<SEC-DOCUMENT>0000928816-20-001069.txt : 20200923
<SEC-HEADER>0000928816-20-001069.hdr.sgml : 20200923
<ACCEPTANCE-DATETIME>20200923171215
ACCESSION NUMBER:		0000928816-20-001069
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 MANAGED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000844790
		IRS NUMBER:				046608976
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05740
		FILM NUMBER:		201192684

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		STREET 2:		MAILSTOP A14
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921000
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a_mmit8k.htm
<DESCRIPTION>PUTNAM MANAGED MUNICIPAL INCOME 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 Managed Municipal
  Income 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;">811-05740<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;">04-6608976<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>
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 <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;">PMM</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 Managed Municipal Income 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_exmmitbylaws.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_exmmitbylaws.htm">Amended and Restated Bylaws of Putnam Managed Municipal
  Income 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 Managed Municipal Income 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 MANAGED
MUNICIPAL INCOME 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;">&#160;(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 meeting, is filed with </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">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;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">*</font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;"> 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 June 24, 2016. </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:12.0pt;layout-grid-mode:line;">&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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">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>
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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:12.0pt;layout-grid-mode:line;">&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;">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.</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">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>
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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;">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
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>

<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>


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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 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>

<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>

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<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 9</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;">Issuance of Shares and Share Certificates</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;page-break-after:avoid;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 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>

<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>


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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;">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 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>

<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; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">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. 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>
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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;">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>

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</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;">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 date the Trustees may for any
such purposes close the register or transfer books for all or part of such
period.</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;">10.5
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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">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>
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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;">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>

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</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;">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 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 12</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;">Shares of Beneficial Interest </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;"><b><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; 12. </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">The Trust has an</font><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"> </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">unlimited number of
Common Shares, without par value, which may be issued from time to time by the
Trustees 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:both;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:76.55pt;margin-right:36.5pt;margin-top:12.0pt;text-indent:-40.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">12.1&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Statement Creating Three Series of Remarketed </font></u><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Preferred Shares</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.7pt;margin-right:0in;margin-top:12.0pt;text-indent:12.95pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">PART
I. DESIGNATION </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">SERIES A:&#160; A series of 550
shares of preferred shares, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">without
par value, liquidation preference $100,000 per share plus accumulated but
unpaid dividends, if any thereon </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(whether
or not earned or declared) plus the premium, if any, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">resulting from the designation of a Premium Call
Period, is hereby designated &quot;Remarketed Preferred Shares, Series A.&quot;
Each share of Remarketed Preferred Shares, Series A shall be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">issued on a date to be determined by the Board of
Trustees of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the Trust or a duly
authorized committee thereof; have an Initial Dividend Rate for its Initial
Dividend Period equal </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">to 6.35% per
annum; have an Initial Dividend Payment Date (as </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">herein defined) to be determined by the Board of Trustees of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the Trust or a duly authorized committee thereof;
be redeemed (unless such share shall have been otherwise redeemed </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">pursuant to paragraph 4 of Part I of this Section
12.1 or exchanged prior thereto for a share of Remarketed Preferred </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Stock, Series I, pursuant to paragraph 12 of Part
I of this </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Section 12.1 by the Trust
on a date to be determined by the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Board
of Trustees of the Trust or a duly authorized committee </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">thereof) at a redemption price of $100,000 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Call
Period; and have such other preferences, limitations and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">relative voting rights, in addition to those
required by applicable law or set forth in the Trust's Declaration of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Trust applicable to preferred shares of the
Trust, as are set </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">forth in Part I and
Part II of this Section 12.1.&#160; The Remarketed Preferred Shares, Series A shall
constitute a separate series of preferred shares of the Trust, and each share
of Remarketed Preferred Shares, Series A shall be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">identical except as provided in paragraph 4 of
this Part I of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">this Section 12.1.</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;">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:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>


</DIV>
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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.35pt;margin-right:0in;margin-top:12.0pt;text-indent:33.6pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">SERIES B:&#160; A series of 550 shares
of preferred shares, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">without par value, liquidation preference $100,000 per
share plus accumulated but unpaid dividends, if any thereon </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">(whether or not
earned or declared) plus the premium, if any, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">resulting from the designation of a
Premium Call Period, is </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">hereby designated &quot;Remarketed Preferred Shares,
Series B.&quot; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Each share of Remarketed Preferred Shares, Series B
shall be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">issued on a date to be determined by the Board of Trustees of</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the
Trust or a duly authorized committee thereof; have an Initial Dividend Rate for
its Initial Dividend Period equal </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">to
6.40% per annum; have an Initial Dividend Payment Date (as </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">herein defined) to be determined by the Board of
Trustees of the Trust or a duly authorized committee thereof; be redeemed
(unless such share shall have been otherwise redeemed pursuant to paragraph 4
of Part I of this Section 12.1 or exchanged prior thereto for a share of
Remarketed Preferred Stock, Series I, pursuant to paragraph 12 of Part I of
this Section 12.1 by the Trust on a date to be determined by the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.7pt;">Board of Trustees of the Trust or a duly
authorized committee </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">thereof) at a
redemption price of $100,000 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; The Remarketed Preferred
Shares, Series B shall constitute a separate series of preferred shares of the
Trust, and each share of Remarketed Preferred Shares, Series B shall be
identical except as provided in paragraph 4 of this Part I of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">this
Section 12.1.</font></p>

<p style="background:white;margin:0in;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">SERIES C:&#160; A series of 650 shares of preferred shares, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">without par
value, liquidation preference $100,000 per share plus accumulated but unpaid
dividends, if any thereon </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(whether or not earned or declared) plus the premium, if
any, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">resulting from the designation of a Premium Call Period, is hereby
designated &quot;Remarketed Preferred Shares, Series C.&quot; Each share of
Remarketed Preferred Shares, Series C shall be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">issued on a date to be determined
by the Board of Trustees of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the Trust or a duly authorized committee thereof;
have an Initial Dividend Rate for its Initial Dividend Period equal </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">to 6.30% per
annum; have an Initial Dividend Payment Date (as </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">herein defined) to be determined
by the Board of Trustees of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the Trust or a duly authorized committee thereof;
be redeemed (unless such share shall have been otherwise redeemed </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">pursuant to
paragraph 4 of Part I of this Section 12.1 or exchanged prior thereto for a
share of Remarketed Preferred Stock, Series I, pursuant to paragraph 12 of Part
I of this Section 12.1 by the Trust on a date to be determined by the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Board of
Trustees of the Trust or a duly authorized committee </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">thereof) at a
redemption price of $100,000 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Call Period;
and have such other preferences, limitations and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">relative voting rights, in
addition to those required by</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">applicable law or set forth in the
Trust's Declaration of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Trust
applicable to preferred shares of the Trust, as are set forth in Part I and
Part II of this Section 12.1.&#160; The </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Remarketed
Preferred Shares, Series C shall constitute a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">separate series of preferred shares of the Trust, and each share of
Remarketed Preferred Shares, Series C shall be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">identical except as provided in paragraph 4 of this Part I of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">this
Section 12.1.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.2pt;margin-right:0in;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">1.&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Definitions</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">.&#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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">in the singular or plural:</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.2pt;margin-right:0in;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.4pt;">&quot;'M' Composite Commercial Paper Rate,&quot; on any date, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">means (i) the
Interest Equivalent </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">of the rate on commercial paper
placed for the number of days specified in the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">succeeding sentence on behalf of
issuers whose corporate </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">bonds are rated &quot;AA&quot; by S&amp;P and
&quot;Aa&quot; by Moody's, or the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">equivalent of such rating by such rating agency
or by another </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">nationally recognized statistical rating organization, as </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">such rate is
made available by the Federal Reserve Bank of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">New York on a discount basis or
otherwise for the Business </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Day immediately preceding such date, or (ii) if the
Federal </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Reserve Bank of New York does not make available such a rate, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">then the
arithmetic average of the Interest Equivalent of such rates on commercial paper
placed on behalf of such</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">such date.&#160; In respect of any Dividend Period of
7 or 28 days </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">(determined without
regard to any adjustment in the remarketing schedule in respect of non-Business
Days, as provided herein), the &quot;AA&quot; Composite Commercial Paper Rate
shall be the Interest Equivalent of the 60-day rate.&#160; If any Commercial Paper
Dealer does not quote a rate required to determine the &quot;AA&quot; Composite
Commercial Paper Rate, the &quot;AA&quot; Composite Commercial Paper Rate shall
be determined on the basis of the quotation or quotations furnished by the
remaining Commercial Paper Dealer or Dealers or, if none of the Commercial
Paper Dealers quotes such a rate, by any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Substitute Commercial Paper Dealer or Dealers selected by the Trust to
provide such rate or rates not being supplied by any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Commercial Paper
Dealer.</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;">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:12.0pt;layout-grid-mode:line;">&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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.9pt;margin-right:0in;margin-top:12.0pt;text-indent:33.85pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Accountant's Confirmation&quot; has the meaning
set forth in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">paragraph
8(f) of this Part I.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.85pt;margin-right:0in;margin-top:12.0pt;text-indent:33.6pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Agent Member&quot; means a designated member of
the Securities Depository that will maintain records for a Beneficial Owner of
one or more shares of RP that has </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">identified such Agent Member in its Master
Purchaser's Letter </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">and that will be authorized and instructed to disclose</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">information
to any Remarketing Agent and/or the Paying Agent </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">with respect to such
Beneficial Owner.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.95pt;margin-right:0in;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Applicable Dividend Rate&quot; means, with respect to the Initial
Dividend Period the rate of dividend per annum </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">established by the Board of
Trustees and, for each subsequent </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">dividend per
annum that the Remarketing Agent advises results </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">on the Dividend Reset 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">during a Non-Payment Period,
will be equal to the Non-Payment </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Period Rate.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.1pt;margin-right:0in;margin-top:12.0pt;text-indent:21.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Applicable Percentage&quot; has the meaning set forth under </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&quot;Maximum Dividend Rate&quot;
below.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:0in;margin-top:12.0pt;text-indent:33.85pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Authorized Newspaper&quot; means a newspaper of
general </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">circulation in the English language generally published on </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Business Days in The City of New
York.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.35pt;margin-right:0in;margin-top:12.0pt;text-indent:34.8pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Beneficial Owner&quot; means a person that has
signed a Master Purchaser's Letter and 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">registered in the name of the Securities Depository on
the</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">share transfer books of the Trust, the person in
whose name </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">such share is so registered.</font></p>

