;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.5in;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;">any assumption of control of the Trustees by the Holders of shares of RP
pursuant to Section 6(b) of this Part I of Section 12.1;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.5in;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;">in the event the Trust shall not be a party to a pricing services
agreement and dealer quotes on assets are not available;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.5in;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;">in the event that the Applicable Dividend Rate equals or exceeds 95% of
the applicable Reference Rate;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.5in;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;">any person owning of record more than 5% of the Trust's Common Shares;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.5in;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;">a change in Internal Revenue Service rules on Additional Dividends
relating to the operation of the Trust; and</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(ix)</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;">Putnam Investment Management, Inc. is no longer the Trust's investment
manager.</font></p>

<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">13.&#160; </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc158991541"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">14.&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Legally Available
Funds</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; For purposes of this Section 12.1, funds shall not be &quot;legally
available&quot; for the payment of dividends or the redemption price with
respect to any share of RP if the Trust is insolvent at the time such payment would
be made or to the extent that such payment cannot be made without rendering the
Trust insolvent.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><a name="_Toc158991542"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">PART II<br>
REMARKETING PROCEDURES</font></p>

<p style="margin:0in;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 provisions of this Part II of Section 12.1 and other
provisions of these Bylaws describe the procedures pursuant to which the
Applicable Dividend Rate shall, except as otherwise provided in these Bylaws,
be determined for any Dividend Period for any series of RP.&#160; In the event that
any of the Remarketing Agents, Paying Agent, Securities Depository, Agent
Members and Beneficial Owners fail for any reason to perform any of the acts or
obligations to be performed by him or it as described herein, then no Holder or
Beneficial Owner of any shares of such series of RP shall have any right in
respect thereof against the Trust or any Trustee or officer of the Trust, and
the sole obligation of the Trust in respect of the determination of the amount
and the payment of any dividend shall be to pay to the Holders of such series
of RP as shown on the share transfer books of the Trust from time to time
dividends as determined in accordance with the terms of this Part II of Section
12.1 and any other applicable provisions of these Bylaws.&#160; Notwithstanding any
provision of these Bylaws, the Trust shall have no obligation at any time to
provide notice (other than to the Remarketing Agents, the Paying Agent, the
Securities Depository, S&amp;P and Moody's), or to make any payment (in respect
of any dividend or otherwise), to any person other than the Holders of the
shares of RP shown on the share transfer books of the Trust from time to time,
and the providing of any notice or the payment of any </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">amount
to such Holders (or to such other entities) shall discharge in full for all
purposes (including without limitation as against all Beneficial Owners of any
shares of RP) the Trust's obligation to provide any notice or to make any
payment.</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">50</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">0.&#160; </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc158991543"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Remarketing Schedule</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
Each Remarketing shall take place over a two-Business Day period consisting of
the Remarketing Date and the Settlement Date.&#160; Such dates or the method of
establishing such dates shall be determined by the Trustees from time to time
and until further action by the Trustees, a Remarketing Date shall occur on the
last Business Day of a Dividend Period for a series of RP (except for the last
Dividend Period for such RP) and the related Settlement Date shall occur on the
first Business Day of the succeeding Dividend Period.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:0in;"><a name="_Toc158991544"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Procedure for Tendering</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">( )</font></p>

<p style="margin:0in;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;">Each share of RP is subject to Tender and Dividend Reset at the end of
each Dividend Period for such RP and may be tendered in the Remarketing which
commences on the Remarketing Date immediately prior to the end of the current
Dividend Period.&#160; By 9:00 a.m., New York City time, on each such Remarketing Date,
the Remarketing Agents shall, after canvassing the market and considering
prevailing market conditions at the time for shares of such RP and similar
securities, provide Beneficial Owners of such RP non-binding indications of the
Applicable Dividend Rate for the next succeeding 28-day Dividend Period (in the
case of Series A RP) or 7-day Dividend Period (in the case of Series B RP or
Series C RP) or, if applicable, a Special Dividend Period; provided that, if
the Trust has designated the next Dividend Period for such RP as a Special
Dividend Period, the Remarketing Agents will provide to Beneficial Owners a
non-binding indication only of the Applicable Dividend Rate for such Special
Dividend Period.&#160; The actual Applicable Dividend Rate for such Dividend Period
may be greater than or less than the rate per annum indicated in such
non-binding indications (but not greater than the applicable Maximum Dividend
Rate).&#160; By 12:00 noon, New York City time, on such Remarketing Date, each
Beneficial Owner of a share of RP must notify a Remarketing Agent of its
desire, on a share-by-share basis, either to tender such share of RP at a price
of $50,000 per share (in the case of Series A RP) or $25,000 per share (in the
case of Series B RP or Series C RP) or to continue to hold such share for the
next 28-day Dividend Period (in the case of Series A RP) or 7-day Dividend
Period (in the case of Series B RP or Series C RP) or, if applicable, the next
Special Dividend Period.&#160; Beneficial Owners who do not provide such notice shall
be deemed to have elected (i) to hold all their shares of RP if each of the
current Dividend Period and succeeding Dividend Period is a 28-day Dividend
Period (in the case of Series A RP) or 7-day Dividend Period (in the case of
Series B RP or Series C RP) or a Special Dividend Period of 60 days or less,
and (ii) to tender all their shares of RP if the current Dividend Period or
succeeding Dividend Period is a Special Dividend Period of more than 60 days.&#160;
Any notice given to a Remarketing Agent to tender or hold shares for a
particular Dividend Period shall be irrevocable and shall not be conditioned
upon the level at which the Applicable Dividend Rate is established.&#160; A
Remarketing Agent may, in its sole discretion, (i) at the request of a
Beneficial Owner that has tendered one or more shares to such Remarketing
Agent, waive such Beneficial Owner's tender, and thereby enable such Beneficial
Owner to continue to hold the share or shares for the next 28-day Dividend
Period (in the case of Series A RP) or 7-day Dividend Period (in the case of
Series B RP or Series C RP) or, if applicable, a designated Special Dividend
Period, as agreed to by such Beneficial Owner and such Remarketing Agent at
such time, so long as such tendering Beneficial Owner has indicated to such
Remarketing Agent that it would accept the </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">new
Applicable Dividend Rate for such Dividend Period, such waiver to be contingent
upon the Remarketing Agents' ability to remarket all shares of RP tendered in
such Remarketing, and (ii) at the request of a Beneficial Owner that has
elected to hold one or more of its shares of RP, waive such Beneficial Owner's
election with respect thereto, such waiver to be contingent upon the
Remarketing Agents' ability to remarket all shares of RP tendered in such Remarketing.</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">51</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0in;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;">The ability of each Beneficial Owner to tender shares of RP in a
Remarketing shall be limited to the extent that (i) the Remarketing Agents
conduct a Remarketing pursuant to the terms of the Remarketing Agreement, (ii)
shares tendered have not been called for redemption and (iii) the Remarketing
Agents are able to find a purchaser or purchasers for tendered shares of RP at
an Applicable Dividend Rate for the next applicable Dividend Period that is not
in excess of the Maximum Dividend Rate for such Dividend Period.</font></p>

<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">2.&#160; </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:0in;"><a name="_Toc158991545"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Determination of Applicable
Dividend Rate</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">s.</font></p>

<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">( )</font></p>

<p style="margin:0in;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;">By 3:00 p.m., New York City time, on each Remarketing Date for a series
of RP, the Remarketing Agents shall determine the Applicable Dividend Rate to
the nearest one-thousandth (0.001) of one percent per annum for the next 28-day
Dividend Period (in the case of Series A RP) or 7-day Dividend Period (in the
case of Series B RP or Series C RP), or, if designated, Special Dividend
Period.&#160; The Applicable Dividend Rate for each such Dividend Period, except as
otherwise required herein, shall be the dividend rate per annum which the
Remarketing Agents determine, in their sole judgment, to be the lowest rate
that will enable them to remarket on behalf of the Beneficial Owners thereof
all shares of RP subject to Tender and Dividend Reset in such Remarketing and
tendered to them on such Remarketing Date at a price of $50,000 per share (in
the case of Series A RP) or $25,000 per share (in the case of Series B RP and
Series C RP).</font></p>

<p style="margin:0in;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;">For any series of RP, if no Applicable Dividend Rate shall have been
established on a Remarketing Date in a Remarketing for the next 28-day Dividend
Period (in the case of Series A RP) or 7-day Dividend Period (in the case of
Series B RP or Series C RP), or Special Dividend Period, if any, for any reason
(other than because there are no Remarketing Agents, the Remarketing Agents are
not required to conduct a Remarketing pursuant to the terms of the Remarketing
Agreement or the Remarketing Agents are unable to remarket on the Remarketing
Date all shares of RP tendered (or deemed tendered) to them at a price of
$50,000 per share (in the case of Series A RP) or $25,000 per share (in the
case of Series B RP and Series C RP)), then the Remarketing Agents, in their
sole discretion, shall, if necessary and except during a Non-Payment Period,
after taking into account market conditions as reflected in the prevailing
yields on fixed and variable rate taxable and tax exempt debt securities and
the prevailing dividend yields of fixed and variable rate preferred stock,
determine the Applicable Dividend Rate that would be the rate per annum that
would be the initial dividend rate fixed in an offering on such Remarketing
Date, assuming in each case a comparable dividend period, issuer and security.&#160;
If there is no Remarketing for such series of RP because there are no
Remarketing Agents or the Remarketing Agents are not required to conduct a
Remarketing pursuant to the Remarketing Agreement or if the Remarketing Agents
are unable to remarket on the Remarketing Date all shares of RP tendered (or
deemed tendered) to them at a price of $50,000 per share (in the case of Series
A RP) or $25,000 per share (in the case of Series B RP or Series C RP), then,
except during a Non-Payment Period, the Applicable Dividend Rate for the
subsequent Dividend Period </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">for RP and for each
subsequent Dividend Period for RP for which no Remarketing takes place because
of the foregoing shall be the applicable Maximum Dividend Rate for a 28-day
Dividend Period (in the case of Series A RP) or 7-day Dividend Period (in the
case of Series B RP or Series C RP) and the next Dividend Period for RP and
each such subsequent Dividend Period shall be a 28-day Dividend Period (in the
case of Series A RP) or 7-day Dividend Period (in the case of Series B RP or
Series C RP).</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">52</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0in;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;">In determining the Applicable Dividend Rate for a series of RP, the
Remarketing Agents shall, after taking into account market conditions as
reflected in the prevailing yields on fixed and variable rate taxable and tax
exempt debt securities and the prevailing dividend yields of fixed and variable
rate preferred stock determined for the purpose of providing non-binding
indications of the Applicable Dividend Rate to Beneficial Owners and potential
purchasers of shares of RP, (i) consider the number of shares of RP tendered
and the number of shares of RP potential purchasers are willing to purchase and
(ii) contact by telephone or otherwise current and potential Beneficial Owners
of shares of RP subject to Tender and Dividend Reset to ascertain the dividend
rates at which they would be willing to hold shares of RP.</font></p>

<p style="margin:0in;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;">The Applicable Dividend Rate for each series of RP shall be determined
as aforesaid by the Remarketing Agents in their sole discretion (except as
otherwise provided in this Section 12.1 with respect to an Applicable Dividend
Rate that shall be the Non-Payment Period Rate or the Maximum Dividend Rate)
and shall be conclusive and binding on Holders and Beneficial Owners.</font></p>

<p style="margin:0in;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;">Except during a Non-Payment Period, the Applicable Dividend Rate for any
Dividend Period for each series of RP shall not be more than the applicable
Maximum Dividend Rate.</font></p>

<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">3.&#160; </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:0in;"><a name="_Toc158991546"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Allocation of Shares: Failure to
Remarket at Liquidation Preference</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">( )</font></p>

<p style="margin:0in;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;">If the Remarketing Agents are unable to remarket by 3:00 p.m., New York
City time, on a Remarketing Date all shares of RP tendered (or deemed tendered)
to them in the related Remarketing at a price of $50,000 per share (in the case
of Series A RP) or $25,000 per share (in the case of Series B RP or Series C
RP), (i) each Beneficial Owner that tendered or was deemed to have tendered
shares of RP for sale shall sell a number of shares of RP on a pro rata basis,
to the extent practicable, or by lot, as determined by the Remarketing Agents
in their sole discretion, based on the number of orders to purchase shares of
RP in such Remarketing, and (ii) the Applicable Dividend Rate for the next
Dividend Period for RP, which shall be a 28-day Dividend Period, shall be the
Maximum Dividend Rate for such 28-day Dividend Period (in the case of Series A
RP) or 7-day Dividend Period (in the case of Series B RP or Series C RP).</font></p>

<p style="margin:0in;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;">If the allocation procedures described above would result in the sale of
a fraction of a share of RP, the Remarketing Agents shall, in their sole
discretion, round up or down the number of shares of RP sold by each Beneficial
Owner on the applicable Remarketing Date so that each share sold by a
Beneficial Owner shall be a whole share of RP, and the total number of shares
sold equals the total number of shares purchased on such Remarketing Date.</font></p>

<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">4.&#160; </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:0in;"><a name="_Toc158991547"></a></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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">53</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_54"></a><a name="_bclPageBorder54"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Notification
of Results: Settlement</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">( )</font></p>

<p style="margin:0in;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;">By telephone at approximately 3:30 p.m., New York City time, on each
Remarketing Date, the Remarketing Agents shall advise each Beneficial Owner of
tendered shares and each purchaser thereof (or the Agent Member thereof) (i) of
the number of shares such Beneficial Owner or purchaser is to sell or purchase
and (ii) to give instructions to its Agent Member to deliver such shares
against payment therefor or to pay the purchase price against delivery as
appropriate.&#160; The Remarketing Agents will also advise each Beneficial Owner or
purchaser that is to continue to hold, or to purchase, shares with a Dividend
Period beginning on the Business Day following such Remarketing Date of the
Applicable Dividend Rate for such shares.</font></p>

<p style="margin:0in;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;">In accordance with the Securities Depository's normal procedures, on the
Settlement Date, the transactions described above with respect to each share of
RP shall be executed through the Securities Depository, if the Securities
Depository or its nominee holds or is to hold the certificate relating to the
shares to be purchased, and the accounts of the respective Agent Members of the
Securities Depository shall be debited and credited and shares delivered by
book entry as necessary to effect the purchases and sales of shares of RP in
the related Remarketing.&#160; Purchasers of such shares of RP shall make payment to
the Paying Agent in same-day funds against delivery to such purchasers or their
nominees of one or more certificates representing such shares of RP, or, if the
Securities Depository or its nominee holds or is to hold the certificate
relating to such shares to be purchased, through their Agent Members in
same-day funds to the Securities Depository against delivery by book entry of
such shares of RP through their Agent Members.&#160; The Securities Depository shall
make payment in accordance with its normal procedures.</font></p>

<p style="margin:0in;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;">If any Beneficial Owner selling shares of RP in a Remarketing fails to
deliver such shares, the Agent Member of such selling Beneficial Owner and of
any other person that was to have purchased shares of RP in such Remarketing
may deliver to any such other person a number of whole shares of RP that is
less than the number of shares that otherwise was to be purchased by such
person.&#160; In such event, the number of shares of RP to be so delivered shall be
determined by such Agent Member.&#160; Delivery of such lesser number of shares of
RP shall constitute good delivery of such number of shares.</font></p>

<p style="margin:0in;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;">The Remarketing Agents, the Paying Agent and the Securities Depository
each will use its reasonable commercial efforts to meet the timing requirements
set forth in paragraphs (a) and (b) above; provided that, in the event that
there is a delay in the occurrence of any delivery or other event connected
with a Remarketing, the Remarketing Agents, the Paying Agent and the Securities
Depository each will use its reasonable commercial efforts to accommodate such
delivery in furtherance of the Remarketing.</font></p>

<p style="margin:0in;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;">Notwithstanding any of the foregoing provisions of this paragraph 5, the
Remarketing Agents may, in their sole discretion, modify the settlement procedures
set forth above with respect to any Remarketing, provided any such modification
does not adversely affect the Beneficial Owners or the Holders of RP or 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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">54</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0in;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;">Neither the Trust, the Paying Agent nor any of the Remarketing Agents
shall be obligated in any case to provide funds to make payment to a Beneficial
Owner upon such Beneficial Owner's tender of its shares of RP in a Remarketing,
unless, in each case, such shares of RP were acquired for the account of the
Trust, the Paying Agent or any of the Remarketing Agents, as the case may be.</font></p>

<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">5.&#160; </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc158991548"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Purchase of Shares of
RP by Remarketing Agents</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The Remarketing Agents may purchase for their
own account shares of RP in a Remarketing, provided that they purchase all
tendered (or deemed tendered) shares of RP not sold in such Remarketing to
other purchasers.&#160; If the Remarketing Agents hold shares of RP for their own
account upon completion of a Remarketing, they must establish an Applicable
Dividend Rate with respect to such shares in such Remarketing that is not
higher than the Applicable Dividend Rate that would have been established if
the Remarketing Agents did not hold or had not purchased such shares.&#160; Except
as provided in the first sentence of this paragraph 6, the Remarketing Agents
shall not be obligated to purchase any shares of RP that would otherwise remain
unsold in a Remarketing.&#160; If the Remarketing Agents hold for their own account
any shares of RP subject to a Remarketing immediately prior to such Remarketing
and if all other shares subject to such Remarketing and tendered for sale by
other Beneficial Owners of shares of RP (including circumstances where any of
the Remarketing Agents hold such shares as nominee) have been sold in such
Remarketing, then the Remarketing Agents may sell such number of their shares
in such Remarketing as there are outstanding orders to purchase that have not
been filled by shares tendered for sale by other Beneficial Owners.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc158991549"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Applicable Dividend
Rate During a Non-Payment Period</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; So long as a Non-Payment Period for any
series of RP shall continue, paragraphs 1, 2, 3, 4, 5 and 6 of this Part II of
Section 12.1 shall not be applicable to any of the shares of all series of RP
and the shares of all series of RP shall not be subject to Tender and Dividend
Reset.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc158991550"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Transfers</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160;
Unless the Trust has elected, during a Non-Payment Period, to waive this
requirement, ownership of shares of RP will be maintained in book entry form by
the Securities Depository, for the account of a designated Agent Member which,
in turn, shall maintain records of such purchaser's beneficial ownership.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:0in;"><a name="_Toc158991551"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Miscellaneous</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">( )</font></p>