<p style="background:white;margin:0in;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Board of Trustees&quot; means the Board of Trustees of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Trust.</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:12.0pt;layout-grid-mode:line;">&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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.5pt;margin-right:0in;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Business Day&quot; means a
day on which the New York Stock </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Exchange, Inc. is open for trading, and which is
not a day on </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">which banks in The City of New York are authorized or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">obligated by law to close.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.2pt;margin-right:0in;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;By-laws&quot; means these Amended and Restated By-laws of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">the Trust.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.9pt;margin-right:22.1pt;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Code&quot; means the Internal Revenue Code of 1986, as </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">amended from time to time.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.15pt;margin-right:0in;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Commercial Paper Dealers&quot; means Merrill Lynch,
Pierce, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Fenner &amp; Smith Incorporated and such other commercial paper </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">dealer or
dealers as the Trust may from time to time appoint, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">or, in lieu of
any thereof, their respective affiliates or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">successors.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.65pt;margin-right:22.1pt;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Common Shares&quot; means the common shares,
without par </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">value, of
the Trust.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.85pt;margin-right:0in;margin-top:12.0pt;text-indent:33.85pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Date of Original Issue&quot; means, with respect
to any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">share of RP, the date on which the Trust originally issues </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">such share.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:0in;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Declaration of Trust&quot; means the Amended and
Restated Agreement and Declaration of Trust dated February 3, 1989 of</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:44.15pt;margin-top:12.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.9pt;">&#160;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">the Trust on
file with the Secretary of State of The </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Commonwealth of Massachusetts.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.95pt;margin-right:0in;margin-top:12.0pt;text-indent:33.6pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Deposit Securities&quot; means cash and Municipal Securities </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">rated at least A-1+ or SP-1+ by
S&amp;P.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.95pt;margin-right:0in;margin-top:12.0pt;text-indent:33.6pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&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 quotient of the Market Value thereof divided by the applicable
Moody's Discount Factor; provided that the Discounted Value of such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Eligible Asset
shall never be greater than the face value of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">such Eligible Asset.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.15pt;margin-right:0in;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Dividend Coverage Amount,&quot; as of any
Valuation Date, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">means, with respect to each share of RP, (i) the
aggregate amount of dividends that will accumulate on such share of RP to (but
not including) the Business Day following the first Dividend Reset Date for
such share that follows such Valuation Date; less (ii) the combined value of
Deposit </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Securities irrevocably deposited for the payment of dividends </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">on such share of RP.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.1pt;margin-right:0in;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Dividend Coverage Assets,&quot; as of any Valuation Date, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">means, with
respect to each share of RP, Deposit Securities with maturity or tender payment
dates not later than the day </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">preceding the Business Day following the first
Dividend Reset </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Date for such share that follows such Valuation Date and</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">having
a value not less than the Dividend Coverage Amount </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">with respect to such
share.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.95pt;margin-right:0in;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Dividend Payment Date&quot; means, (i) with respect to any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Special Dividend
Period of more than 91 but fewer than 365 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">days, the 92nd day thereof, the
183rd day thereof, if any, the 274th day thereof, if any, and the day after the
last day </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">thereof; (ii) with respect to any Special Dividend period of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">365 or more
days, the third Wednesday of each January, April, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">July and October
therein and the day after the last day </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">thereof; and (iii) with respect to
any other Dividend Period, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the day after the last day thereof; provided that, if
any such date shall not be a Business Day, the Dividend Payment </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Date shall be the Business Day next succeeding such day.</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:12.0pt;layout-grid-mode:line;">&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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.1pt;margin-right:0in;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Dividend Period&quot; means with respect to any share of RP, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the Initial
Dividend Period for such share and thereafter a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">period which shall commence on
each (but not the final) Dividend Payment Date for such share (which, except
during a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Non-Payment Period, shall be a Settlement Date for such share).&#160; 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Remarketed Preferred Stock, Series C); 28 consecutive days </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(in the case of
Remarketed Preferred Stock, Series A and B); </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">or in the case of a Special
Dividend Period, the number of consecutive days as shall be specified by the
Board of</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Trustees in accordance with the provisions set forth
in paragraph 3(j) of this Part I at the time the Board of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Trustees designates a Special Dividend Period. </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Notwithstanding the foregoing, any adjustment of
the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">remarketing schedule by the
Remarketing Agents which includes </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">an
adjustment of a Settlement Date shall lengthen or shorten </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Dividend Periods by causing them always to end on
and include the day before the Settlement Date as so adjusted.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.45pt;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Dividend Reset Date&quot; means any date on which the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Remarketing
Agents (i) determine the Applicable Dividend Rate for the ensuing Dividend
Period, (ii) notify Holders, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">purchasers and tendering Holders of shares of RP
by telephone, telex or otherwise of the results of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Remarketing and
(iii) announce such Applicable Dividend Rate. </font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.45pt;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Eligible Asset&quot; means S&amp;P Eligible Asset and/or Moody's </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Eligible Asset.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:0in;margin-top:12.0pt;text-indent:33.6pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Exchange Date&quot; has the meaning set forth in paragraph </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">12 of this Part I.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.85pt;margin-right:0in;margin-top:12.0pt;text-indent:33.6pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Exchange Event&quot; has the meaning set forth in
paragraph </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">12 of this
Part I.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.35pt;margin-right:44.15pt;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Gross-up Dividend&quot; has the meaning set forth
in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">paragraph 3(k) of
this Part I.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.85pt;margin-right:0in;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Holder&quot; means, with respect to any share of
RP, the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">person whose name appears on the share transfer books of the Trust as the
registered holder of such share.</font></p>

<p style="background:white;margin:0in;margin-top:12.0pt;text-indent:33.85pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Independent Accountant&quot; means a nationally
recognized </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">accountant, or firm of accountants, that is, with respect to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the Trust, an
independent public accountant or firm of independent public accountants under
the Securities Act of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">1933,
as amended.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.5pt;margin-right:0in;margin-top:12.0pt;text-indent:33.6pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Initial Dividend Payment Date&quot; means with respect to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">any share of
RP, the Initial Dividend Payment Date specified </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">with respect thereto by the Board
of Trustees or a duly </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">authorized
committee thereof.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.7pt;margin-right:0in;margin-top:12.0pt;text-indent:33.35pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Initial Dividend Period&quot; means, with respect
to any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">share of RP, the period commencing on and including the Date </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of Original
Issue of such share and ending on the day prior </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">to the Initial Dividend Payment Date.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.4pt;margin-right:14.15pt;margin-top:12.0pt;text-align:justify;text-indent:33.85pt;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Interest
Equivalent&quot; means a yield on a 360-day basis of a discount basis security
which is equal to the yield on </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">an equivalent interest-bearing security.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.4pt;margin-right:0in;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Pricing
Service shall value portfolio </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">securities at the mean between the quoted bid and
asked price </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">pricing service using methods which include
consideration of:</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">yields or prices of municipal bonds of comparable
quality, type of issue, coupon, maturity and rating; indications as to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">value from dealers; and general market
conditions.&#160; The pricing service may employ electronic data processing </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">techniques and/or a matrix system to determine
valuations.</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:12.0pt;layout-grid-mode:line;">&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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.45pt;margin-right:0in;margin-top:12.0pt;text-indent:33.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Master Purchaser's Letter&quot; means a letter
substantially </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">in the form of Exhibit A to this Section 12.1 of ARTICLE 12, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">or such other
form as may be acceptable to the Remarketing </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Agents, which is required to be
executed by each purchaser of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">shares of RP.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.9pt;margin-right:0in;margin-top:12.0pt;text-indent:33.6pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Maximum Dividend Rate&quot; for any Dividend Period of 7 or 28 days
at any Dividend Reset Date shall apply to a dividend, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">and be the
Applicable Percentage of the applicable &quot;AA&quot; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Composite
Commercial Paper Rate.&#160; The Applicable Percentage </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">on each
Dividend Reset Date shall vary with the lower of the credit rating or ratings
assigned on such date to the shares of RP by Moody's and S&amp;P (or if Moody's
or S&amp;P or both shall </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">not make such rating available, the equivalent of either
or both of such ratings by a Substitute Rating Agency or two </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Substitute
Rating Agencies or, in the event that only one such rating shall be available,
such rating) as follows:</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:304.3pt;margin-right:21.1pt;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:11.3pt;">&nbsp;</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 &quot;AA&quot; Composite Commercial Paper Rate</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>
 </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>
 </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>
  </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>
 </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>
 </tr>
</table>

</div>
























<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.7pt;margin-right:0in;margin-top:12.0pt;text-indent:33.35pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">The
Maximum Dividend Rate for any Special Dividend Period will be a fixed or
variable rate determined from time to time by formula or other means as
designated by the Board of Trustees in respect of such Dividend Period.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.9pt;margin-right:0in;margin-top:12.0pt;text-indent:33.85pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">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 &quot;AA&quot; Composite Commercial Paper Rate as part of
their calculation of any Maximum Dividend Rate.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.1pt;margin-right:0in;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&quot;Minimum
Liquidity Level&quot; has the meaning set forth in paragraph 9 of this Part I.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:5.05pt;margin-right:0in;margin-top:12.0pt;text-indent:33.85pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&quot;Moody's&quot;
means Moody's Investors Service, Inc. or its successors.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.55pt;margin-right:0in;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&quot;Moody's
Discount Factor&quot; means, for purposes of determining the Discounted Value
of any Moody's Eligible Asset, the percentage determined by reference to the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">rating on such asset and the shortest Moody's Collateral
Period set forth opposite such rating that is the same length as or is longer
than the Moody's Exposure Period, in accordance with the table set forth below:</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:12.0pt;layout-grid-mode:line;">&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="background:white;margin:0in;margin-left:324.5pt;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.55pt;">Rating
Category</font></u></p>

<p style="background:white;margin:0in;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.3pt;">Moody's&#160; Collateral
Period</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.3pt;">&#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><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.3pt;">Aaa*</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.3pt;">&#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:both;letter-spacing:-.15pt;line-height:22.3pt;">Aa*</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.3pt;">&#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:both;letter-spacing:-.55pt;line-height:22.3pt;">A*</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.3pt;">&#160;&#160;&#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:both;line-height:22.3pt;">Baa*</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.3pt;">&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.3pt;">Other**</font></u></p>

<p style="background:white;margin:0in;margin-left:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">7</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;">&nbsp;&nbsp; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">weeks or less&#160;&#160; ............................................................ </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.7pt;">151%</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.7pt;">159%</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.75pt;">168%&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.7pt;">202%</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">229%</font></p>

<p style="background:white;margin:0in;margin-left:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">8</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;">&nbsp;&nbsp; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">weeks&#160; or&#160; less but&#160; greater&#160; than
seven weeks..&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 154&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 164&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.05pt;">173</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.05pt;">205</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 235</font></p>

<p style="background:white;margin:0in;margin-left:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">9</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;">&nbsp;&nbsp; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">weeks&#160; or&#160; less but&#160; greater&#160; than
eight weeks..&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 158&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.05pt;">169</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.05pt;">179</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.05pt;">209</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 242</font></p>

<p style="background:white;margin:0in;margin-left:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.15pt;">10</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> weeks&#160; or less but&#160; greater&#160; than
nine weeks..&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 161&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 175&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.05pt;">186</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 213&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 250</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.1in;margin-right:0in;margin-top:12.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Moody's&#160;
rating.</font></p>

<p style="background:white;margin:0in;margin-left:2.15pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.3pt;">**&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Municipal
Securities not rated by Moody's but rated BBB by S&amp;P.</font></p>

<p style="background:white;margin:0in;margin-top:12.0pt;text-indent:.45in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Notwithstanding
the foregoing, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:1.6pt;">(i)</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> the Moody's
Discount Factor </font><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">for </font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">short-term Municipal Securities will be 115%, so
long as such Municipal Securities are rated at least MIG-1, VMIG-1 or P-1 by
Moody's and mature or have a demand feature at par exercisable in 30 days or
less and (ii) no Moody's Discount Factor will be applied to cash.</font></p>

<p style="background:white;margin:0in;margin-top:12.0pt;text-indent:33.6pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&quot;Moody's
Eligible Asset&quot; means cash or a Municipal Security that (i) pays interest
in cash, (ii) is publicly rated Baa or higher by Moody's or, 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 Security, such Municipal Security will be deemed to
have a Moody's rating </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">which is one full
rating category lower than its S&amp;P rating), </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(iii) does not have its Moody's rating suspended by Moody's; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">and (iv) is part of an issue of Municipal
Securities of at least $10,000,000. Municipal Securities issued by any one
issuer and rated BBB by S&amp;P may comprise no more than 4% of total Moody's
Eligible Assets; such BBB rated Municipal Securities, if any, together with any
Municipal Securities issued by the same issuer and rated Baa by Moody's, may
comprise no more than 6% of total Moody's Eligible Assets; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">such BBB and Baa rated Municipal Securities, if
any, together </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">with any Municipal
Securities issued by the same issuer and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">rated A by Moody's, may comprise no more than 10% of total </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Moody's Eligible Assets; and such BBB, Baa and A
rated </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Municipal Securities, if any,
together with any Municipal Securities issued by the same issuer and rated Aa
by Moody's, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">may comprise no more than
20% of total Moody's Eligible </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Assets.&#160;
Municipal Securities issued by issuers located </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">within a single state or territory and rated BBB by S&amp;P may </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">comprise no more than 12% of total Moody's
Eligible Assets; such BBB rated Municipal Securities, if any, together with </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">any Municipal Securities issued by issuers
located within the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">same state or
territory and rated Baa by Moody's, may comprise no more than 20% of total
Moody's Eligible Assets; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">such BBB
and Baa rated Municipal Securities, if any, together </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">with any Municipal Securities issued by issuers
located</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">within the same state or
territory and rated A by Moody's, may comprise no more than 40% of total
Moody's Eligible </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Assets; and such
BBB, Baa and A rated Municipal securities, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">if any, together with any Municipal Securities issued by issuers located
within the same state or territory and rated </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Aa by Moody's, may comprise no more than 60% of total Moody's </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Eligible Assets.&#160; Municipal Securities that are
used by the Trust as collateral pursuant to a repurchase agreement that
obligates the Trust to repurchase such Municipal Securities will only
constitute Moody's Eligible Assets if the long-term debt of the other party to
the repurchase agreement is </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">rated </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">at least Aa by Moody's and such agreement has a term of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">30 days or less; such Municipal Securities shall
be valued at </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the Discounted Value of
such Municipal Securities.&#160; Municipal </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Securities
acquired as collateral by the Trust pursuant to a repurchase agreement that
obligates the other party thereto to repurchase such Municipal Securities will
only constitute a Moody's Eligible Asset if the long-term debt of such other
party is rated at least Aa by Moody's and such agreement has </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">a term of 30 days or less; such Municipal Securities
shall be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">valued at the amount of cash
paid by the Trust pursuant to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">such repurchase agreement.</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:12.0pt;layout-grid-mode:line;">&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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:5.05pt;margin-right:0in;margin-top:12.0pt;text-indent:32.9pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Notwithstanding the foregoing, an asset will not be
considered a Moody's Eligible Asset if (i) it has been </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">irrevocably
deposited by the Trust for the payment, in full</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">or in part, of any
of (i)(A) through (i)(F) as set forth in the definition of &quot;RP Basic
Maintenance Amount&quot; in this </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Section
12.1, or (ii) it is subject to any material lien, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">mortgage, pledge, security interest or security
agreement of any kind (collectively, &quot;Liens&quot;), </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">except for</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;"> (a)
Liens the validity of which is being contested in good faith by appropriate
proceedings, (b) Liens for taxes that are not then due and payable or that can
be paid thereafter without </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">penalty,
(c) Liens to secure payment for services rendered or cash advanced to the Trust
by The Putnam Management Company, Inc., Putnam Investor Services, Inc., the
Paying Agent or any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Remarketing Agent
and (d) any Lien by virtue of a repurchase </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">agreement.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.4pt;margin-right:1.7pt;margin-top:12.0pt;text-align:justify;text-indent:34.3pt;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Moody's
Exposure Period&quot; means the period commencing on a given Valuation Date and
ending 63 days thereafter.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.65pt;margin-right:0in;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Municipal Securities&quot; means municipal
securities as described in the Trust's Registration Statement on Form N-2 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">(File Nos.
33-26396 and 811-5740) on file with the Securities </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">and Exchange
Commission, as such Registration Statement may </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">be amended from time to time.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:0in;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.8pt;">&quot;1940 Act&quot; means the Investment Company Act of
1940, as </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">amended from
time to time.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.85pt;margin-right:0in;margin-top:12.0pt;text-align:justify;text-indent:34.8pt;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&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) as of the last
Business Day of</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">each month, means the last Business Day of the
following </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">month.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.25pt;margin-right:0in;margin-top:12.0pt;text-indent:34.8pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;1940 Act RP Asset Coverage&quot; means asset coverage, as defined
in section 18(h) of the 1940 Act, of at least 200% </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">with respect to
all outstanding senior securities of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Trust which are shares, including
all outstanding shares of RP and Other RP (or such other asset coverage as may
in the future be specified in or under the 1940 Act as the minimum </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">asset coverage
for senior securities which are shares of a closed-end investment company as a
condition of paying </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">dividends
on its common stock).</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.35pt;margin-right:44.15pt;margin-top:12.0pt;text-indent:33.35pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Non-Call Period&quot; has the meaning described
under </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&quot;Specific
Redemption Provisions&quot; below.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.9pt;margin-right:0in;margin-top:12.0pt;text-indent:33.85pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Non-Payment Period&quot; 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Dividend
Payment Date for shares of RP, for payment on or (to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">dividend on
such shares payable on such Dividend Payment Date </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">or (ii) deposit,
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Business Days after any Dividend
Payment Date for any shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">of RP
the full amount of any dividend on such shares (whether </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">of RP called for redemption, the redemption price
of $100,000 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">per share plus the full
amount of any dividends thereon </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(whether
or not earned or declared) accumulated but unpaid to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">such redemption date, plus the premium, if any,
resulting from the designation of a Premium Call Period 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">seven days thereof unless the Trust shall have
given at least </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">three days' written
notice to the Paying Agent, the Remarketing Agents and the Securities
Depository and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">thereafter shall not
end unless the Trust shall have given at </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">least fourteen days' written notice to the Paying Agent, the Remarketing
Agents, the Securities Depository and all Beneficial Owners.&#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</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Business Days after such Dividend Payment Date to
the Holders </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">who held such shares as
of 12:00 noon, New York City time, on </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">the
Business Day preceding such Dividend Payment Date) or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">redemption price with respect to such shares not
paid to such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Holders when due may
(if such non-payment is not solely due </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">to
the willful failure of the Trust) be paid pro rata to such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Holders in the same form of funds by 12:00 noon,
New York </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">City time, on any of the
first three Business Days after such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Dividend
Payment Date or due date, as the case may be, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">provided that, such amount is accompanied by a late charge </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">calculated for such period of non-payment as the
Non-Payment Period Rate applied to the amount of such non-payment based on the
actual number of days comprising such period divided </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">by 365.</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:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_17"></a><a name="_bclPageBorder17"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.1pt;margin-right:0in;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Non-Payment Period Rate&quot; means initially,
200% of the applicable &quot;AA&quot; Composite Commercial Paper Rate, provided
that the Board of Trustees shall have the authority to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">adjust, modify,
alter or change from time to time the initial </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Non-Payment Period Rate if the
Board of Trustees determines </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">and the Rating Agencies advise the Trust in
writing that such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">adjustment, modification, alteration or change will not
adversely affect their then-current ratings on the RP.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.3pt;margin-right:0in;margin-top:12.0pt;text-indent:35.05pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Notice of Redemption&quot; means any notice with
respect to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the redemption of shares of RP pursuant to paragraph 4 of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">this Part I.</font></p>