<p style="margin:0in;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;">To the extent permitted by applicable law, the Trustees may interpret or
adjust the provisions hereof to resolve any inconsistency or ambiguity, or to
remedy any formal defect.</font></p>

<p style="margin:0in;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;">Notwithstanding any provision of these Bylaws, (i) no Remarketing Agent,
Paying Agent, Securities Depository or Agent Member shall have any obligation
in respect of any person having any interest in any share of RP other than the
Beneficial Owner thereof, and the Paying Agent shall have no obligation to
record any transfer of beneficial ownership in any share unless and until it
shall have received proper notice and evidence of such transfer and the right
of the transferee in accordance with its procedures in effect from time to
time, and (ii) the record books of the Trust as kept by the Paying Agent shall
be conclusive as to who is the Holder of any share of RP and as to the number
of shares of RP held from time to time by any Holder, </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and
the Trust shall have no obligation in respect of any share of RP to any person
other than such Holder.</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">55</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_56"></a><a name="_bclPageBorder56"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">9.&#160; </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:0in;"><a name="_Toc158991552"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">10.&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Securities Depository; Share
Certificates</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<p style="margin:0in;"><font color=white face="Times New Roman" lang=EN-US style="font-size:1.0pt;line-height:1.0pt;">( )</font></p>

<p style="margin:0in;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;">If there is a Securities Depository, one certificate for all of the
shares of each series of RP shall be issued to the Securities Depository and
registered in the name of the Securities Depository or its nominee.&#160; Any such
certificate shall bear a legend to the effect that such certificate is issued
subject to the provisions contained in this Section 12.1.&#160; Unless the Trust
shall have elected, during a Non-Payment Period, to waive this requirement, the
Trust will also issue stop-transfer instructions to this effect to the Paying
Agent for the shares of RP.&#160; Except as provided in paragraph (b) below, the
Securities Depository or its nominee will be the Holder, and no Beneficial
Owner shall receive certificates representing its ownership interest in such
shares.</font></p>

<p style="margin:0in;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;">If the Applicable Dividend Rate applicable to all shares of any series
of RP shall be the Non-Payment Period Rate or there is no Securities
Depository, the Trust may at its option issue one or more new certificates with
respect to such shares (without the legend referred to in paragraph 10(a) of
this Part II of Section 12.1) registered in the names of the Beneficial Owners
or their nominees and rescind the stop-transfer instructions referred to in
paragraph 10(a) of this Part II of Section 12.1 with respect to such shares.</font></p>

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">ARTICLE 13</font></b></p>

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Advance Notice Provisions</font></b></p>

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">13.1</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Advance Notice of Shareholder
Nominations of Trustees and Other Shareholder Proposals</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Except as
otherwise provided in Article 16 of these Bylaws, the matters to be considered
and brought before any 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 in compliance with the procedures set forth in
this Section 13.1.&#160; Only persons who are nominated in accordance with the
following procedures, other than persons nominated by the Board of Trustees,
shall be eligible for election as Trustees, and no proposal to fix the number
of Trustees shall be considered at or brought before a meeting of Shareholders
or otherwise transacted unless notice is provided in accordance with the
following procedures, except as may be otherwise provided in the Bylaws with
respect to the right of holders of Preferred Shares, if any, of the Trust to
nominate and elect a specified number of Trustees in certain circumstances.</font></p>

<p style="margin:0in;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;">(a)&#160; </font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Shareholder Nominations for Trustee and Other
Shareholder Proposals for Meetings of Shareholders.</font></i></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(1)&#160; For any matter to be properly brought before a
meeting of Shareholders, the matter must be (i) specified in the notice of meeting
given by or at the direction of the Trustees pursuant to Article V, Section 2
of the Declaration </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of Trust, (ii) brought before the
meeting by or at the direction of the Trustees (or any duly authorized
committee thereof) or the Chair of the Trustees or (iii) brought before the
meeting by any Shareholder of the Trust who was a Shareholder of record (1) at
the time the notice provided for in this Section 13.1 is delivered to the Clerk
of the Trust, (2) at the record date for the meeting and (3) at the time of the
meeting, who is entitled to vote at the meeting on the nomination or proposal
for which the Shareholder has provided notice prior to such meeting in
accordance with this Article 13, and who complies with the notice procedures
set forth in subparagraph (2) of this paragraph (a) of this Section 13.1 and
the other requirements of this Article 13.&#160; If the Shareholder ceases to be a
holder of record of Shares, or if the beneficial owner ceases to be the
beneficial owner of Shares to the extent the record owner and beneficial owner
are not the same person, entitled to vote at such meeting on the nomination or
proposal for which the Shareholder has provided notice prior to such meeting in
accordance with this Article 13, the Shareholder&#8217;s proposal shall automatically
be withdrawn from consideration at the meeting.</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">56</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(2)&#160; For such matter to be properly brought before a
meeting by a Shareholder pursuant to clause (iii) of subparagraph (1) of
paragraph (a) of this Section 13.1, the Shareholder must have given timely
notice thereof in writing to the Clerk of the Trust in accordance with
paragraph (b) of this Section 13.1.&#160; The Shareholder&#8217;s notice shall contain, at
a minimum, the required information set forth in paragraph (c) of this Section
13.1.</font></p>

<p style="margin:0in;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;">(b)&#160; </font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Timely Notice</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(1)&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Annual Meeting</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; To be timely, a
Shareholder&#8217;s notice required by subparagraph (2) of paragraph (a) of this
Section 13.1 in respect of an annual meeting or a special meeting in lieu of an
annual meeting (each, an &#8220;Annual Meeting&#8221;) shall be delivered to the Clerk at
the principal executive offices of the Trust not less than sixty (60) nor more
than ninety (90) days prior to the anniversary date of the immediately
preceding Annual Meeting; provided, however, if and only if the Annual Meeting
is not scheduled to be held on a date that is within thirty (30) days before or
after such anniversary date, notice by the Shareholder in order to be timely
must be so received no later than the close of business on the tenth (10th) day
following the earlier of the date on which notice of the date of the annual
meeting was first mailed to Shareholders and the date on which the date of the
Annual Meeting was publicly announced or disclosed.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(2) </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;Special Meeting (Other than Special Meeting in
Lieu of Annual Meeting)</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; To be timely, a Shareholder&#8217;s notice required by
subparagraph (2) of paragraph (a) of this Section 13.1 in respect of a special
meeting shall be delivered to the Clerk at the principal executive offices of
the Trust not later than the close of business on the tenth (10th) day
following the earlier of the date on which notice of the date of the special
meeting was first mailed to Shareholders and the date on which the date of the
special meeting was publicly announced or disclosed.</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">57</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(3)&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">General</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; In no
event shall one or more adjournments or postponements (or public announcements
thereof) of a meeting of Shareholders commence a new time period (or extend any
time period) for the giving of a Shareholder&#8217;s notice as described in this
paragraph (b) of this Section 13.1.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(4)&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Publicly Announced or Disclosed</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; For
purposes of this Section 13.1, a matter shall be deemed to have been &#8220;publicly
announced or disclosed&#8221; if such matter is disclosed in a press release reported
by the Dow Jones News Service, Associated Press or comparable national news
service, in a document publicly filed by the Trust with the Securities Exchange
Commission, or on a website accessible to the public maintained by the Trust or
its investment adviser or an affiliate of such investment adviser with respect to
the Trust. </font></p>

<p style="margin:0in;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;">(c)&#160; </font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Content of Shareholder&#8217;s Notice</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(1)&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Shareholder Nominations and Proposals to Fix
the Number of Trustees</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#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
shall set forth in the Shareholder&#8217;s notice required by this Section 13.1 as to
each person, if any, whom the Shareholder proposes to nominate for election or
re-election as a Trustee (i) the person&#8217;s name, age, date of birth, business
address, residence address and nationality; (ii) any other information
regarding the person required by each of paragraphs (a), (d), (e) and (f) of
Item 401 of Regulation S-K and paragraph (b) of Item 22 of Rule 14a-101
(Schedule 14A) under the Exchange Act; (iii) any other information regarding
the person 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 or directors pursuant to Section 14 of the Exchange Act and
the rules and regulations promulgated thereunder; (iv) whether the Shareholder
believes the person 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 person that will be sufficient for the Trust to make such
determination; (v) the written consent of the person to being named as a
nominee and to serve as a Trustee if elected; and (vi) the class or series and
number of all Shares owned beneficially and of record by the person.&#160; Any
Shareholder&#8217;s notice required by this Section 13.1 in respect of a proposal to
fix the number of Trustees shall also set forth a description and the text of
the proposal, which description and text shall state a fixed number of Trustees
that otherwise complies with the Bylaws and the Declaration of Trust, and shall
be accompanied by a written statement as to why the Shareholder believes that
the proposal to fix the number of Trustees at the specified number is in the
best interests of Shareholders.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(2)&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Other Proposals</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Any Shareholder desiring
to propose any matter at a Shareholders&#8217; meeting, other than the nomination of
one or more persons for the election of Trustee or Trustees or a proposal to
fix the number of Trustees (which shall be subject to the provisions of
subparagraph (1) of paragraph (c) of this Section 13.1) shall set forth in the
Shareholder&#8217;s notice required by this Section 13.1 (i) the exact text of the
proposal to be presented; (ii) a brief written statement </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of
the reasons why such Shareholder favors the proposal; and (iii) a brief written
statement why the proposal is in the best interests of Shareholders.</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">58</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(3)&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">General Requirements</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Without limiting the
foregoing, any Shareholder who gives a Shareholder&#8217;s notice of any matter proposed
to be brought before a Shareholder meeting (whether or not involving nominees
for Trustees) as required by this Section 13.1 shall set forth in such
Shareholder&#8217;s notice, (i) the name and address of the Shareholder, as it
appears on the Trust&#8217;s books; (ii) the class or series and number of all Shares
owned beneficially and of record by the Shareholder (or by each of the record
owner and beneficial owner if not the same person, identifying the name and
address of each); (iii) any material interest of such Shareholder in the matter
proposed (other than as a Shareholder); (iv) 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; (v) a representation that the Shareholder intends to appear in
person or by proxy at the meeting to act on the matter(s) proposed; (vi) 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 solicitation of proxies with respect to the matter(s) proposed
pursuant to Section 14 of the Exchange Act and the rules and regulations
promulgated thereunder; (vii) to the extent known by the Shareholder giving
notice, the name and address of any other Shareholder supporting the proposed
nominee or other proposal; and (viii) 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 Shareholders. As used in this Section 13.1,
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 Exchange Act.&#160;
The Shareholder shall also provide such other information as the Board of
Trustees may reasonably request in order to assess whether the matter is a
proper matter for Shareholder consideration and determine a position with
respect to such proposal.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(4)&#160; </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;">.&#160; If the record owner and
the beneficial owner of the Shares are not the same person, the Shareholder
shall also provide the information called for by clauses (iii), (iv), (v), (vi)
and (vii) of subparagraph (3) of paragraph (c) of this Section 13.1 in respect
of the beneficial owner of such Shares. </font></p>

<p style="margin:0in;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;">(d)&#160; </font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Attendance at Meeting</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Notwithstanding the
foregoing provisions of this Article 13, unless otherwise required by the
Declaration or Trust or applicable law, if the Shareholder who has provided the
notice prescribed in paragraph (b) of this Section 13.1 does not appear at the
meeting to present in person the nominations or other proposals that were the
subject of such notice, any such nomination or nominations shall not be acted
on and any proposal or proposals shall not be transacted.</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">59</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
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<p style="margin:0in;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;">(e)&#160; </font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Authority to Determine
Compliance with Procedures</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The person presiding at 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 was made in compliance with the
procedures set forth in this Article 13 and elsewhere in the Bylaws and in the
Declaration of Trust and (ii) if any nomination or proposal is not so in
compliance to declare that such nomination or proposal shall be disregarded.</font></p>

<p align=center style="margin:0in;page-break-after:avoid;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p align=center style="margin:0in;page-break-after:avoid;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">ARTICLE 14</font></b></p>

<p align=center style="margin:0in;page-break-after:avoid;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Amendments to the Bylaws</font></b></p>

<p style="margin:0in;page-break-after:avoid;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">14.1&#160;
General.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; These Bylaws may be amended or
repealed, in whole or in part, by a majority of the Trustees then in office.&#160;
These Bylaws may not be amended by Shareholders.</font></p>

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

<p align=center style="margin:0in;page-break-after:avoid;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">ARTICLE 15</font></b></p>

<p align=center style="margin:0in;page-break-after:avoid;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Claims</font></b></p>

<p align=center style="margin:0in;page-break-after:avoid;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;text-indent:.5in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">15.1&#160;
Shareholder Claims.</font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; As used herein, a
&#8220;direct Shareholder claim&quot; shall refer to (i) a claim based upon alleged
violations of a Shareholder&#8217;s individual rights independent of any harm to the
Trust, including a Shareholder&#8217;s voting rights under Article 10, rights to
receive a dividend payment as may be declared from time to time, rights to
inspect books and records, or other similar rights personal to the Shareholder
and independent of any harm to the Trust; and (ii) a claim for which a direct
shareholder action is expressly provided under the U.S. federal securities
laws. Any claim asserted by a Shareholder that is not a direct Shareholder claim,
including without limitation any claims purporting to be brought on behalf of
the Trust or involving any alleged harm to the Trust, shall be considered a
&#8220;derivative claim&quot; as used herein.</font></p>

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">ARTICLE 16</font></b></p>

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Control Share Acquisitions</font></b></p>

<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">16.1</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Certain Definitions</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">.
As used in this Article 16, the following terms have the meanings specified
below:</font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&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;layout-grid-mode:line;">(a) &#8220;Associate&#8221;
means, with respect to any Person, any person who directly or indirectly
controls or is controlled by, or is under common control with, such Person, &#8220;control,&#8221;
as used in this definition meaning the possession, direct or indirect, of the
power to direct or cause the direction of the management or policies of a
Person, whether through the ownership of voting securities, by contract or
otherwise; any corporation or organization of which such Person is an officer,
director or partner or in which such Person performs a similar function; any
direct or indirect Beneficial Owner of ten percent (10%) or more of any class
of equity securities of such Person; any trust or estate in which such Person
has a beneficial interest not represented by transferable shares or as to which
such Person serves as trustee or in a similar fiduciary capacity; any relative
or spouse of such Person, or any relative of such spouse, any one of whom has
the same residence as such Person or who is a Trustee or officer of the Trust
or any of its affiliates; any person who is acting or intends to act jointly or
in concert with such Person in a </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Control Share
Acquisition; and any &#8220;affiliated person&#8221; of such Person, as such term is
defined in Section 2(a)(3) of the 1940 Act.</font></p>
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<p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:0in;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;">(b)&#160; &#8220;Beneficial Ownership&#8221; or &#8220;Beneficially
Owned&#8221; means the sole or shared power to dispose or direct the disposition of
Shares or the sole or shared power to vote or to direct the voting of Shares,
whether such power is direct or indirect or through any contract, arrangement,
understanding, relationship or otherwise.&#160; A Person shall not be deemed to be a
Beneficial Owner of Shares as to which such Person may exercise voting power
solely by virtue of a revocable proxy conferring the right to vote. A member of
a national securities exchange shall not be deemed to be a Beneficial Owner of
Shares held directly or indirectly by it on behalf of another Person solely
because such member is the record holder of such securities and, pursuant to
the rules of such exchange, may direct the vote of such Shares, without
instruction, on other than contested matters or matters that may affect
substantially the rights or privileges of the holders of the Shares to be voted
but is otherwise precluded by the rules of such exchange from voting without
instructions.</font></p>

<p style="margin:0in;margin-bottom:0in;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;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:.05pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(c)(1) &#8220;Control Share Acquisition&#8221;
means the acquisition by any Person of Beneficial Ownership of Shares, other
than remarketed preferred shares of a series existing as of September 18, 2020
(&#8220;Existing Preferred Shares&#8221;), which, but for the provisions of this Article
16, would have voting rights and which, when added to all other Shares
Beneficially Owned by such Person (excluding Existing Preferred Shares but
including Shares otherwise included in the categories enumerated in Section
16.1(c)(2)(i) through (vi) below), would entitle such Person, upon acquisition
of such Shares, to vote or direct the voting of Shares having voting power in
the election of Trustees (except for elections of Trustees by preferred
shareholders of the Trust voting as a separate class) within any of the
following ranges of such voting power:</font></p>

<p style="margin:0in;margin-bottom:6.0pt;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;layout-grid-mode:line;">(i) One-tenth or more, but less than
one-fifth of all voting power; </font></p>

<p style="margin:0in;margin-bottom:6.0pt;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;layout-grid-mode:line;">(ii) One-fifth or more, but less than
one-third of all voting power;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;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;layout-grid-mode:line;">(ii) One-third or more, but less than a
majority of all voting power; or </font></p>