<p style="background:white;margin:0in;margin-top:12.0pt;text-indent:34.8pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Other RP&quot; means the remarketed preferred shares of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Trust, other
than the RP, and includes the Serial RP.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.7pt;margin-right:0in;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Paying Agent&quot; means Bankers Trust Company, or any successor
company or entity, which has entered into a Paying </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Agent Agreement
with the Trust to act for the Trust, among </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">other things, as the transfer
agent, registrar, dividend and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">redemption price disbursing agent, settlement
agent and agent for certain notifications in connection with the shares of RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">in accordance with such agreement.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.15pt;margin-right:44.15pt;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Paying Agent Agreement&quot; means an agreement to
be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">entered
into between the Trust and the Paying Agent.</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:12.0pt;layout-grid-mode:line;">&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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.4pt;margin-right:22.1pt;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Preferred Shares&quot; means
the preferred shares of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Trust, and includes RP and Other RP.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.85pt;margin-right:22.1pt;margin-top:12.0pt;text-indent:33.85pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Premium Call Period&quot; has the meaning
specified in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&quot;Specific
Redemption Provisions,&quot; below.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.35pt;margin-right:0in;margin-top:12.0pt;text-indent:23.05pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Pricing Service&quot; means Mellon Investdata
Corp., or any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">successor company or entity, or as designated from time to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">time by the
Board of Trustees.&#160; Notwithstanding the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">foregoing, the Board of 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">impair the
ratings then assigned by Moody's and S&amp;P to shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">of RP.</font></p>

<p style="background:white;margin:0in;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Quarterly Valuation Date&quot; means the last
Business Day </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of each fiscal quarter of the Trust in each fiscal year of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">the Trust, commencing October 31,
1989.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.25pt;margin-right:0in;margin-top:12.0pt;text-indent:35.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Remarketing&quot; means each periodic operation of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">process for
remarketing shares of RP as described in Part II </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">hereof.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.2pt;margin-right:0in;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Remarketing Agents&quot; means Merrill Lynch, Pierce, Fenner &amp;
Smith Incorporated and Prudential-Bache Securities Inc. and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">any additional
or successor companies or entities which have entered into an agreement with
the Trust to follow the remarketing procedures for the purpose of determining
the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Applicable Dividend
Rate.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.4pt;margin-right:0in;margin-top:12.0pt;text-indent:35.05pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;RP&quot; means, as the case may be, Remarketed
Preferred </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Shares, Series A; Remarketed Preferred Shares, Series B; or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Remarketed Preferred Shares, Series
C.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.4pt;margin-right:0in;margin-top:12.0pt;text-indent:35.75pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;RP Basic Maintenance Amount,&quot; as of any
Valuation Date, means the dollar amount equal to the sum of (i) (A) the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">product of the
number of shares of RP and Other RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">outstanding on such date multiplied by $100,000;
(B) the aggregate amount of dividends that will have accumulated (whether or
not earned or declared) for each share of RP and Other RP outstanding in each
case to (but not including) the next Dividend Payment Date that follows such
Valuation Date; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(C) the aggregate amount of dividends that would
accumulate at the then current Maximum Dividend Rate on any shares of RP</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">and
Other RP outstanding from the Business Days following such respective Dividend
Reset Dates through the 63rd day </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">after
such Valuation Date, multiplied by the larger of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">factors (currently 246%) determined from time to time by </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Moody's and S&amp;P and designed to take into
account potential increases in dividend rates over such period (except that if
such Valuation Date occurs during a Non-Payment Period, the 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 premium, if any, resulting </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">from the designation of a Premium Call Period and
(F) any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">current liabilities as of
such Valuation Date to the extent </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">not
reflected in any of (i)(A) through (i)(E) (including, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">without limitation, any current liabilities
relating to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">futures and options and
any Gross-up Dividends which are </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">payable
pursuant to paragraph 3(k) of this Part I with </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">respect to the RP and any analogous provision with respect to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Other RP, and payables for Municipal Securities
purchased as </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">of such Valuation Date)
less (ii) the sum of (A) receivables for Municipal Securities sold as of such
Valuation Date, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">provided that, for
purposes of calculating RP Basic Maintenance Amount in order to determine
whether the Trust has Moody's Eligible Assets with a Discounted Value that
equals the Moody's Basic Maintenance Amount, the party from</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">which such receivable is due shall have long-term
debt </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">rated </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">at
least A2 by Moody's and such receivable is due in 30 days </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">or less and (B) the value of any of the Trust's
assets </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">irrevocably deposited by the
Trust for the payment of any of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">(i)(A) through (i)(F).</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:12.0pt;layout-grid-mode:line;">&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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.95pt;margin-right:0in;margin-top:12.0pt;text-indent:33.6pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;RP Basic Maintenance Cure Date,&quot; with respect to the failure
by the Trust to satisfy the RP Basic Maintenance </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Amount (as required by
paragraph 8(a) of this Part I) as of a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">given Valuation Date, means the
ninth Business Day following </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">such Valuation Date.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.9pt;margin-right:0in;margin-top:12.0pt;text-indent:34.8pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;RP Basic Maintenance Report&quot; means a report signed by </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the President,
Treasurer or any Senior Vice President or Vice </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">President of the Trust which sets
forth, as of the related </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Valuation Date, the assets of the Trust, the Market
Value and the Discounted Value thereof (seriatim and in aggregate), and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">the RP Basic Maintenance Amount.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.35pt;margin-right:44.15pt;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;S&amp;P&quot; means Standard &amp; Poor's
Corporation or its </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">successors.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:0in;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;S&amp;P Discount Factor&quot; means, for purposes of determining </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the Discounted
Value of any S&amp;P Eligible Asset, the percentage determined by reference to
the rating on such asset and the shortest S&amp;P Collateral 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">set forth below:</font></p>














<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:95%;">








 <tr style="height:11.75pt;">
  <td valign=top width=34% style="background:white; windowtext 1.0pt;border-right:solid white 1.0pt;height:11.75pt;padding:0in 2.0pt 0in 2.0pt;">

  </td>
 <td valign=top width=13% style="background:white; white 1.0pt;border-right:solid white 1.0pt;white 1.0pt;height:11.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:1.2pt;"><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">&nbsp;</font></p>
  </td>
 <td valign=top width=13% style="background:white; windowtext 1.0pt; windowtext 1.0pt;height:11.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:1.2pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;"></font></p>
  </td>
 <td valign=top width=14% style="background:white; windowtext 1.0pt; windowtext 1.0pt;height:11.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:14.15pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;"><U>Rating Category</U></font></p>
  </td>
 <td valign=top width=14% style="background:white; windowtext 1.0pt; windowtext 1.0pt;height:11.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:19.45pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;"></font></p>
  </td>
 <td valign=top width=12% style="background:white; windowtext 1.0pt; windowtext 1.0pt;height:11.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:8.65pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.2pt;"></font></p>
  </td>
 </tr>
