<p style="margin:0in;margin-bottom:6.0pt;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;layout-grid-mode:line;">(iv) A majority or more of all voting power.</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;layout-grid-mode:line;">Subject to Section
16.1(c)(2) below, with respect to any Control Share Acquisition by a Person,
the following Shares, other than any Existing Preferred Shares, shall be deemed
to have been acquired in the same Control Share Acquisition for purposes of
this Article 16:&#160; (a) all Shares the Beneficial Ownership of which is acquired
by such Person within ninety (90) days before the date on which such Person
makes an acquisition of Beneficial Ownership of Shares that results in such
Control Share Acquisition and all Shares the Beneficial Ownership of which was
acquired by such Person pursuant to a plan to make a Control Share Acquisition;
and (b) all Shares the Beneficial Ownership of which is acquired by such Person
within the range of voting power (specified in this Section 16.1(c)(1)) to
which the Control Share Acquisition is subject at any time after the date on
which such Person makes an acquisition of Beneficial Ownership of Shares that
results in such Control Share Acquisition but prior to the authorization by
Shareholders of such Person&#8217;s voting rights with respect to such </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Control Share Acquisition in accordance with Section 16.4
of this Article 16.&#160; </font></p>
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<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;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;layout-grid-mode:line;">(2) A Control Share Acquisition shall not
include the acquisition of Beneficial Ownership of Shares acquired:</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(i) before September 18, 2020, provided, for the avoidance
of doubt, that Shares acquired before September 18, 2020 shall, pursuant to
Section 16.1(c)(1) above, be added to Shares the Beneficial Ownership of which
is acquired after September 18, 2020 for purposes of determining whether a
Control Share Acquisition has taken place or will take place following
September 18, 2020;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(ii) pursuant to a contract to acquire Shares existing
before September 18, 2020; </font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(iii) by will or pursuant to the laws of descent and
distribution;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(iv) pursuant to the satisfaction of a pledge or other
security interest created in good faith and not for the purpose of
circumventing the provisions of this Article 16;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(v) pursuant to a tender offer, merger or consolidation, but
only if such tender offer, merger or consolidation is pursuant to an agreement
to which the Trust is a party and has been approved by such proportion of the
Board of Trustees and/or Shareholders of the Trust as is required pursuant to
the Declaration of Trust or Bylaws; or </font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(vi) through any other transaction that is declared to be
exempt from the provisions of this Article 16 by vote of a majority of the
Board of Trustees, whether such vote is taken before, at the time of or after
such transaction.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:.05pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(3) The acquisition of
Beneficial Ownership of Shares does not constitute a Control Share Acquisition
if the acquisition is made by a Person whose voting rights with respect to
Shares were previously authorized by the Shareholders of the Trust in
compliance with this Article 16, unless such acquisition, when added to all
other Shares Beneficially Owned by the Person making such acquisition, other
than any Existing Preferred Shares, would entitle such acquiring Person to vote
or direct the voting of Shares having voting power in the election of Trustees
in excess of the range of voting power within which all Shares Beneficially
Owned by such Person whose voting rights were previously so authorized had
voting power immediately following such authorization.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:.05pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&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;layout-grid-mode:line;">(d) &#8220;Control Share
Acquisition Statement&#8221; means a statement satisfying the requirements of Section
16.2 below.</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;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;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;layout-grid-mode:line;">(e) &#8220;Interested Shares&#8221; means Shares that
are Beneficially Owned by:</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(i) any Person who has acquired or proposes to acquire
Beneficial Ownership of Shares in a Control Share Acquisition;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(ii) any officer of the Trust; or</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(iii) any employee of the Trust or the Trust&#8217;s investment
adviser who is also a Trustee of the Trust.</font></p>


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<p style="margin:0in;margin-left:.5in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">For the avoidance of doubt, any Person whose voting
rights in connection with a Control Share Acquisition are subject to a
Shareholder vote at a meeting of Shareholders pursuant to Section 16.3 shall be
deemed to hold Interested Shares with respect to any Shareholder vote at such
meeting on voting rights in connection with a Control Share Acquisition by any
other Person.</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;layout-grid-mode:line;">&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;layout-grid-mode:line;">(f) &#8220;Person&#8221; means
any individual, corporation, partnership, unincorporated association or other
entity, and includes any Associate of such Person.</font></p>

<p style="margin:0in;margin-bottom:6.0pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:6.0pt;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">16.2</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Delivery
of Control Share Acquisition Statement.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; Any Person who has made a Control
Share Acquisition or has made a bona fide written offer to make a Control Share
Acquisition may deliver a Control Share Acquisition Statement to the Clerk of
the Trust at the principal executive offices of the Trust personally or by
certified mail.&#160; The Control Share Acquisition Statement shall set forth all of
the following:</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(i) the identity/identities of such Person who
intends/intend to acquire or has/have acquired Beneficial Ownership of Shares;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(ii) a statement that such Control Share Acquisition
Statement is being made and delivered pursuant to the provisions of this
Article 16;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(iii) the number and class or series of Shares Beneficially
Owned by such Person prior to the Control Share Acquisition;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(iv) the number and class or series of Shares acquired or
proposed to be acquired by such Person pursuant to the Control Share
Acquisition and the range of voting power to which the Control Share
Acquisition is or, if consummated, would be subject pursuant to the provisions
of Section 16.1(c)(1) above;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(v) a description of the terms and conditions of the proposed
or completed Control Share Acquisition, including but not limited to the prices
paid by such Person in the Control Share Acquisition and the dates upon which
the Shares were acquired or are planned to be acquired; and</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(vi) if the Control Share Acquisition has not been
completed, representations by such Person that such Control Share Acquisition,
if consummated, will not be contrary to law, and that such Person has the
financial capacity to consummate the proposed Control Share Acquisition,
together with a statement in reasonable detail of the material facts upon which
such representation is based.</font></p>

<p style="margin:0in;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">16.3&#160; Meeting of Shareholders.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;
(a) If the Person delivering a Control Share Acquisition Statement so demands
in writing contemporaneously with the delivery of such Control Share
Acquisition Statement, consideration of the voting rights to be authorized for
the Shares acquired or proposed to be acquired in the Control Share Acquisition
shall be presented at the next meeting of the Trust&#8217;s Shareholders notice of which
has not been given prior to the receipt by the Trust of the Control Share
Acquisition Statement, whether such meeting is an annual meeting, special
meeting in lieu of an annual meeting or special meeting (and provided that the
Board of Trustees shall have no obligation to call such a meeting for the sole
purpose of considering the voting rights in connection with a Control Share
Acquisition).&#160; A demand delivered pursuant to the preceding sentence shall not
be considered a notice of Shareholder proposal for purposes of </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Article 13, Section 13.1 of these Bylaws and shall not be
subject to the associated informational requirements or deadlines.&#160; Such demand
shall not be effective unless accompanied by an undertaking by the Person
making such demand to pay, if requested by the Trust, the reasonable expenses
incurred by the Trust arising from or relating to the consideration of the
voting rights of such Person at a Shareholder meeting, but not including the
expenses of the Trust incurred in opposing a vote to authorize voting rights
for the Shares acquired or proposed to be acquired in the Control Share
Acquisition.&#160; The Trust shall have no obligation to, but may, include the
consideration of voting rights for the Shares acquired or proposed to be
acquired in a Control Share Acquisition in its own proxy statement for any
Shareholder meeting.&#160; The Trustees may require the acquiring Person to give
bond, with sufficient surety, or may require such Person to deposit cash in
escrow to reasonably assure the Trust that this undertaking will be satisfied.&#160;
For the avoidance of doubt, a demand delivered pursuant to this Section shall
be limited to the consideration of the voting rights to be authorized for only
those Shares acquired within the range of voting power to which the Control
Share Acquisition is subject pursuant to the provisions of Section 16.1(c)(1)
above, and any Shares acquired in excess of such range shall constitute a
separate Control Share Acquisition with respect to the next range of voting
power and, therefore, shall be treated separately for purposes of applying the
provisions of this Article 16. </font></p>
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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


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

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(b) The notice to the Shareholders
of the Trust of any annual meeting, special meeting in lieu of an annual
meeting or special meeting at which the voting rights to be accorded Shares
acquired or proposed to be acquired in a Control Share Acquisition are to be
considered shall be directed to all Shareholders of record of the Trust
entitled to vote on such matter as of the record date set for such meeting.&#160;
Such notice may include or be accompanied by a copy of the Control Share
Acquisition Statement received by the Trust pursuant to this Article 16, and
such other information as the Trust deems appropriate.</font></p>

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

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(c)&#160; A Person whose voting rights
with respect to Shares acquired in a Control Share Acquisition are considered
at a meeting of Shareholders of the Trust with respect to one of the four
ownership thresholds specified in Section 16.1(c)(1) above and not approved may
not demand Shareholder consideration of its voting rights in connection with a
Control Share Acquisition with respect to the same ownership threshold at any
subsequent Shareholder meeting held within two calendar years of the initial
meeting at which such Person&#8217;s voting rights were considered with respect to
such threshold, and, for the avoidance of doubt, such Person shall not have
voting rights with respect to such Shares except to the extent approved at a
future meeting held after the expiration of such two-year period and, after the
expiration of such two-year period, such Person may deliver a Control Share
Acquisition Statement (in accordance with Section 16.2 above) with respect to
such Shares (and/or any other Shares acquired in a Control Share Acquisition
with respect to the same ownership threshold) and may demand Shareholder
consideration of the voting rights to be authorized for such Shares (in
accordance with Section 16.3(a) above).</font></p>

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

<p style="margin:0in;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">16.4&#160; Authorization of Voting
Rights.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; The Person who has acquired Beneficial Ownership of Shares in a
Control Share Acquisition shall have the same voting rights with respect to
those Shares as the Beneficial Owners of all other Shares of the same class or
series of the Trust only to the extent authorized by vote of Shareholders of
the Trust at an annual meeting, </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">special meeting in
lieu of an annual meeting or special meeting at which such authorization is
considered pursuant to Section 16.3(a) above.&#160; At any such meeting, such
authorization shall be considered prior to any other matter that is subject to
a Shareholder vote, and such authorization shall require the affirmative vote
of the holders of a majority of the Shares entitled to vote generally in the
election of Trustees, excluding Interested Shares.&#160; For the avoidance of doubt,
Interested Shares shall be treated in the same manner in connection with such
authorization as Shares acquired in a Control Share Acquisition for which no
authorization is approved by Shareholders, as provided in the following
sentence.&#160; If no such vote is adopted, (a) the Beneficial Owner of such Shares
acquired in a Control Share Acquisition shall not have &#8220;power to vote&#8221; such
Shares on any matters listed in Article V, Section 1 of the Declaration of
Trust, such Shares held by such Beneficial Owner shall not be &#8220;entitled to&#8221; the
voting power set forth in Article V, Section 1 of the Declaration of Trust and
the Beneficial Owner of such Shares shall not otherwise have voting rights with
respect to such Shares with respect to any matter pursuant to these Bylaws or
the Declaration of Trust, and (b) such Shares shall not be considered &#8220;entitled
to vote&#8221; for purposes of determining quorum pursuant to Article V, Section 3 of
the Declaration of Trust and shall not be considered &#8220;present and entitled to
vote&#8221; with respect to any adjournment within the meaning of Article 10, Section
10.2 of these Bylaws.&#160; Such Shares shall have &#8220;power to vote&#8221; (including the
voting power prescribed in the Declaration of Trust), be &#8220;entitled to vote&#8221; and
be &#8220;present and entitled to vote&#8221; upon transfer of Beneficial Ownership of such
Shares to another Person unless such transfer constitutes a Control Share
Acquisition by the acquirer, in which event the ability of the acquirer to vote
such Shares shall be subject to the provisions of this Article 16.</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">64</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


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

<p style="margin:0in;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">16.5&#160; Persons Required to
Provide Information; Interpretation.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; (a)&#160; Each Person who owns Shares
either beneficially or of record shall provide to the Trust such information as
the Trust may request as is necessary for the Trust to apply the provisions in
this Article 16.</font></p>

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

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(b)&#160; Upon approval by a majority of
the Board of Trustees, the Board of Trustees may adopt policies, procedures or
resolutions to supply any omission, cure any ambiguity or correct or supplement
any defective or inconsistent provisions contained in this Article 16.&#160; Any
interpretation of any term or provision contained in this Article 16 made by
the Trustees in good faith shall be conclusive and binding upon all
Shareholders of the Trust.
</font>
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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


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




<p style="margin:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">*</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Of the amendments below, only the amendments
to Article 12 remain current. Apart from the amendments to Article 12, all
other amendments have been superseded by the Amended and Restated Bylaws of
Putnam Municipal Opportunities Trust dated as of September 18, 2020.</font></p>





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

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

<p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Amendment No. 1 to Amended
and Restated Bylaws</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;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;">WHEREAS, Section 12.1, Part I, paragraph 6(c), of the Bylaws
(the &quot;Bylaws) of Putnam Municipal Opportunities Trust (the
&quot;Trust&quot;) permits the Trustees of the Trust (the &quot;Trustees&quot;)
to amend, alter or repeal certain provisions of the Bylaws, subject to written
confirmation from Standard &amp; Poor's Rating Services (&quot;S&amp;P&quot;)
and Moody's Investor Services, Inc. (&quot;Moody's&quot;) that such amendment,
alteration or repeal will not affect the ratings then assigned to the Trust's
outstanding Remarketed Preferred Shares (&quot;RP&quot;; terms used without
definition in this amendment have the respective meanings ascribed to them in
the Bylaws);</font></p>

<p style="margin:0in;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;">WHEREAS, the Trustees desire to amend Section 12.1, Part I,
paragraph 12 of the Bylaws;</font></p>

<p style="margin:0in;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;">WHEREAS, Moody's and S&amp;P have confirmed to the Trust that
such amendment will not impair its ratings of outstanding RP;</font></p>

<p style="margin:0in;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;">NOW, THEREFORE, the Bylaws are hereby amended as follows:</font></p>

<p style="margin:0in;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 12.1, Part I, paragraph 12 is amended and restated to
read in full as follows:</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">12.&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Futures and Options Transactions: Forward
Commitments</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; (a) For so long as any shares of RP are rated by S&amp;P, the
Trust will not purchase or sell futures contracts, write, purchase or sell
options on futures contracts or write put options (except covered put options)
or call options (except covered call options) on portfolio securities unless it
receives written confirmation from S&amp;P that engaging in such transactions
will not impair the rating then assigned to such shares of RP by S&amp;P,
except that the Trust may purchase or sell futures contracts based on the Bond
Buyer Municipal Bond Index (the &quot;Municipal Index&quot;) or on U.S.
Treasury Bonds, Bills or Notes (&quot;Treasury Futures&quot;) and write,
purchase or sell put and call options on such contracts (collectively
&quot;S&amp;P Hedging Transactions&quot;), subject to the following
limitations:</font></p>

<p style="margin:0in;margin-left:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160;  the Trust will not engage
in any S&amp;P Hedging Transactions based on the Municipal Index (other than
transactions which terminate a futures contract or option held by the Trust by
the Trust's taking an opposition position thereto (&quot;Closing
Transactions&quot;)), which would cause the Trust at the time of such
transaction to own or have sold (1) 1,001 or more outstanding futures contracts
based on the Municipal Index, (2) outstanding futures contracts based on the
Municipal Index exceeding in number 25% of the quotient of the Market Value of
the Trust's total assets divided by $100,000 or (3) outstanding futures
contracts based on the Municipal Index exceeding in number 10% of the average
daily open interest in futures contracts based on the Municipal Index in the
thirty days preceding the time of effecting such transaction as reported by The
Wall Street Journal;</font></p>


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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


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

<p style="margin:0in;margin-left:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160; the Trust will not engage in
any S&amp;P Hedging Transaction based on Treasury Futures (other than Closing
Transactions) which would cause the Trust at the time of such transaction to
own or have sold (1) outstanding futures contracts based on Treasury Futures
exceeding in number 50% of the quotient of the Market Value of the Trust's
total assets divided by $100,000 ($200,000 in the case of futures on the two
year Treasury Note and $1,000,000 in the case of futures on Treasury Bills) or
(2) outstanding futures contracts based on a particular Treasury instrument
exceeding in number 10% of the average daily open interest in such futures
contracts in the thirty days preceding the time of effecting such transaction
as reported by The Wall Street Journal;</font></p>

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

<p style="margin:0in;margin-left:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(C)&#160;&#160;&#160;&#160;&#160;&#160; the Trust will engage in
Closing Transactions to close out any outstanding futures contracts which the Trust
owns or has sold or any outstanding option thereon owned by the Trust in the
event (1) the Trust does not have S&amp;P Eligible Assets with an aggregate
Discounted Value equal to or greater than the RP Basic Maintenance Amount on
two consecutive Valuation Dates and (2) the Trust is required to pay Variation
Margin on the second such Valuation Date; and</font></p>

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

<p style="margin:0in;margin-left:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(D)&#160;&#160;&#160;&#160;&#160;&#160; when the Trust engages in an
S&amp;P Hedging Transaction, it will maintain an amount of cash, cash
equivalents or short-term, money market securities or longer term fixed income
obligations rated, in the case of longer term securities, at least A in a
segregated account with the Trust's custodian, so that the amount so segregated
plus the amount of Initial Margin and Variation Margin held in the account of or
on behalf of the Trust's broker with respect to such futures contract or option
equals the following:</font></p>

<p style="margin:0in;margin-left:.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;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;">Writing covered call options on futures:</font></p>

<p style="margin:0in;margin-left:1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the higher of the Market Value of the
instruments underlying the options contract or the strike price of the options
contract.</font></p>

<p style="margin:0in;margin-left:1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;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;">Writing covered put options on futures:</font></p>

<p style="margin:0in;margin-left:1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the strike price of the options
contract.</font></p>

<p style="margin:0in;margin-left:1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;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;">Buying futures:</font></p>

<p style="margin:0in;margin-left:1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the Trust's purchase obligation under
the futures contract.</font></p>

<p style="margin:0in;margin-left:1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;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;">Selling futures:</font></p>

<p style="margin:0in;margin-left:1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the higher of the Market Value of the
instruments or index underlying the futures contract and the market price at
which the futures will settle at expiration.</font></p>

<p style="margin:0in;margin-left:1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;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;">For purposes of determining whether the Trust has S&amp;P
Eligible Assets with a Discounted Value that equals or exceeds the RP Basic
Maintenance Amount, amounts deposited as Initial Margin and, for futures
contracts only, Variation Margin shall not constitute S&amp;P </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Eligible Assets and securities held in the segregated
account contemplated by paragraph 12 (a) (D) above shall have the following
Discount Factors.</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">67</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Type Of Contract</font></u></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Discounted
Value<br>
</font></u></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Of
Segregated Securities</font></u></b></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;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;">Writing covered call options on futures:</font></p>

<p style="margin:0in;margin-left:1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Discounted Value of segregated
securities is equal to the lower of the strike price of the option or the
Discounted Value of the segregated securities.</font></p>

<p style="margin:0in;margin-left:1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;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;">Writing covered put options on futures:</font></p>

<p style="margin:0in;margin-left:1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Discounted Value of segregated
securities is equal to the lower of the Discounted Value of the segregated
securities and the Trust's purchase obligation.</font></p>

<p style="margin:0in;margin-left:1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:1.5in;margin-right:0in;margin-top:0in;text-indent:-1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Futures:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Discounted Value of segregated securities is determined by reference to the
S&amp;P Exposure Period from the date of calculation to the contract expiration
date.</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b) For so long as any shares of RP are rated by Moody's, the
Trust will not buy or sell futures contracts, write, purchase or sell put or
call options on futures contracts or write put or call options (except covered
call or put options) on portfolio securities unless it receives written
confirmation from Moody's that engaging in such transactions would not impair
the rating then assigned to any shares of RP by Moody's, except that the Trust
may purchase or sell exchange-traded futures contracts based on the Municipal
Index or Treasury Futures and purchase, write or sell exchange-traded put
options on such futures contracts and purchase, write or sell exchange-traded
call options on such futures contracts (collectively &quot;Moody's Hedging
Transactions&quot;), subject to the following limitations:</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-left:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(A)&#160;&#160;&#160;&#160;&#160;&#160; the Trust will not engage in
any Moody's Hedging Transaction based on the Municipal Index (other than
Closing Transactions) which would cause the Trust at the time of such
transaction to own or have sold outstanding futures contracts based on the
Municipal Index exceeding in number 10% of the average number of daily traded
futures contracts based on the Municipal Index in the thirty days preceding the
time of effecting such transaction as reported by The Wall Street Journal;</font></p>

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

<p style="margin:0in;margin-left:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(B)&#160;&#160;&#160;&#160;&#160;&#160; the Trust will engage in
Closing Transactions to close out any outstanding futures contract based on the
Municipal Index if the amount of open interest in the Municipal Index as
reported by The Wall Street Journal is less than 5,000;</font></p>

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

<p style="margin:0in;margin-left:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(C)&#160;&#160;&#160;&#160;&#160;&#160; the Trust will not enter
into an option or futures transaction unless, after giving effect thereto, the
Trust would continue to have Moody's Eligible Assets with an aggregate
Discounted Value equal to or greater than the RP Basic Maintenance Amount; and</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">68</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


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

<p style="margin:0in;margin-left:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(D)&#160;&#160;&#160;&#160;&#160;&#160; when the Trust engages in a
Moody's Hedging Transaction, it will maintain an amount of cash, cash
equivalents or short-term, money market securities or longer term fixed income
obligations rated, in the case of longer term obligations, at least A2 in a
segregated account with the Trust's custodian, so that the amount so segregated
plus the amount of Initial Margin and Variation Margin held in the account of
or on behalf of the Trust's broker with respect to such futures contract or
option equals the following:</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;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;">Writing covered call options on futures:</font></p>

<p style="margin:0in;margin-left:1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the higher of the Market Value of the
instruments underlying the options contract or the strike price of the options
contract.</font></p>

<p style="margin:0in;margin-left:1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;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;">Writing covered put options:</font></p>

<p style="margin:0in;margin-left:1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the strike price of the options
contract.</font></p>

<p style="margin:0in;margin-left:1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;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;">Buying futures:</font></p>

<p style="margin:0in;margin-left:1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the Trust's purchase obligation under
the futures contract.</font></p>

<p style="margin:0in;margin-left:1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;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;">Selling futures:</font></p>

<p style="margin:0in;margin-left:1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the higher of the Market Value of the
instruments or index underlying the futures contract and the price at which the
futures contract will settle at expiration.</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;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">For purposes of determining whether the Trust has Moody's
Eligible Assets with an aggregate Discounted Value that equals or exceeds the
RP Basic Maintenance Amount, the Discounted Value of Moody's Eligible Assets
which the Trust is obligated to deliver pursuant to an outstanding futures
contract or option shall be as follows (unless the Trust receives written
confirmation to the contrary from Moody's): (i) assets subject to call options
written by the Trust which are either exchange-traded and &quot;readily
reversible&quot; or which expire within 48 days after the date as of which such
valuation is made shall be valued at the lesser of (a) Discounted Value and (b)
the exercise price of the call option written by the Trust; (ii) assets subject
to call options written by the Trust not meeting the requirements of clause (i)
shall have no value and (iii) assets subject to put options written by the
Trust shall be valued at the lesser of (a) the exercise price and (b) the
Discounted Value of such security.</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">For purposes of determining whether the Trust has Moody's
Eligible Assets with an aggregate Discounted Value that equals or exceeds the
RP Basic Maintenance Amount, the following amounts shall be added to the RP
Basic Maintenance Amount required to be maintained by the Trust under paragraph
8(a) of this Part I of Section 12.1 (unless the Trust receives written
confirmation to the contrary from Moody's): (i) 10% of the exercise price of a
written call option; (ii) the exercise price of any written put option; (iii)
where the Trust is the seller under a futures contract which does not settle in
cash, 10% of the settlement price of the futures contract; (iv) where the Trust
is the purchaser under a futures contract which does not settle in cash, 10% </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of the settlement price of assets to be purchased under
such futures contract; (v) the settlement price of the underlying futures
contract if the Trust writes put options on a futures contract; and (vi) 105%
of the Market Value of the underlying futures contracts if the Trust writes
call options on futures contracts and does not own the underlying contract.</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">69</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_70"></a><a name="_bclPageBorder70"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<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;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; For so long as any shares of RP are rated by
Moody's, the Trust will not enter into any contract to purchase securities for
a fixed price at a future date beyond customary settlement time (other than
such contracts that constitute Moody's Hedging Transactions that are permitted
under paragraph 12(b) of this Part I of Section 12.1) unless it receives
written confirmation from Moody's that engaging in such transactions would not
impair the rating then assigned to such shares of RP by Moody's except that the
Trust may enter into such contracts (&quot;Forward Commitments&quot;), subject
to the following limitations:</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;">(A)&#160;&#160;&#160;&#160;&#160;&#160; the Trust
will maintain in a segregated account with its custodian cash, cash equivalents
or short-term, fixed income securities rated P-l, MIG-1 or VMIG-1 by Moody's
with a face value that equals or exceeds the amount of the Trust's obligations
under any Forward Commitments to which it is from time to time a party or
longer-term fixed income securities with a Discounted Value that equals or
exceeds the amount of the Trust's obligations under any Forward Commitments to
which it is from time to time a party; and</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;">(B)&#160;&#160;&#160;&#160;&#160;&#160; the Trust
will not enter into a Forward Commitment unless, after giving effect thereto,
the Trust would continue to have Moody's Eligible Assets with an aggregate
Discounted Value equal to or greater than the RP Basic Maintenance Amount.</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-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;">For purposes of determining whether the Trust has Moody's
Eligible Assets with an aggregate Discounted Value that equals or exceeds the
RP Basic Maintenance Amount, the Discounted Value of all Forward Commitments to
which the Trust is a party and of all securities deliverable to the Trust
pursuant to such Forward Commitments shall be zero.</font></p>

<p style="margin:0in;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;">This amendment is effective as of May
24, 1999.</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">70</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_71"></a><a name="_bclPageBorder71"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:24.0pt;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;text-transform:uppercase;">PUTNAM MUNICIPAL OPPORTUNITIES TRUST<br>
<br>
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-transform:none;">Amendment No. 2 to Bylaws</font></p>

<p style="margin:0in;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;">WHEREAS, Article 13, Section 13.1 and Article 12, Section
12.1, Part I, paragraph 6(c) of the Bylaws (the &quot;Bylaws&quot;) of Putnam
Municipal Opportunities Trust (the &quot;Trust&quot;) permit the Trustees of
the Trust (the &quot;Trustees&quot;) to amend, alter or repeal the definitions
of certain listed terms contained in the Bylaws, subject to written
confirmation from Moody's Investors Service, Inc. (&quot;Moody's&quot;) and
Standard &amp; Poors (&quot;S&amp;P&quot;) that such amendment, alteration or
repeal will not affect the ratings then assigned to the Trust's outstanding
Remarketed Preferred Shares (&quot;Preferred Shares&quot;), and to amend, alter
or repeal any other provision of the Bylaws provided that such amendment,
alteration or repeal does not materially and adversely affect any preference,
right or power of the Preferred Shares or any holder thereof;</font></p>

<p style="margin:0in;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;">WHEREAS, the Trustees desire to amend the Bylaws so as to
eliminate the liquidity test contained in Article 12, Section 12.1, Part 1,
paragraph 9 of the Bylaws;</font></p>

<p style="margin:0in;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;">WHEREAS, Moody's and S&amp;P have confirmed to the Trust that
the deletion of the definitions of the terms &quot;Dividend Coverage
Amount,&quot; &quot;Dividend Coverage Assets&quot; and &quot;Minimum Liquidity
Level&quot; will not impair their ratings of outstanding Preferred Shares; and</font></p>

<p style="margin:0in;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;">WHEREAS, the Trustees have determined that, in the event that
the definitions of the terms &quot;Dividend Coverage Amount,&quot;
&quot;Dividend Coverage Assets&quot; and &quot;Minimum Liquidity Level&quot;
are deleted, the deletion of Article 12, Section 12.1, Part I, paragraphs
8(g)(ii)(b) and 9 of the Bylaws would not materially and adversely affect any
preference, right or power of the Preferred Shares or any holder thereof;</font></p>

<p style="margin:0in;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;">NOW, THEREFORE, the Bylaws are hereby amended as follows:</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;layout-grid-mode:line;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Article
12, Section 12.1, Part I, paragraph 1 of the Bylaws is hereby amended by
deleting the definitions of the terms &quot;Dividend Coverage Amount,&quot;
&quot;Dividend Coverage Assets&quot; and &quot;Minimum Liquidity Level&quot;
set forth therein;</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&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;layout-grid-mode:line;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Article
12, Section 12.1, Part I, paragraph 8(g)(ii)(b) is hereby deleted and Article
12, Section 12.1, Part I, paragraph 8(g)(ii)(c) is hereby redesignated Article
12, Section 12.1, Part I, paragraph 8(g)(ii)(b); and</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;layout-grid-mode:line;">&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;layout-grid-mode:line;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
text of Article 12, Section 12.1, Part I, paragraph 9 of the Bylaws is hereby
deleted and the word &quot;Reserved&quot; is hereby substituted in its place.</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;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">This Amendment is effective as of January 5, 1996.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:2.0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;</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;layout-grid-mode:line;">&lt;/BCLPAGE&gt;70&lt;BCLPAGE&gt;&lt;BCLPAGE&gt;</font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">71</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&lt;/BCLPAGE&gt;</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_72"></a><a name="_bclPageBorder72"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">PUTNAM
MUNICIPAL OPPORTUNITIES TRUST</font></b></p>

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

<p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Amendment to Amended and
Restated Bylaws</font></p>

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

<p style="margin:0in;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;">WHEREAS, Section 12.1, Part I, paragraph 6(c) of the Bylaws
(the &quot;Bylaws) of Putnam Municipal Opportunities Trust (the
&quot;Trust&quot;) permits the Trustees of the Trust (the &quot;Trustees&quot;)
to amend, alter or repeal certain provisions of the Bylaws, subject to written
confirmation from Standard &amp; Poor's Rating Services (&quot;S&amp;P&quot;)
and Moody's Investor Services, Inc. (&quot;Moody's&quot;) that such amendment,
alteration or repeal will not affect the ratings then assigned to the Trust's
outstanding Remarketed Preferred Shares (&quot;RP&quot;; terms used without
definition in this amendment have the respective meanings ascribed to them in
the Bylaws);</font></p>

<p style="margin:0in;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;">WHEREAS, the Trustees desire to amend the definitions of
&quot;Moody's Discount Factor,&quot; &quot;Moody's Eligible Assets,&quot;
&quot;S&amp;P Discount Factor&quot; and &quot;S&amp;P Eligible Asset&quot; in
Section 12.1, Part I, paragraph 1 of the Bylaws;</font></p>

<p style="margin:0in;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;">WHEREAS, Moody's and S&amp;P have confirmed to the Trust that
such amendment will not impair its ratings of outstanding RP;</font></p>

<p style="margin:0in;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;">NOW, THEREFORE, the Bylaws are hereby amended as follows:</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The definition of &quot;Moody's Discount
Factor&quot; in Section 12.1, Part I, paragraph 1 of the Bylaws is hereby
deleted and replaced in its entirety with the following: </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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &quot;Moody's Discount Factor&quot; means for
purposes of determining the Discounted Value of any Municipal Bond which
constitutes a Moody's Eligible Assets, the percentage determined by reference
to the rating on such Municipal Bond, in accordance with the tables (for the
applicable Moody's Exposure Period) set forth below: </font></p>

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

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border:none;border-collapse:collapse;width:95%;">
 <tr>
  <td valign=top width=22% style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><font face="times new roman" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p>
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><font face="times new roman" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p>
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><font face="times new roman" style="font-size:11.0pt;line-height:normal;">Moody's
  Exposure Period</font></b></p>
  </td>
 <td valign=top width=10% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><font face="times new roman" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p>
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><font face="times new roman" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p>
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><font face="times new roman" style="font-size:11.0pt;line-height:normal;">Aaa*</font></b></p>
  </td>
 <td valign=top width=11% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><font face="times new roman" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p>
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><font face="times new roman" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p>
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><font face="times new roman" style="font-size:11.0pt;line-height:normal;">Aa*</font></b></p>
  </td>
 <td valign=top width=12% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><font face="times new roman" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p>
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><font face="times new roman" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p>
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><font face="times new roman" style="font-size:11.0pt;line-height:normal;">A*</font></b></p>
  </td>
 <td valign=top width=12% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><font face="times new roman" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p>
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><font face="times new roman" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p>
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><font face="times new roman" style="font-size:11.0pt;line-height:normal;">Baa*</font></b></p>
  </td>
 <td valign=top width=11% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><font face="times new roman" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p>
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><font face="times new roman" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></b></p>
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><font face="times new roman" style="font-size:11.0pt;line-height:normal;">Other**</font></b></p>
  </td>
 <td valign=top width=11% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><font face="times new roman" style="font-size:11.0pt;line-height:normal;">(V)
  MIG-1/P-1***</font></b></p>
  </td>
 <td valign=top width=11% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><b><font face="times new roman" style="font-size:11.0pt;line-height:normal;">(V)
  MIG-1/P-1****</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:normal;">7
  Weeks</font></p>
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=10% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:normal;">33.8%</font></p>
  </td>
 <td valign=top width=11% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:normal;">37.1%</font></p>
  </td>
 <td valign=top width=12% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:normal;">39.8%</font></p>
  </td>
 <td valign=top width=12% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:normal;">42.2%</font></p>
  </td>
 <td valign=top width=11% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:normal;">55.6%</font></p>
  </td>
 <td valign=top width=11% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:normal;">26.5%</font></p>
  </td>
 <td valign=top width=11% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:normal;">0%</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:normal;">8
  Weeks or less but greater than 7 weeks</font></p>
  </td>
 <td valign=top width=10% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:normal;">35.1%</font></p>
  </td>
 <td valign=top width=11% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:normal;">37.9%</font></p>
  </td>
 <td valign=top width=12% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:normal;">40.5%</font></p>
  </td>
 <td valign=top width=12% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:normal;">43.2%</font></p>
  </td>
 <td valign=top width=11% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:normal;">56.7%</font></p>
  </td>
 <td valign=top width=11% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:normal;">27.0%</font></p>
  </td>
 <td valign=top width=11% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:normal;">0%</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=22% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:normal;">9
  Weeks or less but greater than 8 weeks</font></p>
  </td>
 <td valign=top width=10% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:normal;">35.9%</font></p>
  </td>
 <td valign=top width=11% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:normal;">38.7%</font></p>
  </td>
 <td valign=top width=12% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:normal;">41.2%</font></p>
  </td>
 <td valign=top width=12% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:normal;">43.5%</font></p>
  </td>
 <td valign=top width=11% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:normal;">58.3%</font></p>
  </td>
 <td valign=top width=11% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:normal;">27.5%</font></p>
  </td>
 <td valign=top width=11% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:normal;">0%</font></p>
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:0in;"><font face="times new roman" style="font-size:11.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>

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

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">*&#160; Moody's rating.</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; **&#160;
Municipal Bonds rated Ba1 to B3 by Moody&#8217;s or, if not rated by Moody&#8217;s, rated
BB+ to B- by S&amp;P or Fitch.&#160; In addition, Municipal Bonds not explicitly
rated by Moody&#8217;s, S&amp;P or Fitch, but rated at least the equivalent of B3
internally by the Adviser, provided that Moody&#8217;s reviews and achieves
sufficient comfort with the Adviser&#8217;s internal credit rating processes. </font></p>

<p style="margin:0in;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ***&#160;
Moody&#8217;s rated Municipal Bonds that have a maturity greater than the Moody's
Exposure Period </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">and Municipal Bonds not rated by
Moody&#8217;s but rated equivalently by S&amp;P or Fitch that have a maturity greater
than the Moody's Exposure Period.</font></p>
<a name="_bclFooter72"></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;layout-grid-mode:line;">&lt;/BCLPAGE&gt;71&lt;BCLPAGE&gt;&lt;BCLPAGE&gt;</font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">72</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&lt;/BCLPAGE&gt;</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_73"></a><a name="_bclPageBorder73"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ****&#160;
Moody&#8217;s rated Municipal Bonds that have a maturity less than or equal to the
Moody's Exposure Period and Municipal Bonds not rated by Moody&#8217;s but rated
equivalently by S&amp;P or Fitch that have a maturity less than or equal to the
Moody's Exposure Period.</font></p>

<p style="margin:0in;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding
the foregoing, (a) no Moody's Discount Factor will be applied to cash or to
Receivables for Municipal Bonds Sold that are due within five business days of
the Trust's Valuation Date; (b) the Moody&#8217;s Discount Factor for Receivables for
Municipal Bonds Sold that are due within six and 30 business days of the
Trust's Valuation Date will be the Moody&#8217;s Discount Factor applicable to the
Municipal Bonds sold determined by the reference to the bond&#8217;s rating in the
above table; (c) the Moody&#8217;s Discount Factor for inverse floaters is determined
by multiplying the Moody's Discount Factor determined by reference to the
rating on the underlying Municipal Bond(s) in the table above by 1.25; (d) the
Moody&#8217;s Discount Factor for Rule 2a-7 money market funds shall be 0%; and (e)
the Moody's Discount Factor for Aaa Municipal Bonds will be used to discount
pre-refunded bonds even if the pre-refunded bonds are subsequently not
re-rated.</font></p>