 <tr style="height:11.75pt;">
  <td valign=top width=34% style="background:white;border-bottom:solid windowtext 1.0pt;border-right:solid white 1.0pt;height:11.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:1.2pt;"><u><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.1pt;">S&amp;P </font></u><font style="border:solid white 1.0pt;padding:0in;"><u><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.1pt;">Collateral</font></u></font><u><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.1pt;">
  Period</font></u></p>
  </td>
 <td valign=top width=13% style="background:white;border-bottom:solid white 1.0pt;border-right:solid white 1.0pt;border-top:solid white 1.0pt;height:11.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:1.2pt;"><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">&nbsp;</font></p>
  </td>
 <td valign=top width=13% style="background:white;border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:11.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:1.2pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">AAA*</font></p>
  </td>
 <td valign=top width=14% style="background:white;border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:11.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:14.15pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">AA*</font></p>
  </td>
 <td valign=top width=14% style="background:white;border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:11.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:19.45pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">A*</font></p>
  </td>
 <td valign=top width=12% style="background:white;border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:11.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:8.65pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.2pt;">BBB*</font></p>
  </td>
 </tr>
<tr style="height:29.5pt;">
  <td valign=top width=34% style="background:white;border-right:solid white 1.0pt;height:29.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.15pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.95pt;">40
  Business Days</font></p>
  </td>
 <td valign=top width=13% style="background:white;border-bottom:solid white 1.0pt;border-right:solid white 1.0pt;height:29.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.15pt;"><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">&nbsp;</font></p>
  </td>
 <td valign=top width=13% style="background:white;height:29.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.15pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">190%</font></p>
  </td>
 <td valign=top width=14% style="background:white;height:29.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.6pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">195%</font></p>
  </td>
 <td valign=top width=14% style="background:white;height:29.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.6pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">210%</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:29.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.1pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">250%</font></p>
  </td>
 </tr>
<tr style="height:22.8pt;">
  <td valign=top width=34% style="background:white;border-right:solid white 1.0pt;height:22.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.65pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.95pt;">22
  Business Days</font></p>
  </td>
 <td valign=top width=13% style="background:white;border-bottom:solid white 1.0pt;border-right:solid white 1.0pt;height:22.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.65pt;"><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">&nbsp;</font></p>
  </td>
 <td valign=top width=13% style="background:white;height:22.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.65pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">170</font></p>
  </td>
 <td valign=top width=14% style="background:white;height:22.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.6pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">175</font></p>
  </td>
 <td valign=top width=14% style="background:white;height:22.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.6pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">190</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:22.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.35pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">230</font></p>
  </td>
 </tr>
<tr style="height:22.55pt;">
  <td valign=top width=34% style="background:white;border-right:solid white 1.0pt;height:22.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.65pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.95pt;">10
  Business Days</font></p>
  </td>
 <td valign=top width=13% style="background:white;border-bottom:solid white 1.0pt;border-right:solid white 1.0pt;height:22.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.65pt;"><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">&nbsp;</font></p>
  </td>
 <td valign=top width=13% style="background:white;height:22.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.65pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">155</font></p>
  </td>
 <td valign=top width=14% style="background:white;height:22.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.85pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">160</font></p>
  </td>
 <td valign=top width=14% style="background:white;height:22.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.85pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">175</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:22.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.6pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">215</font></p>
  </td>
 </tr>
<tr style="height:22.55pt;">
  <td valign=top width=34% style="background:white;border-right:solid white 1.0pt;height:22.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.9pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">7
  Business Days</font></p>
  </td>
 <td valign=top width=13% style="background:white;border-bottom:solid white 1.0pt;border-right:solid white 1.0pt;height:22.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.9pt;"><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">&nbsp;</font></p>
  </td>
 <td valign=top width=13% style="background:white;height:22.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.9pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">150</font></p>
  </td>
 <td valign=top width=14% style="background:white;height:22.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.85pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">155</font></p>
  </td>
 <td valign=top width=14% style="background:white;height:22.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.85pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">170</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:22.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.6pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">210</font></p>
  </td>
 </tr>
<tr style="height:16.55pt;">
  <td valign=top width=34% style="background:white;border-right:solid white 1.0pt;height:16.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.9pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.85pt;">3
  Business Days</font></p>
  </td>
 <td valign=top width=13% style="background:white;border-bottom:solid white 1.0pt;border-right:solid white 1.0pt;height:16.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.9pt;"><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">&nbsp;</font></p>
  </td>
 <td valign=top width=13% style="background:white;height:16.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.9pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">130</font></p>
  </td>
 <td valign=top width=14% style="background:white;height:16.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:10.1pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">135</font></p>
  </td>
 <td valign=top width=14% style="background:white;height:16.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:10.1pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">150</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:16.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.85pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">190</font></p>
  </td>
 </tr>
<tr style="height:30.0pt;">
  <td valign=top width=34% style="background:white;border-right:solid white 1.0pt;height:30.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.9pt;"><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.85pt;">&nbsp;</font></p>
  <p style="background:white;margin:0in;margin-left:2.9pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.85pt;">*
  S&amp;P rating.</font></p>
  </td>
 <td valign=top width=13% style="background:white;border-bottom:solid white 1.0pt;border-right:solid white 1.0pt;height:30.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.9pt;"><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">&nbsp;</font></p>
  </td>
 <td valign=top width=13% style="background:white;height:30.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.9pt;"><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">&nbsp;</font></p>
  </td>
 <td valign=top width=14% style="background:white;height:30.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:10.1pt;"><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">&nbsp;</font></p>
  </td>
 <td valign=top width=14% style="background:white;height:30.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:10.1pt;"><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:30.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.85pt;"><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>

<p style="background:white;margin:0in;margin-top:12.0pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Notwithstanding
the foregoing, (i) the S&amp;P Discount Factor for short-term Municipal
Securities will be 115%, so long as such Municipal Securities 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 Securities are not rated by S&amp;P but are
rated VMIG-1, P-l or MIG-1 by Moody's; provided, however, that if such
Municipal Securities are backed by any letter of credit, liquidity facility or
guarantee from a bank or other financial institution, such bank or institution
must have a short-term rating of at least A-1+ from S&amp;P; and further
provided that such short-term Municipal Securities rated by Moody's but not rated
by S&amp;P may comprise no more than 50% of short-term Municipal Securities
that qualify as S&amp;P Eligible Assets and (ii) no S&amp;P Discount Factor
will be applied to cash. </font></p>

<p style="background:white;margin:0in;margin-top:12.0pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;S&amp;P Eligible Asset&quot; means cash or a Municipal Security </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">that (i) is
interest bearing and pays interest at least semi&#173;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">annually; (ii) is payable
with respect to principal and interest in United States Dollars; (iii) is
publicly rated BBB or higher by S&amp;P or, 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 Securities </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">will be included in S&amp;P
Eligible Assets only to the extent the Market Value of such Municipal
Securities does not exceed 50% of the aggregate </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Market Value of the S&amp;P
Eligible Assets; and further provided </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">that, for purposes of determining
the S&amp;P Discount Factor </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">applicable to any such Moody's-rated Municipal
Security, such Municipal Security will be deemed to have an S&amp;P rating
which is one full rating category lower than its Moody's rating); </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">(iv) is not
subject to a covered call or covered put option written by the Trust; (v) is
not part of a private placement of Municipal Securities; and (vi) is part of an
issue of Municipal Securities 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">securities outstanding.&#160; Notwithstanding the foregoing:
(a)&#160; Municipal Securities of any one issuer or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">guarantor (excluding bond insurers)
will be considered S&amp;P Eligible Assets only to the extent the Market Value</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> of such Municipal Securities 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 Securities exceeds 5% of the
aggregate Market Value of the S&amp;P Eligible Assets;</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;">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>

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</DIV>
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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:0in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">(b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; Municipal
Securities guaranteed or insured by any one bond insurer will be considered
S&amp;P Eligible Assets only to the extent the Market Value of such Municipal
Securities does not exceed 25% of the aggregate Market Value of the S&amp;P
Eligible Assets; and</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:0in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">(c)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; Municipal
Securities 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
Securities does not exceed 20% of the aggregate Market Value of the S&amp;P
Eligible Assets. </font></p>

<p style="background:white;margin:0in;margin-top:12.0pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&quot;S&amp;P
Exposure Period&quot; means the maximum period of time following a Valuation
Date that the Trust has under this Section 12.1 to cure any failure to
maintain, as of such Valuation Date, the Discounted Value for its portfolio at
least equal to the RP Basic Maintenance Amount (as described in paragraph 8(a)
of this Part I) which period of time is currently nine Business Days.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.45pt;margin-right:0in;margin-top:12.0pt;text-indent:34.8pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&quot;Securities
Depository&quot; means The Depository Trust Company or any successor company or
other entity selected by </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the Trust as
securities depository of the shares of RP that </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">agrees to follow the procedures required to be followed by </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">such securities depository in connection with the
shares of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">RP.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.45pt;margin-right:22.1pt;margin-top:12.0pt;text-indent:33.85pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Serial RP&quot; means the Remarketed Preferred
Shares, Series I, of the Trust established pursuant to a statement </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">establishing and
fixing the rights of such series as set </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">forth in Section 12.2 of these By-laws.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:36.5pt;margin-right:0in;margin-top:12.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Service&quot;
means the Internal Revenue Service.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.15pt;margin-right:0in;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Settlement Date&quot; means the first Business Day
after a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Dividend Reset Date applicable to a share of RP.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.9pt;margin-right:44.15pt;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;7-day Dividend Period&quot; means a Dividend Period </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">containing seven days.</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;">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:12.0pt;layout-grid-mode:line;">&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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.9pt;margin-right:0in;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Special Dividend Period&quot;
means a Dividend Period established by the Board of Trustees pursuant to
paragraph </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">3(j) of this
Part I.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:0in;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Specific Redemption Provisions&quot; means, with
respect to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">a Special Dividend Period of 365 or more days, either, or any combination
of, (i) a period (a &quot;Non-Call Period&quot;) determined </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">by the Board of
Trustees, after consultation with the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Remarketing Agents, during which
the shares of RP subject to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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
Board of Trustees, after consultation with</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the Remarketing
Agents, during each year of which the shares of RP subject to such Dividend
Period shall be redeemable at </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the
Trust's option at a price per share equal to $100,000 plus accumulated but
unpaid dividends plus a premium expressed as a percentage of $100,000, as
determined by the Board of Trustees after consultation with the Remarketing </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Agents.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.7pt;margin-right:21.1pt;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Substitute Commercial Paper Dealers&quot; means such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Substitute
Commercial Paper Dealer or Dealers as the Trust may from time to time appoint
or, in lieu of any thereof, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">their respective affiliates or successors.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.15pt;margin-right:0in;margin-top:12.0pt;text-indent:34.8pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Substitute Rating Agency&quot; and
&quot;Substitute Rating Agencies&quot; mean a nationally recognized statistical
rating </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">organization or two nationally recognized statistical rating
organizations, respectively, selected by the Trust to act as </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">the&quot;
substitute rating agency or substitute rating agencies, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">as the case may
be, to determine the credit ratings of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">shares of RP.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.1pt;margin-right:0in;margin-top:12.0pt;text-indent:34.8pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Tender and Dividend Reset&quot; means the process pursuant </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">to which shares
of RP may be tendered in a Remarketing or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">held and become subject to the new
Applicable Dividend Rate determined by the Remarketing Agents in such
Remarketing.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:5.75pt;margin-right:0in;margin-top:12.0pt;text-indent:33.85pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Tender Date&quot; means any date on which (i) each
holder of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">shares of RP must provide to the Remarketing Agents</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">irrevocable
telephonic notice of intent to tender shares in a Remarketing and (ii) such
Remarketing formally commences.</font></p>

<p style="background:white;margin:0in;margin-top:12.0pt;text-indent:34.8pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Trust&quot; means Putnam Managed Municipal Income Trust, a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Massachusetts business trust.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.95pt;margin-right:44.15pt;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;28-day Dividend Period&quot; means a Dividend Period </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">containing twenty-eight days.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.95pt;margin-right:22.1pt;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Valuation Date&quot; means, for purposes of
determining </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">whether the Trust is maintaining the RP Basic Maintenance Amount and the
Minimum Liquidity Level, each Business Day.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.65pt;margin-right:0in;margin-top:12.0pt;text-indent:33.6pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Voting Period&quot; has the meaning set forth in
paragraph </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">6(b) of this
Part I.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:22.3pt;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;">2.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&#160;&#160;&#160;&#160;&#160;&#160; <u>Fractional Shares</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">.&#160; No fractional shares of RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">shall be issued.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;">3.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&#160;&#160;&#160;&#160;&#160;&#160; <u>Dividends</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">. &#160;&#160;(a)&#160; The Holders as of 12:00 noon, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">New York City
time, on the applicable Dividend Payment Date, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shall be entitled to receive,
when, as and if declared by the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Board of Trustees, out of funds legally available
therefor, cumulative dividends, at the Applicable Dividend Rate. Dividends on
the shares of RP so declared and payable shall be paid (i) in preference to and
in priority over any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">dividends declared and payable on the Common Shares, and
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(ii) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">to the extent permitted under the Code and to the
extent available and in preference to and priority over any dividends declared
and payable on the Common Shares, out of tax-exempt income earned on the
Trust's investments, subject</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">to the application of the alternative minimum tax provisions of the
Code.&#160; Dividends on shares of RP will be designated as exempt-interest
dividends up to the amount of net tax-exempt income of the Trust for purposes
of Section 852 of the Code.</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;">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:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>


</DIV>
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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.75pt;">(b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.75pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.05pt;">&#160;&#160;&#160;&#160;&#160;&#160;Dividends on each share of RP shall accumulate from </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">its Date of Original Issue and will
be payable, when, as and if declared by the Board of Trustees, on each Dividend
Payment Date applicable to such share of RP.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">(c)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160;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).&#160; Dividends on
any share 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, to the Holder of such share as of a date not exceeding five
Business Days preceding the date of payment thereof as may be fixed by the
Board of 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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.85pt;margin-right:0in;margin-top:12.0pt;text-indent:36.25pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.75pt;">(d)</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; 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, except as
set forth in paragraph 3(k) of this Part I.&#160; Except as provided in paragraph
3(h) of this Part I, 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>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.75pt;">(e)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.75pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160;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 rate per
annum that results from implementation of the remarketing procedures described
in Part II hereof.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.65pt;">(f)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.65pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160;The amount of
declared dividends for each share of RP payable on each Dividend Payment Date
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 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 last
day of such Dividend Period, and the denominator of which shall be 365, and
then multiplying the percentage so obtained by $100,000.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:5.3pt;margin-right:0in;margin-top:12.0pt;text-indent:35.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.75pt;">(g)</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; No later than by 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">dividend declared
and payable on such Dividend Payment Date </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">on any share of RP.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.5pt;margin-right:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(h)&#160; The Applicable Dividend Rate for each Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Period
commencing during a Non-</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Payment Period shall be equal
to the Non-Payment Period Rate; any share of RP for which a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Special
Dividend Period would otherwise have commenced on the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">first day of a
Non-Payment Period shall have a 28-day </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Dividend Period (in the case of
Series A and B shares of RP) or a 7-day Dividend Period (in the case of Series
C shares of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">RP); and each Dividend Period for shares of RP commencing </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">after the first
day of, and during, a Non-Payment Period shall be a 28-day Dividend Period (in
the case of Series A and B shares of RP) or a 7-day Dividend Period (in the
case </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">of Series C shares of RP).&#160; Any amount of any dividend due on </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">to the Holders
of such shares of RP as of 12:00 noon, New </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 such Holders when due but paid to such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Holders in the
same form of funds by 12:00 noon, New York </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">City time, on any of the first
three Business Days after such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Dividend Payment Date or due date, as the case may
be, shall</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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; For the purposes of the foregoing
and paragraphs </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">3(g) and -4(g) of this
Part I, payment to a person in same-</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">day
funds on any Business Day at any time shall be considered </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">equivalent to payment to such person in New York
Clearing House (next-day) funds at the same time on the preceding </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Business Day, and any payment made after 12:00 noon,
New York </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">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;">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:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>