<p style="margin:0in;margin-bottom:0in;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;line-height:normal;">&nbsp;</font></p>

<p style="margin:0in;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &quot;Receivables
for Municipal Bonds Sold&quot; for purposes of calculating Moody's Eligible
Assets as of any Valuation Date, means the aggregate of the book value of
receivables if such receivables are due within 30 business days of such
Valuation Date. &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>

<p style="margin:0in;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Ratings
assigned by S&amp;P or Fitch are generally accepted by Moody&#8217;s at face value.
However, adjustments to face value may be made to particular categories of
credits for which the S&amp;P and/or Fitch rating does not seem to approximate
a Moody&#8217;s rating equivalent. Split rated securities assigned by S&amp;P and
Fitch will be accepted at the lower of the two ratings.</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;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The definition of &quot;Moody's Eligible Asset&quot;
in Section 12.1, Part I, paragraph 1 of the Bylaws is hereby deleted and
replaced in its entirety with the following: </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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &quot;Moody's Eligible Asset&quot; means (a) cash;
(b) Receivables for Municipal Bonds Sold; (c) a short-term Municipal Bond rated
VMIG-1, MIG-1 or P-1 by Moody's or SP-1+ or A-1+ by S&amp;P; (d) a zero-coupon
bond; (e) a Municipal Bonds that (i) pays interest in cash; (ii) does not have
its Moody's rating suspended by Moody's; and (iii) is part of an issue of
Municipal Bonds of at least $10,000,000 (unless the Municipal Bond is rated Aaa
by Moody's); and (f) swaps, including total return swaps, interest rate swaps,
currency swaps and credit default swaps.</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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Municipal Bonds in the Trust's portfolio will be
included as Moody's Eligible Assets only to the extent they meet the following
diversification requirements: </font></p>

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





<a name="_bclFooter73"></a><DIV>


<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">73</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_74"></a><a name="_bclPageBorder74"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:95%;">
 <tr style="height:12.75pt;">
  <td valign=top width=20% style="border:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>
  <p style="margin:0in;"><b><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>
  <p style="margin:0in;"><b><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">Rating</font></b></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>
  <p style="margin:0in;"><b><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">Minimum Issue Size</font></b></p>
  <p style="margin:0in;"><b><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">($ Millions)</font></b></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">Maximum Underlying
  Obligor (%) (1)</font></b></p>
  </td>
 <td valign=top width=30% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><b><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>
  <p style="margin:0in;"><b><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">Maximum</font></b></p>
  <p style="margin:0in;"><b><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">State Allowed (%) (1)(3)</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">Aaa</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">*</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">100</font></p>
  </td>
 <td valign=top width=30% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">100</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">Aa</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">10</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">20</font></p>
  </td>
 <td valign=top width=30% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">60</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">A</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">10</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">10</font></p>
  </td>
 <td valign=top width=30% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">40</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">Baa</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">10</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">6</font></p>
  </td>
 <td valign=top width=30% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">20</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">Ba</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">10</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">4</font></p>
  </td>
 <td valign=top width=30% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">12</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">B</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">10</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">3</font></p>
  </td>
 <td valign=top width=30% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">12</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top width=20% style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">Other (2)</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">10</font></p>
  </td>
 <td valign=top width=25% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">2</font></p>
  </td>
 <td valign=top width=30% style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:12.75pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;"><font face="Times New Roman" style="font-size:11.0pt;layout-grid-mode:line;">12</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">*
Not applicable.</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;"><br>
(1) The referenced percentages represent maximum cumulative totals for the
related rating category and each lower rating category.</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;"><br>
(2) Municipal Bonds and Municipal Bonds not rated by Moody's, S&amp;P or Fitch,
but rated at least the equivalent of B3 internally by the Adviser.</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;"><br>
(3) Territorial bonds (other than those issued by Puerto Rico and counted
collectively) are each limited to 10% of Moody's Eligible Assets. For diversification
purposes, Puerto Rico will be treated as a state.</font></p>

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

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For purposes of the maximum underlying obligor
requirement described above, any state Municipal Bond or Municipal Bond backed
by the guaranty, letter of credit or insurance issued by a third-party will be
deemed to be issued by such third party if the issuance of such third party
credit is the sole determinant of the rating on such bond.</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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; When the Trust sells a Municipal Bond and agrees to
repurchase it at a future date, such Municipal Bond will constitute a Moody's
Eligible Asset and the amount the Trust is required to pay upon repurchase of
such Municipal Bond will count as a liability for purposes of calculating the
RP Basic Maintenance Amount.&#160; When the Trust purchases a Municipal Bond and
agrees to sell it at a future date to another party, cash receivable by the
Trust in connection therewith will constitute a Moody's Eligible Asset if the
long-term debt of such other party is rated at least A2 by Moody's and such
agreement has a term of 30 days or less; otherwise such Municipal Bond will
constitute a Moody's Eligible Asset.&#160; </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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In addition, with respect to total return swaps, only the
cumulative unsettled profit and loss from a total return swap transaction will
be calculated when determining the RP Basic Maintenance Amount.&#160; For purposes
of calculating the RP Basic Maintenance Amount, any outstanding gain from a
total return swap transaction or interest rate swap transaction on a Valuation
Date will be included as a Moody&#8217;s Eligible Asset subject to the Moody&#8217;s
Discount Factor on the counterparty to such swap transaction, and any
outstanding liability from a swap transaction on a Valuation Date will be
subtracted from Moody&#8217;s Eligible Assets.</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


<a name="_bclFooter74"></a><DIV>


<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">74</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_75"></a><a name="_bclPageBorder75"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">For
swaps (other than total return swaps and interest rate swaps), the Market Value
of the position (positive or negative) will be included as a Moody&#8217;s Eligible
Asset. The aggregate notional value of all swaps will not exceed the
Liquidation Preference of the Outstanding RP.&#160; In addition, the Trust will only
enter into swap transactions where the counterparty has at least a&nbsp;S&amp;P
rating of A-, Fitch rating of A- or Moody&#8217;s long-term rating of A3 at the time
the time a swap is executed.</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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; With respect to credit default swaps, each underlying security subject
to such swap sold by the Trust will be subject to the applicable Moody&#8217;s
Discount Factor.&#160; If the Trust purchases a credit default swap and holds the
underlying security, the Market Value of the credit default swap and the
underlying security will be included as a Moody&#8217;s Eligible Asset subject to the
Moody&#8217;s Discount Factor assessed based on the counterparty risk and the
duration of the swap agreement.&#160; In addition, the Trust will not include a
credit default swap as a Moody&#8217;s Eligible Asset purchased by the Trust unless
the Trust holds the underlying security or, if the Trust purchases a credit
default swap for a basket of securities, unless the Trust holds all the
securities in the basket.</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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding the foregoing, an asset will not be considered a
Moody's Eligible Asset if it is (i) held in a margin account, (ii) subject to
any material lien, mortgage, pledge, security interest or security agreement of
any kind, (iii) held for the purchase of a security pursuant to a Forward
Commitment or (iv) irrevocably deposited by the Trust for the payment of
dividends or redemption.</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;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The definition of &quot;S&amp;P Discount
Factor&quot; in Section 12.1, Part I, paragraph 1 of the Bylaws is hereby
deleted and replaced in its entirety with the following: </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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &quot;S&amp;P Discount Factor&quot; shall mean
either: </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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (i) &#160;&#160;&#160;&#160;&#160;&#160; if the average S&amp;P Discount Factor
(as set forth in (ii) below) of the Fund&#8217;s S&amp;P Eligible Assets is less than
200%, for purposed of determining the Discounted Value of S&amp;P Eligible
Assets, the S&amp;P Discount Factor shall be 200% for all S&amp;P Eligible
Assets; or</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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; if the average S&amp;P Discount Factor
(as set forth in this section) of the Fund&#8217;s S&amp;P Eligible Assets is 200% or
greater, for purposes of determining the Discounted Value of any S&amp;P
Eligible Asset, the percentage determined by reference to the rating on such
asset and the shortest Exposure Period set forth opposite such rating that is
the same length as or is longer than the S&amp;P Exposure Period, in accordance
with the table set forth below:</font></p>


<a name="_bclFooter75"></a><DIV>


<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">75</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_76"></a><a name="_bclPageBorder76"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:95%;">
 <tr style="page-break-inside:avoid;">
  <td valign=bottom width=10% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=11% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=8 valign=bottom width=79% style="padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;margin-bottom:9.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;text-align:left;"><b><font face="Times New Roman" style="font-size:12.0pt;">Rating
  Category*</font></b></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=21% style="padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;margin-bottom:9.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;text-align:left;"><b><font face="Times New Roman" style="font-size:12.0pt;">Exposure
  period (days)</font></b></p>
  </td>
 <td valign=bottom width=9% style="padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;margin-bottom:9.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;text-align:left;"><b><font face="Times New Roman" style="font-size:12.0pt;">AAA</font></b></p>
  </td>
 <td valign=bottom width=10% style="padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;margin-bottom:9.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;text-align:left;"><b><font face="Times New Roman" style="font-size:12.0pt;">AA</font></b></p>
  </td>
 <td valign=bottom width=10% style="padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;margin-bottom:9.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;text-align:left;"><b><font face="Times New Roman" style="font-size:12.0pt;">A</font></b></p>
  </td>
 <td valign=bottom width=10% style="padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;margin-bottom:9.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;text-align:left;"><b><font face="Times New Roman" style="font-size:12.0pt;">BBB</font></b></p>
  </td>
 <td valign=bottom width=10% style="padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;margin-bottom:9.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;text-align:left;"><b><font face="Times New Roman" style="font-size:12.0pt;">BB</font></b></p>
  </td>
 <td valign=bottom width=10% style="padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;margin-bottom:9.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;text-align:left;"><b><font face="Times New Roman" style="font-size:12.0pt;">B</font></b></p>
  </td>
 <td valign=bottom width=10% style="padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;margin-bottom:9.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;text-align:left;"><b><font face="Times New Roman" style="font-size:12.0pt;">CCC</font></b></p>
  </td>
 <td valign=bottom width=10% style="padding:0in 0in 0in 0in;">
  <p align=left style="margin:0in;margin-bottom:9.0pt;margin-left:0in;margin-right:0in;margin-top:9.0pt;page-break-after:avoid;text-align:left;"><b><font face="Times New Roman" style="font-size:12.0pt;">High
  Yield/ NR</font></b></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td colspan=2 valign=bottom width=21% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:0in;margin-left:.4in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-.4in;"><font face="Times New Roman" style="font-size:9.0pt;">20*</font></p>
  </td>
 <td valign=bottom width=9% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman" style="font-size:9.0pt;layout-grid-mode:line;">1.427</font></p>
  </td>
 <td valign=bottom width=10% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman" style="font-size:9.0pt;layout-grid-mode:line;">1.457</font></p>
  </td>
 <td valign=bottom width=10% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman" style="font-size:9.0pt;layout-grid-mode:line;">1.487</font></p>
  </td>
 <td valign=bottom width=10% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;page-break-after:avoid;"><font face="Times New Roman" style="font-size:9.0pt;layout-grid-mode:line;">1.517</font></p>
  </td>
 <td valign=bottom width=10% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:0in;"><font face="Times New Roman" style="font-size:9.0pt;">175%</font></p>
  </td>
 <td valign=bottom width=10% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:0in;"><font face="Times New Roman" style="font-size:9.0pt;">195%</font></p>
  </td>
 <td valign=bottom width=10% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:0in;margin-left:1.4pt;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-1.4pt;"><font face="Times New Roman" style="font-size:9.0pt;">215%</font></p>
  </td>
 <td valign=bottom width=10% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:0in;"><font face="Times New Roman" style="font-size:9.0pt;">220%</font></p>
  </td>
 </tr>
</table></div>

<div style="border:none;border-bottom:solid windowtext 1.0pt;margin-left:2.15pt;margin-right:5.5in;padding:0in 0in 1.0pt 0in;">

<p style="border:none;margin:0in;margin-bottom:.0001pt;padding:0in;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.4in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:-.4in;"><font face="Times New Roman" lang=EN-US style="font-size:9.0pt;">*S&amp;P
rating</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding the foregoing, (A)&nbsp;the
S&amp;P Discount Factor for shares of Money Market Funds rated &#8220;AAAm&#8221; by
S&amp;P with an effective next day maturity shall be 100%, unrated 2a-7 money
market funds shall be discounted at 110%, and the S&amp;P Discount Factor for
short-term Municipal Bonds shall be 115% so long as such Municipal Bonds are
rated &#8220;A-1+&#8221; or &#8220;SP-1+&#8221; by S&amp;P and mature or have a demand feature
exercisable within 30 days or less, or 123% so long as such Municipal Bonds are
rated &#8220;A-1&#8221; or &#8220;SP-1&#8221; by S&amp;P and mature or have a demand feature
exercisable in 30 days or less, or 125% if such Municipal Bonds are not rated
by S&amp;P but are rated equivalent to &#8220;A-1+&#8221; or &#8220;SP-1+&#8221; by another nationally
recognized statistical rating organization, on a case by case basis; provided,
however, that any such non-S&amp;P rated short-term Municipal Bonds which have
demand features exercisable within 30 days or less must be backed by a letter
of credit, liquidity facility or guarantee from a bank or other financial
institution with a short-term rating of at least &#8220;A-1+&#8221; from S&amp;P; and
further provided that such non-S&amp;P rated short-term Municipal Bonds may
comprise no more than 50% of short-term Municipal Bonds that qualify as S&amp;P
Eligible Assets; provided, however, that Municipal Bonds not rated by S&amp;P
but rated equivalent to &#8220;BBB&#8221; or lower by another nationally recognized
statistical rating organization, rated &#8220;BB+&#8221; or lower by S&amp;P or non-rated
(such Municipal Bonds are hereinafter referred to as &#8220;High Yield Securities&#8221;)
may comprise no more than 20% of the short-term Municipal Bonds that qualify as
S&amp;P Eligible Assets; (B)&nbsp;the S&amp;P Discount Factor for Receivables
for Municipal Bonds Sold that are due in more than five Business Days from such
Valuation Date will be the S&amp;P Discount Factor applicable to the Municipal
Bonds sold; (C)&nbsp;no S&amp;P Discount Factor will be applied to cash or
Money Market Funds rated &#8220;AAAm&#8221; by S&amp;P with effective next day maturities
or to Receivables for Municipal Bonds Sold if such receivables are due within
five Business Days of such Valuation Date; (D)&nbsp;except as set forth in
clause (A)&nbsp;above, in the case of any Municipal Bond that is not rated by
S&amp;P but qualifies as an S&amp;P Eligible Asset pursuant to clause
(2)&nbsp;of that definition, such Municipal Bond will be deemed to have an
S&amp;P rating one full rating category lower than the S&amp;P rating category
that is the equivalent of the rating category in which such Municipal Bond is
placed by a nationally recognized statistical rating organization. &#8220;Receivables
for Municipal Bonds Sold,&#8221; for purposes of calculating S&amp;P Eligible Assets
as of any Valuation Date, means the book value of receivables for Municipal
Bonds sold as of or prior to such Valuation Date.&#160; For purposes of the
foregoing, Anticipation Notes rated &#8220;SP-1+&#8221; or, if not rated by S&amp;P,
equivalent to &#8220;A-1+&#8221; or &#8220;SP-1+&#8221; by another nationally recognized statistical
rating organization, on a case by case basis, which do not mature or have a
demand feature at par exercisable in 30 days and which do not </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">have a long-term rating, shall be considered to be
short-term Municipal Bonds and (E) the S&amp;P Discount Factor for AAA
Municipal Bonds will be used to discount pre-refunded bonds even if the
pre-refunded bonds are subsequently not re-rated. </font></p>
<a name="_bclFooter76"></a><DIV>


<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">76</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_77"></a><a name="_bclPageBorder77"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">For purposes of determining whether the Fund has S&amp;P
Eligible Assets with a Discounted Value that equals or exceeds the RP Basic
Maintenance Amount, the Discounted Value of cash or securities held for the
payment of Initial Margin or Variation Margin of S&amp;P Hedging Transactions
shall be zero and the aggregate Discounted Value of S&amp;P Eligible Assets
shall be reduced by an amount equal to (i)&nbsp;30% of the aggregate settlement
value, as marked to market, of any outstanding futures contracts based on the
Municipal Index which are owned by the Fund plus (ii)&nbsp;25% of the aggregate
settlement value, as marked to market, of any outstanding futures contracts
based on Treasury Bonds which contracts are owned by the Fund.</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;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The definition of &quot;S&amp;P Eligible Asset&quot;
in Section 12.1, Part I, paragraph 1 of the Bylaws is hereby deleted and
replaced in its entirety with the following: </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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &quot;S&amp;P Eligible Asset&quot; shall mean
either: </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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (i) &#160;&#160;&#160;&#160;&#160;&#160; if the average S&amp;P Discount Factor
of the Fund&#8217;s S&amp;P Eligible Assets (as set forth in (ii) below) is less than
200%, all assets of the Fund shall be considered S&amp;P Eligible Assets; or</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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; if the average S&amp;P Discount Factor
of the Fund&#8217;s S&amp;P Eligible Assets (as set forth in this section) is 200% or
greater, S&amp;P Eligible Assets means:&#160; (1) cash (excluding any cash
irrevocably deposited by the Fund for the payment of any liabilities within the
meaning of RP Basic Maintenance Amount), (2) Receivables for Municipal Bonds
Sold, (3) S&amp;P Hedging Transactions; (4) Municipal Zero Coupon Bonds rated
at least BBB by S&amp;P, (5) swaps, including total return swaps, interest rate
swaps, currency swaps and credit default swaps, and (6) Municipal Bonds
(including Inverse Floater as defined below) owned by the Fund that (A)&nbsp;is
interest bearing and pays interest at least semi-annually; (B)&nbsp;is payable
with respect to principal and interest in U.S. Dollars; (C)&nbsp;is not subject
to a covered call or put option written by the Fund; (D)&nbsp;except for
Inverse Floaters, is not part of a private placement of Municipal Bonds; and
(E)&nbsp;except for Inverse Floaters, is part of an issue of Municipal Bonds
with an original issue size of at least $10 million.&#160; Any Municipal Bonds that
is a part of an original issue size of less than $10 million must carry a
rating of at least &#8220;AA&#8221; by S&amp;P or &#8220;AAA&#8221; by another nationally recognized
statistical rating organization.&#160; Notwithstanding the foregoing limitations</font></p>

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

<p align=left style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:left;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(1)</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;">Municipal Bonds (excluding Escrowed Bonds (as defined below) and High
Yield Securities) of any one issuer or guarantor (excluding bond insurers)
shall be considered S&amp;P Eligible Assets only to the extent the Market Value
of such Municipal Bonds (including short-term Municipal Bonds) does not exceed
10% of the aggregate Market Value of S&amp;P Eligible Assets, provided that 2%
is added to the applicable S&amp;P Discount Factor for every 1% by which the
Market Value of such Municipal Bonds exceeds 5% of the aggregate Market Value
of S&amp;P Eligible Assets or for any percentage </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">over
5% add 10 percentage points to the S&amp;P Discount Factor.&#160; High Yield
Securities of any one issuer shall be considered S&amp;P Eligible Assets only
to the extent the Market Value of such Municipal Bonds does not exceed 5% of
the aggregate Market Value of S&amp;P Eligible Assets. Non-rated securities of
any issuer shall be considered S&amp;P Eligible Assets to the extent the Market
Value of such Municipal Bonds does not exceed 5% of the aggregate Market Value
of S&amp;P Eligible Assets.&#160; No more than 10% of the aggregate Market Value of
the portfolio may consist of non-rated securities;</font></p>
<a name="_bclFooter77"></a><DIV>


<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">77</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_78"></a><a name="_bclPageBorder78"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p align=left style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:left;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(2)</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;">Municipal Bonds not rated by S&amp;P shall be considered S&amp;P
Eligible Assets only to the extent the Market Value of such Municipal Bonds
does not exceed 50% of the aggregate Market Value of S&amp;P Eligible Assets;
provided, however, that High Yield Securities shall be considered S&amp;P
Eligible Assets only to the extent the Market Value of such Municipal Bonds
does not exceed 20% of the aggregate Market Value of S&amp;P Eligible Assets;</font></p>

<p align=left style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:left;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(3)</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;">Municipal Bonds issued by issuers in any one state or territory will be
considered S&amp;P Eligible Assets only to the extent that the Market Value of
such Municipal Bonds does not exceed 25% of the aggregate Market Value of
S&amp;P Eligible Assets; </font></p>

<p align=left style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:left;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(4)</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;">Municipal Bonds (excluding Escrowed Bonds) of any one state or territory
shall be considered S&amp;P Eligible Assets only to the extent the Market Value
of such Municipal Bonds does not exceed 25% of the aggregate Market Value of
S&amp;P Eligible Assets;</font></p>

<p align=left style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:left;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(5)</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;">For Municipal Zero Coupon Bonds, the S&amp;P overcollateralization
levels based on the desired transaction rating shall be as follows: </font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:95%;">
 <tr>
  <td valign=top width=20% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin:0in;text-align:left;text-indent:0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:12.0pt;">Exposure Period</font></p>
  </td>
 <td valign=top width=20% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin:0in;text-align:left;text-indent:0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:12.0pt;">AAA</font></p>
  </td>
 <td valign=top width=20% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin:0in;text-align:left;text-indent:0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:12.0pt;">AA</font></p>
  </td>
 <td valign=top width=20% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin:0in;text-align:left;text-indent:0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:12.0pt;">A</font></p>
  </td>
 <td valign=top width=20% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin:0in;text-align:left;text-indent:0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:12.0pt;">BBB</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=20% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin:0in;text-align:left;text-indent:0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:12.0pt;">20</font></p>
  </td>
 <td valign=top width=20% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin:0in;text-align:left;text-indent:0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:12.0pt;">3.584</font></p>
  </td>
 <td valign=top width=20% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin:0in;text-align:left;text-indent:0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:12.0pt;">3.153</font></p>
  </td>
 <td valign=top width=20% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin:0in;text-align:left;text-indent:0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:12.0pt;">2.723</font></p>
  </td>
 <td valign=top width=20% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin:0in;text-align:left;text-indent:0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:12.0pt;">2.292</font></p>
  </td>
 </tr>
</table></div>

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

<p align=left style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:left;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(6)</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;">With respect to total return swaps, only the cumulative unsettled profit
and loss from a total return swap transaction will be calculated when
determining the RP Basic Maintenance Amount.&#160; For purposes of calculating the
RP Basic Maintenance Amount, any outstanding gain from a total return swap
transaction or interest rate swap transaction on a Valuation Date will be
included as a S&amp;P Eligible Asset subject to the S&amp;P Discount Factor on
the counterparty to such swap transaction, and any outstanding liability from a
swap transaction on a Valuation Date will be subtracted from S&amp;P Eligible
Assets;</font></p>

<p align=left style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:left;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(7)</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;">For swaps (other than total return swaps and interest rate swaps), the
Market Value of the position (positive or negative) will be included as a
S&amp;P Eligible Asset. The aggregate notional value of all swaps will not
exceed the Liquidation Preference of the Outstanding RP.&#160; In addition, the
Trust will only enter into swap </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">transactions where the
counterparty has at least a&nbsp;S&amp;P rating of A-, Fitch rating of A- or
Moody&#8217;s long-term rating of A3 at the time the time a swap is executed; and</font></p>
<a name="_bclFooter78"></a><DIV>


<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">78</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_79"></a><a name="_bclPageBorder79"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p align=left style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:left;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(8)</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;">With respect to credit default swaps, each underlying security subject
to such swap sold by the Trust will be subject to the applicable S&amp;P
Discount Factor.&#160; If the Trust purchases a credit default swap and holds the
underlying security, the Market Value of the credit default swap and the
underlying security will be included as a S&amp;P Eligible Asset subject to the
S&amp;P Discount Factor assessed based on the counterparty risk and the
duration of the swap agreement.&#160; In addition, the Trust will not include a
credit default swap as a S&amp;P Eligible Asset purchased by the Trust unless
the Trust holds the underlying security or, if the Trust purchases a credit
default swap for a basket of securities, unless the Trust holds all the
securities in the basket.</font></p>

<p align=left style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:left;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;Inverse Floater&#8221; shall
mean trust certificates or other instruments evidencing interests in one or
more Municipal Bonds that qualify as S&amp;P Eligible Assets (such Inverse
Floaters will also be considered Municipal Bonds and are S&amp;P Eligible
Assets), the interest rates on which are adjusted at short-term intervals on a
basis that is inverse to the simultaneous readjustment of the interest rates on
corresponding floating rate trust certificates or other instruments issued by
the same issuer, provided that the ratio of the aggregate dollar amount of
floating rate instruments to inverse floating rate instruments issued by the
same issuer does not exceed two to one at their time of original issuance and
at the time of purchase has a duration that is less than thirteen years.</font></p>

<p align=left style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:left;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;Escrowed Bonds&#8221; shall
mean Municipal Bonds that (i)&nbsp;have been determined to be legally defeased
in accordance with S&amp;P&#8217;s legal defeasance criteria, (ii)&nbsp;have been
determined to be economically defeased in accordance with S&amp;P&#8217;s economic
defeasance criteria and assigned a rating of AAA by S&amp;P, (iii)&nbsp;are not
rated by S&amp;P but have been determined to be legally defeased by S&amp;P or
(iv)&nbsp;have been determined to be economically defeased by S&amp;P and
assigned a rating no lower than the rating that is S&amp;P equivalent of
S&amp;P&#8217;s AAA rating. &#160;In the event that a defeased obligation which is an
S&amp;P Eligible Asset does not meet the criteria of an Escrowed Bond, such
Municipal Bond will be deemed to remain in the Issue Type Category into which
it fell prior to such defeasance.</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;">&nbsp;</font></p>

<p style="margin:0in;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;">This amendment is effective as of
November 2, 2007.</font></p>








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</DIV>
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<p align=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">PUTNAM MUNICIPAL OPPORTUNITIES TRUST</font></b></p>

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

<p align=center style="margin:0in;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Amendment
to Amended and Restated Bylaws</font></p>

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

<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; WHEREAS, Article 14 of
the Amended and Restated Bylaws of Putnam Municipal Opportunities Trust (the
&quot;Trust&quot;), as last amended by an Amendment effective as of November 2,
2007 (the &quot;Bylaws&quot;), permits the Board of Trustees of the Trust (the
&quot;Trustees&quot;) to amend or repeal, in whole or in part, the Bylaws; </font></p>

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

<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; WHEREAS, the Trustees
desire to amend the Bylaws in connection with the merger of each of Putnam
Investment Grade Municipal Trust and Putnam Municipal Bond Fund with and into
the Trust (the &quot;Merger&quot;) by increasing the issued amount of
Remarketed Preferred Shares and effecting a two-for-one stock split of
Remarketed Preferred Shares, Series A;</font></p>

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

<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; WHEREAS, Article 12,
Section 12.1, Part I, paragraph 6(c) provides that so long as any Remarketed
Preferred Shares of the Trust are outstanding, the affirmative vote or consent
of the holders of at least a majority of the Remarketed Preferred Shares
outstanding at the time is required to (i) authorize, create or issue or
increase or decrease the authorized or issued amount of any class or series of
stock ranking prior to or on a parity with the remarketed preferred shares with
respect to the payment of dividends or the distribution of assets on
liquidation or to increase or decrease the authorized amount of remarketed
preferred shares; or (ii) amend, alter or repeal the provisions of the Bylaws
so as to affect materially and adversely any preference, right or power of such
remarketed preferred shares or the holders thereof; </font></p>

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

<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; WHEREAS, the holders of a
majority of the outstanding Remarketed Preferred Shares of the Trust have
approved the issuance of additional Remarketed Preferred Shares in connection
with the Merger and the two-for-one stock split of Remarketed Preferred Shares,
Series A; </font></p>

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

<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; NOW, THEREFORE, the
Bylaws are herby amended as follows: </font></p>

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

<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Article 12,
Section 12.1, Part I, DESIGNATION SERIES A is hereby deleted and replaced in
its entirety with the following:</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;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;">&quot; SERIES A:&#160; A series of 4,520 shares of preferred
shares, without par value, liquidation preference $25,000 per share plus
accumulated but unpaid dividends, if any, thereon (whether or not earned or
declared), is hereby designated &quot;Remarketed Preferred Shares, Series
A&quot; and is referred to below as &quot;Series A RP</font><sup><font face=symbol lang=EN-US style="font-size:12.0pt;">&reg;</font></sup><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;.&#160; Each share of Series A
RP shall be issued on a date to be determined by the Trustees, by any duly
authorized committee thereof or by any of the President, the Vice Chairman, any
Executive Vice President or the Treasurer of the Trust; have such initial
dividend rate as shall be determined in advance of the issuance thereof by the
Trustees, by any duly authorized committee thereof or by any of the President,
the Vice Chairman, any Executive Vice President or the Treasurer of the Trust;
have an Initial Dividend Period and an Initial </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Dividend
Payment Date to be determined by the Trustees of the Trust, by a duly
authorized committee thereof or by any of the President, the Vice Chairman, any
Executive Vice President or the Treasurer of the Trust; be redeemed (unless
such share shall have been otherwise redeemed pursuant to paragraph 4 of Part I
of this Section 12.1 by the Trust on a date to be determined by the Trustees of
the Trust) at the option of the Trust at a redemption price of $25,000 per
share plus accumulated but unpaid dividends to the date fixed for redemption
(whether or not earned or declared) plus the premium, if any, resulting from
the designation of a Premium Call Period; and have such other preferences,
limitations and relative voting rights, in addition to those required by
applicable law or set forth in the Trust's Declaration of Trust applicable to
preferred shares of the Trust, as are set forth in Part I and Part II of this
Section 12.1.&#160; Series A RP shall constitute a separate series of preferred
shares of the Trust, and each share of Series A RP shall be identical except as
provided in paragraph 4 of this Part I of this Section 12.1.&quot;</font></p>




<hr align=left size=1 width="33%">
<div id=ftn3><font lang=EN-US>

</font><p style="margin:0in;margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=symbol lang=EN-US style="font-size:10.0pt;">&reg;</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&#160;
Registered trademark of Merrill Lynch &amp; Co., Inc.</font></p><font lang=EN-US>

</font></div>




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<p align=center style="margin:0in;text-align:center;"><font style="display:none;"></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">80</font><font style="display:none;"></font></p>


</DIV>

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<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The definition
of &quot;Mandatory Redemption Price&quot; in Article 12, Section 12.1, Part I,
paragraph 1 is hereby deleted and replaced in its entirety with the following:</font></p>

<p style="margin:0in;"><font color=black 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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &quot; &quot;Mandatory Redemption Price&quot; means
$25,000 per share of each series of RP, plus in the case of each series of RP
an amount equal to accumulated but unpaid dividends thereon (whether or not
earned or declared) to the date fixed for redemption.&quot;</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 color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The definition
of &quot;Optional Redemption Price&quot; in Article 12, Section 12.1, Part I,
paragraph 1 is hereby deleted and replaced in its entirety with the following: </font></p>

<p style="margin:0in;"><font color=black 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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &quot; &quot;Optional Redemption Price&quot; shall
mean $25,000 per share of each series of RP, plus in the case of each series of
RP an amount equal to accumulated but unpaid dividends (whether or not earned
or declared) to the date fixed for redemption plus any applicable redemption
premium per share attributable to the designation of a Premium Call Period for
such share.&quot;</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 color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The definition
of &quot;RP Basic Maintenance Amount&quot; in Article 12, Section 12.1, Part I,
paragraph 1 is hereby deleted and replaced in its entirety with the following: </font></p>

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

<p style="margin:0in;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;">&quot; &quot;RP Basic Maintenance Amount,&quot; as of any
Valuation Date, means the dollar amount equal to (i) the sum of (A) the product
of the number of shares of each series of RP outstanding on such Valuation Date
multiplied by the sum of (a) $25,000 and (b) any applicable redemption premium
per share of each series attributable to the designation of a Premium Call
Period; (B) the aggregate amount of cash dividends (whether or not earned or
declared) that will have accumulated for each series of RP outstanding, in each
case, to (but not including) the end of the current Dividend Period for such
series of RP that follows such Valuation Date or to (but not including) the
49th day after such Valuation Date, whichever is sooner; (C) the aggregate
amount of cash dividends that would accumulate at the Maximum Dividend Rate
applicable to a Dividend Period of 28 days (in the case of shares of Series A
RP) and 7 days (in the case of shares of Series B RP and Series C RP)
outstanding from the end of such Dividend Period through the 49th day after
such Valuation Date, multiplied by the larger of the Moody's </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Volatility Factor and the S&amp;P Volatility Factor,
determined from time to time by Moody's and S&amp;P, respectively (except that
if such Valuation Date occurs during a Non-Payment Period, the cash dividend
for purposes of calculation would accumulate at the then current Non-Payment
Period Rate); (D) the amount of anticipated expenses of the Trust for the 90
days subsequent to such Valuation Date; (E) the amount of the Trust's Maximum
Potential Additional Dividend Liability as of such Valuation Date; and (F) any
current liabilities as of such Valuation Date to the extent not reflected in
any of (i)(A) through (i)(E) (including, without limitation, any amounts due
and payable by the Trust pursuant to repurchase agreements and any payables for
Municipal Bonds purchased as of such Valuation Date) less (ii) either (A) the
Discounted Value of any of the Trust's assets, or (B) the face value of any of
the Trust's assets if such assets mature prior to or on the date of redemption
of any shares of RP or payment of a liability and are either securities issued
or guaranteed by the U.S. Government or, with respect to Moody's, have a rating
assigned by Moody's of at least Aaa, P-l, VMIG-1 or MIG-1 and, with respect to
S&amp;P, have a rating assigned by S&amp;P of at least AAA, SP-1+ or A-1+, in
both cases irrevocably deposited by the Trust for the payment of the amount
needed to redeem shares of RP subject to redemption or any of (i)(B) through
(i)(F).&quot;</font></p>
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<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">81</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_82"></a><a name="_bclPageBorder82"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;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;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The definition of &quot;Specific Redemption
Provisions&quot; in Article 12, Section 12.1, Part I, paragraph 1 is hereby
deleted and replaced in its entirety with the following:</font></p>

<p style="margin:0in;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;">&quot; &quot;Specific Redemption Provisions&quot; means, with
respect to a Special Dividend Period of 365 or more days, either, or any
combination of, the designation of (i) a period (a &quot;Non-Call Period&quot;)
determined by the Trustees, after consultation with the Remarketing Agents,
during which the shares of RP subject to such Dividend Period shall not be
subject to redemption at the option of the Trust and (ii) a period (a
&quot;Premium Call Period&quot;), consisting of a number of whole years and
determined by the Trustees, after consultation with the Remarketing Agents,
during each year of which the shares of RP subject to such Dividend Period
shall be redeemable at the Trust's option at a price per share equal to $25,000
for each series of RP, plus accumulated but unpaid dividends plus an applicable
premium, as determined by the Trustees after consultation with the Remarketing
Agents.&quot;</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Article 12, Section 12.1, Part I,
paragraph 3(f) is hereby deleted and replaced in its entirety with the
following:</font></p>