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</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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.4pt;margin-right:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">(i)&#160; Except during a Non-Payment Period, by 1:00 p.m. on </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the Tender Date
in the Remarketing at the end of the Initial </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Dividend Period applicable to a
share of RP, and by 1:00 p.m. </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">on the Tender Date in the Remarketing at the end
of each subsequent Dividend Period applicable to a share of RP, the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Beneficial
Owner of such share of RP may elect to tender such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">share or hold
such share for the next Dividend Period.&#160; If the Beneficial Owner of such share
of RP elects to hold such share, such Beneficial Owner shall hold such share of
RP for a 28-day Dividend Period (in the case of Series A and B shares of RP) or
a 7-day Dividend Period (in the case of</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Series C shares of
RP) or a Special Dividend Period if the succeeding Dividend Period with respect
to such share has </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">been designated by
the Board of Trustees as a Special Dividend Period provided that, if (i) there
are no Remarketing Agents, (ii) the Remarketing Agents are not required to
conduct a Remarketing or (iii) the Remarketing Agents are unable to remarket in
the Remarketing on the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Dividend Reset
Date following such Tender Date all shares of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">RP tendered (or deemed tendered) to them at a price of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">$100,000 per share, then the next Dividend Period
for all shares of RP shall be a 28-day Dividend Period (in the case of Series A
and B shares of RP) or a 7-day Dividend Period (in the case of Series C shares
of RP) and the Applicable </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Dividend
Rate therefor shall be the applicable Maximum </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Dividend Rate.&#160; If the Beneficial Owner of such share of RP fails to
elect to tender or hold such share by 1:00 p.m. on such Tender Date, such
Beneficial Owner shall continue to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">hold
such share at the Applicable Dividend Rate determined in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">such Remarketing for a Dividend Period of the same
type as the current Dividend Period for such share; provided that, (i) if there
are no Remarketing Agents, the Remarketing </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Agents are not required to conduct a Remarketing or the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Remarketing Agents are unable to remarket in the
Remarketing on the Dividend Reset Date following such Tender Date all shares of
RP tendered (or deemed tendered) to them at a price of $100,000 per share, then
the next Dividend Period for all shares of RP shall be a 28-day Dividend Period
(in the case of Series A and B shares of RP) or a 7-day Dividend Period (in the
case of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Series C shares of RP) and the Applicable
Dividend Rate therefor shall be the Maximum Applicable Rate for a 28-day
Dividend Period or a 7-day Dividend Period, as </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the case may be and (ii) if such current Dividend Period is a Special
Dividend Period or the succeeding Dividend Period has </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">been designated by the Board of Trustees as a
Special </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Dividend Period, then such
Beneficial Owner is deemed to have </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">elected
to tender the shares.&#160; If the Remarketing Agents are </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">unable to remarket in such Remarketing all shares
of RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">subject to such Remarketing and
tendered (or deemed tendered) to them at a price of $100,000 per share, the
Beneficial </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Owners thereof shall hold
such share at the applicable </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Maximum
Dividend Rate for 28-day Dividend Period (in the case of 7 Series A and B
shares of RP) or a 7-day Dividend Period (in the case of Series C shares of
RP).&#160; If a share of RP is tendered (or deemed tendered) and purchased in a
Remarketing, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">the next Dividend
Period for such share shall be a 28-day </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Dividend Period (in the case of Series A and B shares of RP) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">or a 7-day Dividend Period (in the case of Series
c shares of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">RP) or a Special Dividend
Period with respect to such share, as the case may be, at the Applicable
Dividend Rate therefor, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">except that,
if the Remarketing Agents are unable to remarket</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">in such Remarketing all shares of RP tendered (or deemed </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">tendered) to them at a price of $100,000 per
share, no </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">purchaser in such
Remarketing shall be permitted to acquire </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">shares having a Special Dividend Period and the next Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Period for such share shall be a 28-day Dividend
Period (in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the case of Series A and B
shares of RP) or a 7-day Dividend Period (in the case of Series C shares of RP)
and the Applicable Dividend Rate therefor shall be the applicable </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Maximum
Dividend Rate.</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;">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:12.0pt;layout-grid-mode:line;">&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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.45pt;margin-right:0in;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(j)&#160; The Board of Trustees may at any time designate a
subsequent Dividend Period as a Special Dividend Period with such number of
days as the Board of Trustees shall specify; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">provided that (i) such number of
days to be specified as a Special Dividend Period shall be a multiple of 28 (in
the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">case of Series A and B shares of RP) or a multiple of 7 (in the case of
Series C shares of RP) and the number of days so specified must be such that
the starting date and the ending </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">date for a Special Dividend Period or any
subsequent Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Periods for a Series shall not be the same as the
starting </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">date and the ending date for any other Dividend Periods for any other
Series; (ii) written notice of any such designation, of the Maximum Dividend
Rate, and Specified Redemption Provisions, if any, in respect thereof and of the
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">consequences
of failure to tender or to elect to hold shares, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">must be given at least seven
days prior to such Tender Date</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">to the Remarketing Agents, the Paying
Agent, the Securities Depository and the Beneficial Owners of shares of RP
which are to be subject to such Special Dividend Period; (iii) no Special
Dividend Period may commence for any share of RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">during a Non-Payment Period or if the Trust fails to maintain </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">either the RP Basic Maintenance Amount or the 1940
Act RP Asset Coverage and such failure is not cured; (iv) if such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">Special Dividend Period contains 365 or more
days, the shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of RP subject to
such Special Dividend Period shall have an aggregate liquidation preference
(exclusive of accumulated but unpaid dividends and premium, if any) of at least
$30,000,000 or such greater or lesser amount as may be specified by the Board
of Trustees; (v) in respect of any Special Dividend Period, the Board of
Trustees shall also determine a Maximum Dividend Rate after consultation with
Remarketing Agents, which rate, as determined from time to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">time by formula or other means, may be fixed or
variable; and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.7pt;">(vi) in respect of any
Special Dividend Period of 365 or more </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">days,
the Board of Trustees, after consultation with the Remarketing Agents, may
establish Specific Redemption </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Provisions.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.55pt;margin-right:0in;margin-top:12.0pt;text-indent:33.35pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">On or before 5:00 p.m., New York City time, on the third
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Business
Day prior to the designation of a Special Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Period, the
Trust shall complete and deliver to S&amp;P, on a pro forma basis, an RP Basic
Maintenance Report for such proposed</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Special Dividend Period, taking </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">into account the proposed number of days to be specified
as a Special Dividend Period </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">and the
proposed Maximum Dividend Rate to be determined with </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">respect to such
Special Dividend Period.</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;">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:12.0pt;layout-grid-mode:line;">&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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.7pt;margin-right:0in;margin-top:12.0pt;text-indent:33.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">The existence or rescission of any Special Dividend Period shall not
affect any current Dividend Period or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">prevent the Board of Trustees from
establishing other Special </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Dividend Periods of similar duration or in any way
restrict the Maximum Dividend Rate or Specific Redemption Provisions which may
be designated in connection with any other Special </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Dividend Period.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.4pt;margin-right:0in;margin-top:12.0pt;text-indent:33.6pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">If the Remarketing Agents are unable to remarket sufficient shares of RP
at the commencement of a Special Dividend Period to satisfy the requirement
described in clause (iv) of the preceding paragraph, then the Dividend Period
in respect of any share of RP which otherwise would have been subject to such
Special Dividend Period shall be a 28-day Dividend Period (in the case of
Series A and B shares of RP) or a 7-day Dividend Period (in the case of Series
C </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shares
of RP) and an Applicable Dividend Rate shall be set by </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the Remarketing
Agents in accordance with the remarketing </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">procedures.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.55pt;margin-right:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">(k)&#160; If all or any part of the dividends on the shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of RP determined
by implementation of the remarketing </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">procedures described in Part II
hereof is not designated by</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the Trust in good faith as an
exempt-interest dividend within </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the
meaning of Section 852(b)(5) of the Code solely because the Trust allocates
capital gains or ordinary income to the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shares of RP, (such portion of the dividends on the shares of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">RP (other than any Gross-up Dividends) that is not
so designated is referred to herein as a &quot;Nonqualifying </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Distribution&quot;), the Trust will, not later
than 270 days after the end of the Trust's fiscal year for which such
designation </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">is made, provide notice
thereof to the Paying Agent.&#160; The Paying Agent will mail a copy of such notice
to each Qualified Investor (as defined below) at the address specified in such
Qualified Investor's Master Purchaser's Letter as promptly as practicable after
its receipt of such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">notice from the
Trust.&#160; The Trust will, within 30 days after </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">such notice is given to the Paying Agent, pay to the Paying </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">Agent (who will then distribute to the Qualified
Investors) , </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">out of funds legally
available therefor, an amount equal to the aggregate Gross-up Dividends (as
defined below) with respect to all Nonqualifying Distributions made to
Qualified Investors during the fiscal year in question.&#160; A &quot;Qualified
Investor&quot; is a Beneficial Owner during such fiscal year of a share or
shares of RP to whom Nonqualifying Distributions </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">were made during such
fiscal year.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.55pt;margin-right:22.1pt;margin-top:12.0pt;text-indent:32.15pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">A &quot;Gross-up Dividend&quot; means payment to a
Qualified </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Investor of an amount which, when taken together with the</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">aggregate
Nonqualifying Distributions paid to such Qualified </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Investor during the fiscal year in question,
would cause such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Qualified Investor's
net yield in dollars for such fiscal year (after Federal income tax
consequences) from the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">aggregate of
both the Nonqualifying Distributions (determined </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">without regard to the Gross-Up Dividend) and the Gross-up Dividend to be
equal to the net yield in dollars for such fiscal year (after Federal income
tax consequences) which would have been received by such Qualified Investor if
the amount of the aggregate Nonqualifying Distributions had been so
designated.&#160; Such Gross-up Dividend shall be calculated </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(i) without consideration being given to the time
value of money; (ii) assuming that no Qualified Investor is subject to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the alternative minimum tax with respect to
dividends received from the Trust; and (iii) assuming that each Nonqualifying
Distribution and Gross-Up Dividend (to the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">extent that such Gross-up Dividend is not exempt from Federal </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">income tax) would be taxable in the hands of each
Qualified </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Investor at the maximum
marginal corporate Federal income tax rate in effect </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">during
the fiscal year in question.</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;">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:12.0pt;layout-grid-mode:line;">&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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.55pt;margin-right:0in;margin-top:12.0pt;text-indent:.45in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">All such designations made by the Trust in good faith following the end
of each fiscal year of the Trust and all other determinations made by the Trust
in good faith with </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">respect to dividends on the shares of RP shall be
binding and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">conclusive for all purposes of determining the amount of</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Gross-up
Dividends required to be made under this paragraph 3(k).&#160; Notwithstanding anything
to the contrary contained herein, no Gross-up Dividends shall be required to be
made under this paragraph 3(k) if dividends on the shares of RP are not
excludable from the gross income of a Qualified Investor for any reason other
than as specifically provided </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">above
or if for any reason the Trust is subsequently required </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">to revise any
such designations.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.9pt;margin-right:23.05pt;margin-top:12.0pt;text-indent:33.35pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">4.&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Redemption</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">.&#160; Shares of RP shall be
redeemable by </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">the Trust
as provided below:</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.9pt;margin-right:0in;margin-top:12.0pt;text-indent:35.75pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(a)&#160; To the extent permitted under the 1940 Act and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Massachusetts law,
upon giving a Notice of Redemption, the Trust at its option may redeem shares
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 a redemption price </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">equal to
$100,000 per share plus an amount equal to dividends </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">thereon (whether
or not earned or declared) accumulated but unpaid to the date fixed for
redemption plus the premium, if </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">any, resulting from the designation of a Premium
Call Period; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">provided that, no share of RP shall be subject to redemption pursuant to
this paragraph 4(a) on any Dividend Payment Date during a Non-Call Period to
which it is subject.&#160; The Trust may not give a Notice of Redemption relating to
an optional </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">redemption as described in paragraph 4(a) unless, at the time</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Beneficial Owners by reason of the redemption of
their shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">of RP on such redemption date.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.2pt;margin-right:0in;margin-top:12.0pt;text-indent:35.75pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(b)&#160; The Trust shall redeem, out of funds legally </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">available
therefor, at a redemption price of $100,000 per share plus accumulated but
unpaid dividends (whether or not earned or declared) to the date fixed by the
Board of Trustees for redemption plus the premium, if any, resulting </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">from the
designation of a Premium Call Period, certain of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">shares of RP to
the extent permitted under the 1940 Act and Massachusetts law, if the Trust
fails to maintain the RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Basic Maintenance Amount or the 1940 Act RP Asset
Coverage and such failure is not cured on or before the RP Basic </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Maintenance Cure
Date or the 1940 Act Cure Date (herein </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">referred to respectively as the
&quot;Cure Date&quot;), as the case may be.&#160; The number of shares of RP to be
redeemed shall be equal </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">to the lesser of (i) the minimum number of shares 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Maintenance Amount or the 1940 Act Asset Coverage, as the</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">case
may be, on such Cure Date (provided that, if there is no </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">such minimum number of shares of RP and other
Preferred Shares the redemption of which would have such result, all </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shares of RP then outstanding shall be redeemed),
and (ii) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the maximum number of shares