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

<p style="margin:0in;margin-bottom:0in;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;">&quot;The amount of declared
dividends for each share of RP payable on the Initial Dividend Payment Date,
the Dividend Payment Date for each 7-day Dividend Period, the Dividend Payment
Date for each 28-day Dividend Period and the Dividend Payment Date or Dates for
each Short-Term Dividend Period shall be computed by the Trust by multiplying
the Applicable Dividend Rate in effect with respect to dividends payable on
such share on such Dividend Payment Date by a fraction the numerator of which
shall be the number of days in such Dividend Period such share was outstanding
from and including its Date of Original Issue or the preceding Dividend Payment
Date, as the case may be, to and including the day preceding such Dividend
Payment Date, and the denominator of which shall be 365, then multiplying the
amount so obtained by $25,000 (in the case of each series of RP) and rounding
the amount so obtained to the nearest cent.&#160; During any Long Term Dividend
Period, the amount of dividends per share </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">payable on
any Dividend Payment Date shall be computed by dividing the Applicable Dividend
Rate for such Dividend Period by twelve, multiplying the amount so obtained by
$25,000 (in the case of each series of RP), and rounding the amount so obtained
to the nearest cent; provided, however, that, if the number of days from and
including the Date of Original Issue or the preceding Dividend Payment Date, as
the case may be, to and including the day preceding such Dividend Payment Date
is less than 30 and such days do not constitute a full calendar month, then the
amount of dividends per share payable on such Dividend Payment Date shall be
computed by multiplying the Applicable Dividend Rate for such Dividend Period
by a fraction, the numerator of which will be such number of days and the
denominator of which will be 360, multiplying the amount so obtained by $25,000
(in the case of each series of RP), and rounding the amount so obtained to the
nearest cent.&quot;</font></p>
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<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">82</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


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

<p style="margin:0in;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;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Article 12, Section 12.1, Part I, paragraph 5(a)
is hereby deleted and replaced in its entirety with the following:</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &quot;Upon a liquidation, dissolution or winding up
of the affairs of the Trust, whether voluntary or involuntary, the Holders of
each share of RP shall be entitled, whether from capital or surplus, before any
assets of the Trust shall be distributed among or paid over to holders of
Common Shares or any other class or series of shares of the Trust ranking
junior to the RP as to liquidation payments, to be paid the amount of $25,000
per share of each series of RP, plus an amount equal to all accumulated but
unpaid dividends thereon (whether or not earned or declared) to but excluding
the date of final distribution, in same-day funds.&#160; After any such payment, the
Holders shall not be entitled to any further participation in any distribution
of assets of the Trust, except as provided in paragraph 3(k) of this Part I of
Section 12.1.&quot;</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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Article 12, Section 12.1, Part I,
paragraph 2(a) is hereby deleted and replaced in its entirety with the
following:</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;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;">&quot;Each share of RP is subject to Tender and Dividend
Reset at the end of each Dividend Period for such RP and may be tendered in the
Remarketing which commences on the Remarketing Date immediately prior to the
end of the current Dividend Period.&#160; By 9:00 a.m., New York City time, on each
such Remarketing Date, the Remarketing Agents shall, after canvassing the
market and considering prevailing market conditions at the time for shares of
such RP and similar securities, provide Beneficial Owners of such RP
non-binding indications of the Applicable Dividend Rate for the next succeeding
28-day Dividend Period (in the case of Series A RP) or 7-day Dividend Period
(in the case of Series B RP or Series C RP) or, if applicable, a Special
Dividend Period; provided that, if the Trust has designated the next Dividend
Period for such RP as a Special Dividend Period, the Remarketing Agents will
provide to Beneficial Owners a non-binding indication only of the Applicable
Dividend Rate for such Special Dividend Period.&#160; The actual Applicable Dividend
Rate for such Dividend Period may be greater than or less than the rate per
annum indicated in such non-binding indications (but not greater than the
applicable Maximum Dividend Rate).&#160; By 12:00 noon, New York City time, on such
Remarketing Date, each Beneficial Owner of a share of RP must notify a Remarketing
Agent of its desire, on a share-by-share basis, either to tender such share of
RP at a price of </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">$25,000 per share (in the case of
each series of RP) or to continue to hold such share for the next 28-day
Dividend Period (in the case of Series A RP) or 7-day Dividend Period (in the
case of Series B RP or Series C RP) or, if applicable, the next Special
Dividend Period.&#160; Beneficial Owners who do not provide such notice shall be
deemed to have elected (i) to hold all their shares of RP if each of the
current Dividend Period and succeeding Dividend Period is a 28-day Dividend
Period (in the case of Series A RP) or 7-day Dividend Period (in the case of
Series B RP or Series C RP) or a Special Dividend Period of 60 days or less,
and (ii) to tender all their shares of RP if the current Dividend Period or
succeeding Dividend Period is a Special Dividend Period of more than 60 days.&#160;
Any notice given to a Remarketing Agent to tender or hold shares for a
particular Dividend Period shall be irrevocable and shall not be conditioned
upon the level at which the Applicable Dividend Rate is established.&#160; A
Remarketing Agent may, in its sole discretion, (i) at the request of a
Beneficial Owner that has tendered one or more shares to such Remarketing
Agent, waive such Beneficial Owner's tender, and thereby enable such Beneficial
Owner to continue to hold the share or shares for the next 28-day Dividend
Period (in the case of Series A RP) or 7-day Dividend Period (in the case of
Series B RP or Series C RP) or, if applicable, a designated Special Dividend
Period, as agreed to by such Beneficial Owner and such Remarketing Agent at
such time, so long as such tendering Beneficial Owner has indicated to such
Remarketing Agent that it would accept the new Applicable Dividend Rate for such
Dividend Period, such waiver to be contingent upon the Remarketing Agents'
ability to remarket all shares of RP tendered in such Remarketing, and (ii) at
the request of a Beneficial Owner that has elected to hold one or more of its
shares of RP, waive such Beneficial Owner's election with respect thereto, such
waiver to be contingent upon the Remarketing Agents' ability to remarket all
shares of RP tendered in such Remarketing.&quot;</font></p>
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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Article 12, Section 12.1, Part II,
paragraph 3(a) is hereby deleted and replaced in its entirety with the
following: </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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &quot;By 3:00 p.m., New York City time, on each
Remarketing Date for a series of RP, the Remarketing Agents shall determine the
Applicable Dividend Rate to the nearest one-thousandth (0.001) of one percent
per annum for the next 28-day Dividend Period (in the case of Series A RP) or
7-day Dividend Period (in the case of Series B RP or Series C RP), or, if
designated, Special Dividend Period.&#160; The Applicable Dividend Rate for each
such Dividend Period, except as otherwise required herein, shall be the
dividend rate per annum which the Remarketing Agents determine, in their sole
judgment, to be the lowest rate that will enable them to remarket on behalf of
the Beneficial Owners thereof all shares of RP subject to Tender and Dividend
Reset in such Remarketing and tendered to them on such Remarketing Date at a
price of $25,000 per share (in the case of each series of RP).&quot;</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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 10.&#160;&#160;&#160;&#160;&#160;&#160; Article 12, Section 12.1, Part II,
paragraph 3(b) is hereby deleted and replaced in its entirety with the
following: </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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &quot;For any series of RP, if no Applicable
Dividend Rate shall have been established on a Remarketing Date in a
Remarketing for the next 28-day Dividend Period (in the case of Series A RP) or
7-day Dividend Period (in the case of Series B RP or Series C RP), or Special
Dividend </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Period, if any, for any reason (other than
because there are no Remarketing Agents, the Remarketing Agents are not
required to conduct a Remarketing pursuant to the terms of the Remarketing
Agreement or the Remarketing Agents are unable to remarket on the Remarketing
Date all shares of RP tendered (or deemed tendered) to them at a price of
$25,000 per share (in the case of each series of RP)), then the Remarketing
Agents, in their sole discretion, shall, if necessary and except during a
Non-Payment Period, after taking into account market conditions as reflected in
the prevailing yields on fixed and variable rate taxable and tax exempt debt
securities and the prevailing dividend yields of fixed and variable rate
preferred stock, determine the Applicable Dividend Rate that would be the rate
per annum that would be the initial dividend rate fixed in an offering on such
Remarketing Date, assuming in each case a comparable dividend period, issuer
and security.&#160; If there is no Remarketing for such series of RP because there
are no Remarketing Agents or the Remarketing Agents are not required to conduct
a Remarketing pursuant to the Remarketing Agreement or if the Remarketing
Agents are unable to remarket on the Remarketing Date all shares of RP tendered
(or deemed tendered) to them at a price of $25,000 per share (in the case of
each series of RP), then, except during a Non-Payment Period, the Applicable
Dividend Rate for the subsequent Dividend Period for RP and for each subsequent
Dividend Period for RP for which no Remarketing takes place because of the
foregoing shall be the applicable Maximum Dividend Rate for a 28-day Dividend
Period (in the case of Series A RP) or 7-day Dividend Period (in the case of Series
B RP or Series C RP) and the next Dividend Period for RP and each such
subsequent Dividend Period shall be a 28-day Dividend Period (in the case of
Series A RP) or 7-day Dividend Period (in the case of Series B RP or Series C
RP).&quot;</font></p>
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<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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 11.&#160;&#160;&#160;&#160;&#160;&#160; Article 12, Section 12.1, Part II,
paragraph 4(a) is hereby deleted and replaced in its entirety with the
following:</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;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &quot;If the
Remarketing Agents are unable to remarket by 3:00 p.m., New York City time, on
a Remarketing Date all shares of RP tendered (or deemed tendered) to them in
the related Remarketing at a price of $25,000 per share (in the case of each
series of RP), (i) each Beneficial Owner that tendered or was deemed to have
tendered shares of RP for sale shall sell a number of shares of RP on a pro
rata basis, to the extent practicable, or by lot, as determined by the
Remarketing Agents in their sole discretion, based on the number of orders to
purchase shares of RP in such Remarketing, and (ii) the Applicable Dividend
Rate for the next Dividend Period for RP, which shall be a 28-day Dividend
Period, shall be the Maximum Dividend Rate for such 28-day Dividend Period (in
the case of Series A RP) or 7-day Dividend Period (in the case of Series B RP
or Series C RP).&quot;</font></p>

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

<p style="margin:0in;page-break-after:avoid;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">This
Amendment is effective as of February 22, 2008.&#160; </font></p>





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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;">PUTNAM MUNICIPAL OPPORTUNITIES TRUST</font></b></p>

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

<p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Amendment to
Amended and Restated Bylaws</font></p>

<p align=center style="margin:0in;text-align:center;"><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;">WHEREAS, ARTICLE 14, Section 14.1 and ARTICLE 12,
Section 12.1, Part I, paragraph 6(c) of the Amended and Restated Bylaws (the
&#8220;Bylaws&#8221;) of Putnam Municipal Opportunities Trust (the &#8220;Trust&#8221;) permit the
Board of Trustees of the Trust (the &#8220;Trustees&#8221;) to amend or repeal, in whole or
in part, the Bylaws provided that such amendment or repeal does not materially
and adversely affect any preference, right or power of the Preferred Shares or
any holder therof;</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;">WHEREAS, the Trustees desire to amend the Bylaws to
add two new sections to ARTICLE 11 that enumerate the Chairman&#8217;s power to
determine the order of business at shareholder meetings, to prescribe rules and
take actions as are appropriate for the proper conduct of such meetings, and to
adjourn shareholder meetings;</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;">WHEREAS, the Trustees desire to amend the Bylaws to
amend and restate in their entirety Subsections 6(a) and 6(b) of ARTICLE 12,
Section 12.1, PART I, concerning the right to nominate preferred share
trustees.</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;">WHEREAS, the Trustees have determined that such
amendment does not materially and adversely affect any preference, right or
power of the Preferred Shares or any holder therof;</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;">NOW, THEREFORE, the Bylaws are hereby amended as
follows:</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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1. &#160;&#160;&#160;&#160;&#160;&#160;&#160; The following shall be added as
ARTICLE 11, Section 11.4:</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;">11.4&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Conduct of Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The person
serving as chairman of a meeting of shareholders in accordance with Article 3,
Section 3.5 of these By-laws shall determine the order of business of the
meeting and may prescribe such rules, regulations and procedures and take such
actions as, in the discretion of such chairman, are appropriate for the proper
conduct of the meeting.&#160; For any matter to be properly before any meeting of
shareholders, the matter must be a proper matter for shareholder action under
the Declaration of Trust, these By-laws and applicable law and must be
specifically identified in the notice of meeting or otherwise brought before
the meeting in accordance with these By-laws or by or at the direction of the
chairman of the meeting, in the chairman&#8217;s sole direction.</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The following shall be added as
ARTICLE 11, Section 11.5:</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;">11.5&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Adjournment</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Any meeting of
shareholders may, by action of the chairman of the meeting, be adjourned
without further notice with respect to one or more matters to be considered at
such meeting to a designated time and place, whether or not a quorum is present
with respect to such matter; upon motion of the chairman of the meeting, the
question of adjournment may be submitted to a vote of the shareholders, and in
that case, any adjournment with respect to one or more matters must be approved
by the vote of holders of a majority of the shares present and entitled to vote
with respect to the matter or matters adjourned, and without </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">further notice to the extent permitted by Article V,
Section 2 of the Declaration of Trust.&#160; Unless a proxy is otherwise limited in
this regard, any Shares present and entitled to vote at a meeting that are represented
by broker non-votes, may, at the discretion of the proxies named therein, be
voted in favor of such an adjournment.</font></p>
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<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">&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;">3. &#160;&#160;&#160;&#160;&#160;&#160;&#160; ARTICLE
12, Section 12.1, PART I, Subsections 6(a) and 6(b) are deleted in their
entirety and replaced with the following:</font></p>

<p style="margin:0in;margin-top:6.0pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">General</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">. Except as otherwise
provided in the Declaration of Trust or By-laws, each Holder of shares of RP
and each record holder of Common Shares shall be entitled to one vote for each
share held on each matter submitted to a vote of shareholders of the Trust, and
the holders of outstanding Preferred Shares, including each series of RP, and
of Common Shares shall vote together as a single class; provided that, at any
meeting of the shareholders of the Trust held for the election of Trustees, the
holders of Preferred Shares, including each series of RP, present in person or
represented by proxy at said meeting, shall be entitled, as a class, to the
exclusion of the holders of all other securities and classes of capital shares
of the Trust, to </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">nominate and</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"> elect two
Trustees of the Trust, each Preferred Share, including each share of each
series of RP, entitling the holder thereof to one vote. Subject to paragraph
6(b) of this Part I of Section 12.1, the holders of outstanding Common Shares
and Preferred Shares, including each series of RP, voting as a single class,
shall elect the balance of the Trustees. </font></p>

<p style="margin:0in;margin-top:6.0pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Right to Elect Majority of
Trustees</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">. During any period in which any one or more of the conditions
described below shall exist (such period being referred to herein as a
&quot;Voting Period&quot;), the number of Trustees shall be automatically
increased by the smallest number that, when added to the two Trustees elected
exclusively by the holders of Preferred Shares (including each series of RP),
would constitute a majority of the Trustees as so increased by such smallest
number; and the holders of Preferred Shares (including each series of RP) shall
be entitled, voting as a class on a one-vote-per-share basis (to the exclusion
of the holders of all other securities and classes of capital shares of the
Trust), to </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">nominate and</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"> elect such smallest
number of additional Trustees, together with the two Trustees that such holders
are in any event entitled to elect. A Voting Period shall commence:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;margin-right:0in;margin-top:6.0pt;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(i) &#160;&#160;&#160;&#160;&#160;&#160; if at any time accumulated dividends (whether or
not earned or declared, and whether or not funds are then legally available in
an amount sufficient therefor) on the outstanding shares of any series of RP
equal to at least two full years' dividends shall be due and unpaid and sufficient
cash or securities shall not have been deposited with the Paying Agent for the
payment of such accumulated dividends; or</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;margin-right:0in;margin-top:6.0pt;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(ii) &#160;&#160;&#160;&#160;&#160; if at any time holders of any Preferred Shares
other than the RP are entitled to elect a majority of the Trustees of the
Trust. </font></p>

<p style="margin:0in;margin-top:6.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Upon the termination of a Voting Period, the voting rights
described in this paragraph 6(b) shall cease, subject always, however, to the
revesting of such voting rights in the Holders upon the further occurrence of
any of the events described in this paragraph 6(b). A Voting Period shall
terminate when all dividends in arrears shall have been paid or otherwise
provided for.</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;">&nbsp;</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">This Amendment is effective as of November 11, 2011.&#160; </font></p>





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</DIV>
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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;">PUTNAM MUNICIPAL OPPORTUNITIES TRUST</font></b></p>

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

<p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Amendment to
Amended and Restated Bylaws</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;">WHEREAS, ARTICLE 14, Section 14.1 and ARTICLE 12,
Section 12.1, Part I, paragraph 6(c) of the Amended and Restated Bylaws (the
&#8220;Bylaws&#8221;) of Putnam Municipal Opportunities Trust (the &#8220;Trust&#8221;), as last
amended by an Amendment effective as of February 22, 2008, permit the Board of
Trustees of the Trust (the &#8220;Trustees&#8221;) to amend or repeal, in whole or in part,
the Bylaws provided that such amendment or repeal does not materially and
adversely affect any preference, right or power of the Preferred Shares or any
holder thereof;</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;">WHEREAS, the Trustees desire to amend the Bylaws to
amend and restate the definition of &#8220;Taxable Equivalent of the Short-Term
Municipal Bond Rate&#8221; contained in Subsection 1 of ARTICLE 12, Section 12.1,
PART I.</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;">WHEREAS, the Trustees desire to amend the Bylaws to
remove the definitional reference to &#8220;Kenny Index&#8221; contained in Subsection 1 of
ARTICLE 12, Section 12.1, PART I and add a definitional reference to &#8220;SIFMA
Index&#8221; in that same Subsection.</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;">WHEREAS, the Trustees have determined that such
amendments do not materially and adversely affect any preference, right or
power of the Preferred Shares or any holder thereof;</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;">NOW, THEREFORE, the Bylaws are hereby amended as
follows:</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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1. &#160;&#160;&#160;&#160;&#160;&#160;&#160; The following shall replace the
definition of &#8220;Taxable Equivalent of the Short-Term Municipal Bond Rate&#8221; in
Subsection 1 as referenced above:</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;">&quot;Taxable Equivalent of the Short-Term Municipal
Bond Rate&quot; on any date means 90% of the quotient of (A) the per annum rate
expressed on an Interest Equivalent basis equal to the Securities Industry
Financial Markets Association (&#8220;SIFMA&#8221;) Municipal Swap Index or any comparable
index based upon yield evaluations at par of bonds the interest on which is
excludable for regular Federal income tax purposes under the Code of &quot;high
grade&quot; component issuers selected by Municipal Market Data/Thomson Reuters
(or any successor thereto from time to time selected by the Trust in its
discretion), which component issuers shall include, without limitation, issuers
of general obligation bonds but shall exclude any bonds the interest on which
constitutes an item of tax preference under Section 57(a)(5) of the Code, or
successor provisions, for purposes of the &quot;alternative minimum tax,&quot;
(as defined in the Code) (the &quot;SIFMA Index&quot;), made available for the
Business Day immediately preceding such date but in any event not later than
8:30 A.M., New York City time, on such date by Municipal Market Data/Thomson
Reuters</font><u><font color=blue 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;">(or any such successor), divided
by (B) 1.00 minus the Marginal Tax Rate (expressed as a decimal); provided,
however, that if the SIFMA Index is not made so available by 8:30 A.M., New
York City time, on such date by Municipal Market Data/Thomson Reuters (or any
such successor), the Taxable Equivalent of the Short-Term Municipal Bond Rate
shall mean the quotient of (A) the per annum rate expressed on an Interest
Equivalent basis equal to the most </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">recent SIFMA Index
so made available, divided by (B) 1.00 minus the Marginal Tax Rate (expressed
as a decimal).&#160; No successor to the SIFMA Index shall be chosen without first
obtaining written confirmation from Moody's and S&amp;P that the choice of such
successor would not impair the rating then assigned to any series of RP by
Moody's or S&amp;P.</font></p>
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<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">89</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
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<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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The following definitional
reference to &#8220;Kenny Index&#8221; in Subsection 1 is deleted in its entirety: </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;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8220;Kenny Index&#8221; has
the meaning set forth under &#8220;Taxable Equivalent of the Short-Term Municipal
Bond Rate.&#8221;</font></p>

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

<p style="margin:0in;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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
following definitional reference to &#8220;SIFMA Index&#8221; shall be added to Subsection
1 and will appear after the definition of &#8220;Short Term Dividend Period&#8221;:</font></p>

<p style="margin:0in;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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8220;SIFMA
Index&#8221; has the meaning set forth under &#8220;Taxable Equivalent of the Short-Term
Municipal Bond Rate.&#8221;&#160;&#160;&#160; </font></p>

<p align=center style="margin:0in;text-align:center;"><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;">This Amendment is effective as of January 1, 2013.<br>
<br>
</font></p>









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<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">90</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_91"></a><a name="_bclPageBorder91"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">PUTNAM MUNICIPAL OPPORTUNITIES TRUST</font></b></p>

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

<p align=center style="margin:0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Amendment to
Amended and Restated Bylaws</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;">WHEREAS, ARTICLE 14, Section 14.1 and ARTICLE 12,
Section 12.1, Part I, paragraph 6(c) of the Amended and Restated Bylaws (the
&#8220;Bylaws&#8221;) of Putnam Municipal Opportunities Trust (the &#8220;Trust&#8221;), as last amended
by an Amendment effective as of January 1, 2013, permit the Board of Trustees
of the Trust (the &#8220;Trustees&#8221;) to amend or repeal, in whole or in part, the
Bylaws provided that such amendment or repeal does not materially and adversely
affect any preference, right or power of the Preferred Shares or any holder
thereof;</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;">WHEREAS, the Trustees desire to amend the Bylaws to
amend and restate the definition of &#8220;S&amp;P Eligible Asset&#8221; contained in
ARTICLE 12, Section 12.1, PART I, paragraph 1.</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;">WHEREAS, the Trustees have determined that such
amendment does not materially and adversely affect any preference, right or
power of the Preferred Shares or any holder thereof;</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;">NOW, THEREFORE, the Bylaws are hereby amended as
follows:</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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1. &#160;&#160;&#160;&#160;&#160;&#160;&#160; The definition of &#8220;S&amp;P Eligible
Asset&#8221; in ARTICLE 12, Section 12.1, PART I, paragraph 1 of the Bylaws is hereby
deleted and replaced in its entirety with the following:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </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;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;S&amp;P Eligible Asset&quot;
shall mean either: </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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (i) &#160;&#160;&#160;&#160;&#160;&#160; if the average S&amp;P Discount Factor
of the Fund&#8217;s S&amp;P Eligible Assets (as set forth in (ii) below) is less than
200%, all assets of the Fund shall be considered S&amp;P Eligible Assets; or</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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; if the average S&amp;P Discount Factor
of the Fund&#8217;s S&amp;P Eligible Assets (as set forth in this section) is 200% or
greater, S&amp;P Eligible Assets means:&#160; (1) cash (excluding any cash
irrevocably deposited by the Fund for the payment of any liabilities within the
meaning of RP Basic Maintenance Amount), (2) Receivables for Municipal Bonds
Sold, (3) S&amp;P Hedging Transactions; (4) Municipal Zero Coupon Bonds rated
at least BBB by S&amp;P, (5) swaps, including total return swaps, interest rate
swaps, currency swaps and credit default swaps, and (6) Municipal Bonds
(including Inverse Floater as defined below) owned by the Fund that (A)&nbsp;is
interest bearing and pays interest at least semi-annually; (B)&nbsp;is payable
with respect to principal and interest in U.S. Dollars; (C)&nbsp;is not subject
to a covered call or put option written by the Fund; (D)&nbsp;except for
Inverse Floaters, is not part of a private placement of Municipal Bonds; and
(E)&nbsp;except for Inverse Floaters, is part of an issue of Municipal Bonds
with an original issue size of at least $10 million.&#160; Any Municipal Bonds that
is a part of an original issue size of less than $10 million must carry a rating
of at least &#8220;AA&#8221; by S&amp;P or &#8220;AAA&#8221; by another nationally recognized
statistical rating organization.&#160; Notwithstanding the foregoing limitations</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;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">91</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_92"></a><a name="_bclPageBorder92"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=left style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:left;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(1)</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;">Municipal Bonds (excluding Escrowed Bonds (as defined below) and High
Yield Securities) of any one issuer or guarantor (excluding bond insurers)
shall be considered S&amp;P Eligible Assets only to the extent the Market Value
of such Municipal Bonds (including short-term Municipal Bonds) does not exceed
10% of the aggregate Market Value of S&amp;P Eligible Assets, provided that 2%
is added to the applicable S&amp;P Discount Factor for every 1% by which the
Market Value of such Municipal Bonds exceeds 5% of the aggregate Market Value
of S&amp;P Eligible Assets or for any percentage over 5% add 10 percentage
points to the S&amp;P Discount Factor.&#160; High Yield Securities of any one issuer
shall be considered S&amp;P Eligible Assets only to the extent the Market Value
of such Municipal Bonds does not exceed 5% of the aggregate Market Value of
S&amp;P Eligible Assets. Non-rated securities of any issuer shall be considered
S&amp;P Eligible Assets to the extent the Market Value of such Municipal Bonds
does not exceed 5% of the aggregate Market Value of S&amp;P Eligible Assets.&#160;
No more than 10% of the aggregate Market Value of the portfolio may consist of
non-rated securities;</font></p>

<p align=left style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:left;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(2)</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;">Municipal Bonds not rated by S&amp;P shall be considered S&amp;P
Eligible Assets only to the extent the Market Value of such Municipal Bonds
does not exceed 50% of the aggregate Market Value of S&amp;P Eligible Assets;
provided, however, that High Yield Securities shall be considered S&amp;P
Eligible Assets only to the extent the Market Value of such Municipal Bonds
does not exceed 20% of the aggregate Market Value of S&amp;P Eligible Assets;</font></p>

<p align=left style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:left;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(3)</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;">Municipal Bonds issued by issuers in any one state or territory will be
considered S&amp;P Eligible Assets only to the extent that the Market Value of
such Municipal Bonds does not exceed 25% of the aggregate Market Value of
S&amp;P Eligible Assets; </font></p>

<p align=left style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:left;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(4)</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;">Municipal Bonds (excluding Escrowed Bonds) of any one state or territory
shall be considered S&amp;P Eligible Assets only to the extent the Market Value
of such Municipal Bonds does not exceed 25% of the aggregate Market Value of
S&amp;P Eligible Assets;</font></p>

<p align=left style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:left;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(5)</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;">For Municipal Zero Coupon Bonds, the S&amp;P overcollateralization
levels based on the desired transaction rating shall be as follows: </font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:95%;">
 <tr>
  <td valign=top width=20% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin:0in;text-align:left;text-indent:0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:12.0pt;">Exposure Period</font></p>
  </td>
 <td valign=top width=20% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin:0in;text-align:left;text-indent:0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:12.0pt;">AAA</font></p>
  </td>
 <td valign=top width=20% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin:0in;text-align:left;text-indent:0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:12.0pt;">AA</font></p>
  </td>
 <td valign=top width=20% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin:0in;text-align:left;text-indent:0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:12.0pt;">A</font></p>
  </td>
 <td valign=top width=20% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin:0in;text-align:left;text-indent:0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:12.0pt;">BBB</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=20% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin:0in;text-align:left;text-indent:0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:12.0pt;">20</font></p>
  </td>
 <td valign=top width=20% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin:0in;text-align:left;text-indent:0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:12.0pt;">3.584</font></p>
  </td>
 <td valign=top width=20% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin:0in;text-align:left;text-indent:0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:12.0pt;">3.153</font></p>
  </td>
 <td valign=top width=20% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin:0in;text-align:left;text-indent:0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:12.0pt;">2.723</font></p>
  </td>
 <td valign=top width=20% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin:0in;text-align:left;text-indent:0in;text-justify:inter-ideograph;"><font face="Times New Roman" style="font-size:12.0pt;">2.292</font></p>
  </td>
 </tr>
</table></div>

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

<p align=left style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:left;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(6)</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;">With respect to total return swaps, only the cumulative unsettled profit
and loss from a total return swap transaction will be calculated when determining
the RP Basic Maintenance Amount.&#160; For purposes of calculating the RP Basic
Maintenance Amount, any outstanding gain from a total return swap transaction
or interest rate swap transaction on a Valuation Date will be included as a
S&amp;P Eligible Asset subject to the S&amp;P Discount Factor on the
counterparty to such swap transaction, </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and any
outstanding liability from a swap transaction on a Valuation Date will be
subtracted from S&amp;P Eligible Assets;</font></p>
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<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">92</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>


</DIV>
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<p align=left style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:left;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(7)</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;">For swaps (other than total return swaps and interest rate swaps), the
Market Value of the position (positive or negative) will be included as a
S&amp;P Eligible Asset. The aggregate notional value of all swaps will not
exceed the Liquidation Preference of the Outstanding RP.&#160; In addition, the
Trust will only enter into swap transactions where the counterparty has at
least a&nbsp;S&amp;P rating of A-, Fitch rating of A- or Moody&#8217;s long-term
rating of A3 at the time the time a swap is executed; and</font></p>

<p align=left style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:left;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(8)</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;">With respect to credit default swaps, each underlying security subject
to such swap sold by the Trust will be subject to the applicable S&amp;P
Discount Factor.&#160; If the Trust purchases a credit default swap and holds the
underlying security, the Market Value of the credit default swap and the
underlying security will be included as a S&amp;P Eligible Asset subject to the
S&amp;P Discount Factor assessed based on the counterparty risk and the
duration of the swap agreement.&#160; In addition, the Trust will not include a
credit default swap as a S&amp;P Eligible Asset purchased by the Trust unless
the Trust holds the underlying security or, if the Trust purchases a credit
default swap for a basket of securities, unless the Trust holds all the
securities in the basket.</font></p>

<p align=left style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:left;text-indent:1.0in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;Inverse Floater&#8221; shall
mean trust certificates or other instruments evidencing interests in one or
more Municipal Bonds that qualify as S&amp;P Eligible Assets (such Inverse
Floaters will also be considered Municipal Bonds and are S&amp;P Eligible
Assets), the interest rates on which are adjusted at short-term intervals on a
basis that is inverse to the simultaneous readjustment of the interest rates on
corresponding floating rate trust certificates or other instruments issued by
the same issuer, provided that the ratio of the aggregate dollar amount of
floating rate instruments to inverse floating rate instruments issued by the
same issuer does not exceed two to one at their time of original issuance and
at the time of purchase has a duration that is less than thirteen years.</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;Escrowed Bonds&#8221; shall mean Municipal Bonds that
(i)&nbsp;have been determined to be legally defeased in accordance with
S&amp;P&#8217;s legal defeasance criteria, (ii)&nbsp;have been determined to be
economically defeased in accordance with S&amp;P&#8217;s economic defeasance criteria
and assigned a rating of AAA by S&amp;P, (iii)&nbsp;are not rated by S&amp;P
but have been determined to be legally defeased by S&amp;P or (iv)&nbsp;have
been determined to be economically defeased by S&amp;P and assigned a rating no
lower than the rating that is S&amp;P equivalent of S&amp;P&#8217;s AAA rating. &#160;In
the event that a defeased obligation which is an S&amp;P Eligible Asset does
not meet the criteria of an Escrowed Bond, such Municipal Bond will be deemed
to remain in the Issue Type Category into which it fell prior to such
defeasance.</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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding the foregoing, all
aforementioned definitions and limitations are further subject to the
requirements and limitations as set forth in &#8220;Methodology And Assumptions For
Market Value Securities&#8221; published by Standard&#160; &amp; Poor&#8217;s Ratings Services
on September 17, 2013.</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">This Amendment is effective as of March 21, 2014. &#160;</font></p>


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<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">93</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

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

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

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

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">PUTNAM
MUNICIPAL OPPORTUNITIES TRUST</font></b></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;layout-grid-mode:line;">Amendment
to Amended and Restated Bylaws</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS,
Article 14, Section 14.1 of the Amended and Restated Bylaws (the &#8220;Bylaws&#8221;) of
Putnam Municipal Opportunities Trust (the &#8220;Trust&#8221;) permits the Trustees to
amend or to repeal the Bylaws except as otherwise expressly stated in the
Bylaws.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS,
Article 12, Section 12.1, Part I, paragraph 6(c) provides that so long as any
shares of RP are outstanding, the Trust will not, without the affirmative vote
or consent of the Holders of at least a majority of the shares of RP
outstanding at the time, amend, alter or repeal provisions of the Bylaws so as
to affect materially and adversely any preference, right or power of shares of
RP or the Holders thereof; notwithstanding the foregoing, however, the Trustees
may, without the vote or consent of the Holders of any series of RP, amend,
alter or repeal certain terms, including the term &#8220;Accountant&#8217;s Confirmation,&#8221;
provided the Trustees receive written confirmation from Moody&#8217;s Investors
Service, Inc. (&#8220;Moody&#8217;s&#8221;) and Standard &amp; Poor&#8217;s (&#8220;S&amp;P&#8221;) that the
amendment, alteration or repeal will not impair the ratings then assigned to
any series of RP by the rating agency providing the confirmation (terms used without
definition in this amendment have the respective meanings ascribed to them in
the Bylaws);</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">WHEREAS, the Trustees desire to amend certain provisions of
Article 12, Section 12.1 of the Bylaws relating to (1) the delivery of the RP
Basic Maintenance Report to the Remarketing Agents and the Paying Agent and (2)
the delivery of the Accountant&#8217;s Confirmation;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS,
Moody&#8217;s and S&amp;P have confirmed in writing to the Trustees that this
amendment would not impair their ratings assigned to any series of RP; and</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS,
the Trustees have determined that this amendment would not affect materially
and adversely any preference, right or power of shares of RP or the Holders
thereof;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">NOW, THEREFORE, the Bylaws are amended as follows:</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1. &#160;&#160;&#160;&#160;&#160;&#160;&#160; Article 12, Section 12.1, Part I,
paragraph 1 is amended by deleting the term &#8220;Accountant&#8217;s Confirmation&#8221; and its
definition.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 2. &#160;&#160;&#160;&#160;&#160;&#160;&#160; Each of Article 12, Section 12.1, Part
I, paragraph 6(c) and paragraph 8(e) is amended by deleting references to the
&#8220;Accountant&#8217;s Confirmation.&#8221;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 3. &#160;&#160;&#160;&#160;&#160;&#160;&#160; Each of Article 12, Section 12.1, Part
I, paragraph 8(b), (c), (d) and (e) is amended by deleting references to the
&#8220;Remarketing Agents&#8221; and the &#8220;Paying Agent.&#8221;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The text of each of Article 12, Section
12.1, Part I, paragraph 8(f), (g), (h) and (i) of the Bylaws is deleted and, in
each case, the word &#8220;Reserved&#8221; is substituted in its place.</font></p>


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<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The second
sentence of Article 12, Section 12.1, Part I, paragraph 8(j) of the Bylaws is
deleted.</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">This Amendment is effective as of June 24, 2016.</font></p>

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<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">95</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

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

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">PUTNAM
MUNICIPAL OPPORTUNITIES TRUST</font></b></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;layout-grid-mode:line;">Amendment
to Amended and Restated Bylaws</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS,
Article 14, Section 14.1 of the Amended and Restated Bylaws (the &#8220;Bylaws&#8221;) of
Putnam Municipal Opportunities Trust (the &#8220;Trust&#8221;) permits the Trustees to
amend or to repeal the Bylaws except as otherwise expressly stated in the
Bylaws.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS,
Article 12, Section 12.1, Part I, paragraph 6(c) provides that so long as any
shares of RP are outstanding, the Trust will not, without the affirmative vote
or consent of the Holders of at least a majority of the shares of RP
outstanding at the time, amend, alter or repeal provisions of the Bylaws so as
to affect materially and adversely any preference, right or power of shares of
RP or the Holders thereof (terms used without definition in this amendment have
the respective meanings ascribed to them in the Bylaws);</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">WHEREAS, the Trustees desire to amend Article 12, Section 12.1
of the Bylaws by eliminating a provision requiring delivery of the RP Basic
Maintenance Report to Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;) and Standard
&amp; Poor&#8217;s (&#8220;S&amp;P&#8221;) following repurchases of any outstanding Common Shares
by the Trust;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS,
the Trustees have determined that this amendment would not affect materially
and adversely any preference, right or power of shares of RP or the Holders
thereof;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">NOW, THEREFORE, the Bylaws are amended as follows:</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Article 12, Section 12.1, Part I,
paragraph 8(k) of the Bylaws is deleted.</font></p>

<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">This Amendment is effective as of September 16, 2016.</font></p>














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