of RP, together with all other </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Preferred
Shares subject to redemption or retirement that can </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">be redeemed out of funds expected to be legally
available </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">therefor.&#160; In determining
the number of shares of RP required </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">to
be redeemed in accordance with the foregoing, the Trust shall allocate the
number required to be redeemed to satisfy </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">the RP Basic Maintenance Amount or the 1940 Act RP Asset </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Coverage, as the case may be, pro rata among
shares of RP, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Other RP and other
Preferred Shares subject to redemption </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">provisions
similar to those contained in this paragraph 4(b), </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">except as set forth in Section 12.2 of these
By-laws.&#160; The Trust </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">shall effect such redemption not
later than 45 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 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 45 days after such Cure Date, the Trust shall redeem those shares of
RP and other Preferred Shares which it was unable to redeem on the earliest
practicable date on which it is </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">able to effect such redemption.</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;">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:12.0pt;layout-grid-mode:line;">&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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.2pt;margin-right:0in;margin-top:12.0pt;text-indent:35.75pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Any share of RP shall be subject to mandatory redemption
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 RP are not available to satisfy the number of
shares required to be redeemed.&#160; In such event, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">such shares subject to a Non-Call
Period will be selected for </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">redemption in an ascending order of outstanding
Non-Call Period (with shares with the lowest number of days remaining in the
period to be called first) and by lot in the event of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">equal outstanding Non-Call Periods.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.7pt;margin-right:0in;margin-top:12.0pt;text-indent:35.75pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">(c)&#160; Subject to paragraph 4(d) of this Part I, if fewer </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">than all the
outstanding shares of RP are to be redeemed </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">pursuant to this paragraph 4, the
number of shares of RP so </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">to be redeemed shall be a whole number of shares and
shall be determined by the Board of Trustees, and the Trust shall give </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">a Notice of
Redemption as provided in paragraph 4(e) of this </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Section 12.1, provided that
no share of RP will be subject to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">optional redemption on any Dividend Payment Date
during a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Non-Call Period to which it is subject and shares of RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">subject to a
Non-Call Period will be subject to mandatory </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">redemption only on the basis
described under Paragraph 4(b) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> such notice, shall determine by lot
the number of shares 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 RP to be redeemed from the accounts of the Beneficial
Owners of the shares 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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">(d)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding
paragraph 4(c) of this Part I, if any certificates representing shares of RP
are held by Holders other than the Securities Depository or its nominee, then
the shares of RP to be redeemed shall be selected by the Trust by lot.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">(e)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; 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.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">New
York City time (and later confirmed in writing) on (i) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the Settlement Date in the case of a partial redemption
of the shares of RP, (ii) the Tender Date in the case of a redemption in whole
of the shares of RP or (iii) during a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Non-Payment
Period, the later of the Dividend Payment Date or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the seventh day 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Trust to the Paying Agent, the Securities
Depository (and any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Holder) and the Remarketing Agents, by telephone, not later than 1:00
p.m., New York City time (and later confirmed in writing) on the third Business
Day preceding the redemption date established by the Board of Trustees and
specified in such notice.&#160; In the case of a partial redemption of the shares of
RP, the Paying Agent shall use its reasonable </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">efforts to provide telephonic notice to each Beneficial Owner </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 paragraph 4(c) of this
Part I (or, if certificates are held </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">by
persons other than the Securities Depository, not later </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">than the close of business on the Business Day
immediately </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">following the day on
which the Paying Agent receives a Notice </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of Redemption from the Trust).&#160; Such telephonic notice shall be
confirmed in writing to the Remarketing Agents, the</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Securities
Depository and to each Beneficial Owner of shares of RP called for redemption
not later than the close of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.7pt;">business
on the Business Day immediately following the day on </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">which the Paying Agent determines the shares to be
redeemed. In the case of a redemption in whole of the shares of RP, the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Paying Agent shall use its reasonable efforts to
provide telephonic notice to each Beneficial Owner of shares of RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">called for redemption not later than the close of
business on </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">each Beneficial Owner of shares of RP called for
redemption, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">the Remarketing Agents
and the Securities Depository not </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">later
than the close of business on the second Business Day </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">following the day on which the Paying Agent
receives a Notice </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">of Redemption.</font></p>
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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.85pt;margin-right:0in;margin-top:12.0pt;text-indent:35.75pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">(f)&#160; Every Notice of Redemption and other redemption
notice shall state:&#160; (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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">cease to accumulate as of such redemption date; and (v)
the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">provision
of the Declaration of Trust or the By-laws pursuant to which such shares are
being redeemed.&#160; In addition, notice </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">of redemption given to a
Beneficial Owner shall state the CUSIP number, if any, of the shares of RP to
be redeemed and</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">the manner in which the Beneficial Owners of such
shares may-</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">efforts
to cause the publication of a redemption notice in an </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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.&#160; Shares of RP the Beneficial Owners of which shall have
been given Notice of Redemption shall not be subject to transfer outside of a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Remarketing.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.9pt;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">(g)&#160; On any redemption date, the Trust shall deposit, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">irrevocably in
trust, in same-day funds, with the Paying Agent, by 12:00 noon, New York City
time, $100,000 for each share of RP called for redemption plus an amount equal
to dividends thereon accumulated but unpaid to such redemption </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">date (whether
or not earned or declared) plus the premium, if </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">any, resulting from the designation
of a Premium Call Period. </font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.9pt;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(h)&#160; In connection with any redemption, upon the giving </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of a Notice of
Redemption and the deposit of the funds necessary for such redemption with the
Paying Agent in accordance with this paragraph 4, all rights of the Holders</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">and
Beneficial Owners of shares of RP so called for </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">redemption shall cease and terminate, except the right of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Holders and Beneficial Owners thereof to receive
the redemption price thereof, inclusive of an amount equal to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">dividends (whether or not </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">earned
or declared) accumulated but unpaid to the redemption date plus the premium, if
any, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">resulting from the designation
of a Premium Call Period, but without any interest or other additional amount
(except as provided in paragraphs 3(h) and 3(k) of this Part I), and such
shares shall no longer be deemed outstanding for any purpose.&#160; The Trust shall
be entitled to receive from the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Paying
Agent, promptly after the date fixed for redemption, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">any cash deposited with the Paying Agent as
aforesaid in excess of the sum of (i) the aggregate redemption price of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the shares of RP called for redemption on such
date and (ii) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">all other amounts to
which Holders and Beneficial Owners of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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
the funds so deposited.&#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
and Beneficial Owners of shares of RP so called for redemption shall look only
to the Trust for payment of the redemption</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">price and all other amounts to which they may be entitled. </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">If any such unclaimed funds are repaid to the
Trust, the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Trust shall invest such
unclaimed funds in Deposit Securities with a maturity of no more than one
business day.</font></p>
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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.45pt;margin-right:0in;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(i)&#160; To the extent that any redemption for which Notice </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of Redemption
has been given is not made by reason of the absence of legally available funds
therefor, such redemption </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shall be made as soon as practicable to the extent such
funds </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">have failed, for any reason whatsoever, to
deposit funds with </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">the Paying Agent pursuant to paragraph 4 (g) of this
Part I </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">with respect to any shares for which such Notice of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Redemption has
been given.&#160; Notwithstanding the fact that the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Trust may not have redeemed shares
of RP for which a Notice of Redemption has been given, dividends may be
declared and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">paid on shares of RP and shall include those shares of RP for </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">which a Notice of Redemption has been
given.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.85pt;margin-right:0in;margin-top:12.0pt;text-indent:35.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(j)&#160; Notwithstanding any of the foregoing provisions of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">such
modification does not adversely affect any Holder or any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Beneficial Owner
of shares of RP or materially alter the</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">obligations of the
Paying Agent; and further provided that, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">the Trust receives written confirmation from S&amp;P that any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">such modification would not impair the ratings
then assigned </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">by S&amp;P to shares of RP.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.7pt;margin-right:22.1pt;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">(k)&#160; In effecting any redemption pursuant to this paragraph 4, the Trust
shall use all reasonable efforts to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">satisfy all applicable procedural conditions
precedent to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">effecting such redemption under the 1940 Act and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Massachusetts law.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.45pt;margin-right:0in;margin-top:12.0pt;text-indent:35.75pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">(l)&#160; Notwithstanding the foregoing, (i) no share of RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">may be redeemed
pursuant to paragraph 4(a) of this Part I </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">unless the full amount of
accumulated but unpaid dividends to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">the date fixed for redemption for each such share
of RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">called for redemption shall have been declared, and (ii) no share of RP
may be redeemed unless all outstanding shares of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">equivalent terms
by the Trust for all outstanding shares of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">RP, unless, in each such instance,
dividends on all </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">outstanding shares of RP through the end of their most
recently ended Dividend Period (or, if such transaction is on a Dividend
Payment Date, through the Dividend Period ending on the day prior to such
Dividend Payment Date) shall have</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">been paid or declared and sufficient
funds for the payment </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">thereof </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">deposited with
the Paying Agent.</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;">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:12.0pt;layout-grid-mode:line;">&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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.7pt;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(m)&#160; Except as set forth in this paragraph 4 with respect to redemptions
and subject to paragraph 4(l) hereof, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">redeemed,
purchased or otherwise acquired by the Trust or any affiliate thereof may be
resold.&#160; In lieu of redeeming shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">called for redemption, the Trust
shall have the right to arrange for other purchasers to purchase from
Beneficial Owners 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) hereof, by
their paying to such Beneficial Owners on or before the close of business on
the redemption date an amount equal to not less 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shall notify each purchaser that
such shares have been called </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">for redemption.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.3pt;margin-right:0in;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">5.&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Liquidation</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">.&#160; (a)&#160; Upon a liquidation, dissolution or winding
up of the affairs of the Trust, whether voluntary</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">or
involuntary, the Holders shall be entitled, whether from capital or surplus,
before any assets of the Trust shall be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">distributed among or paid over to holders of Common Shares or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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
$100,000 per share of RP, plus an amount equal to all accumulated but unpaid
dividends thereon (whether or not earned or declared) plus the premium, if any,
resulting from </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the designation of a
Premium Call Period to but excluding the date of final distribution in same-day
funds.&#160; After any such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">payment, the
Holders and Beneficial Owners shall not be entitled to any further
participation in any distribution of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">assets of the Trust.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.15pt;margin-right:0in;margin-top:12.0pt;text-indent:35.75pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">(b)&#160; 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 and the holders of any Preferred Shares
ranking as to liquidation, dissolution or winding up on a parity with the RP
(including the Other RP), then such assets shall be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">distributed
among the Holders and such parity holders ratably </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">in accordance
with the respective amounts which would be payable on such shares of RP and any
other such Preferred Shares if all amounts thereof were paid in full.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.55pt;margin-right:0in;margin-top:12.0pt;text-indent:42.25pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">(c)&#160; Neither the consolidation nor the merger of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Trust with or
into any corporation or corporations nor a</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">reorganization of
the Trust alone nor the sale, lease or transfer by the Trust of all or
substantially all of its </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">assets
shall be deemed to be a dissolution or liquidation of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">the Trust.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.7pt;margin-right:0in;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.4pt;">6.&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.4pt;">Voting Rights</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.4pt;">.&#160; (a)&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.4pt;">General</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.4pt;">.&#160; Except as otherwise </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">provided in the
Declaration of Trust or By-laws, each Holder </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">of shares of RP and each record
holder of Common Shares shall </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">be entitled to one vote for each share held on
each matter submitted to a vote of shareholders of the Trust, and the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">holders of
outstanding Preferred Shares, including RP, and of Common Shares shall vote
together as a single class; provided </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">that, at any meeting of the
shareholders of the Trust held for the election of trustees, the holders of
Preferred Shares, including RP, represented in person or by proxy at </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Preferred Share, including RP, entitling the holder
thereof to one vote.&#160; Subject to paragraph 6(b) hereof, the holders of
outstanding Common Shares and Preferred Shares, including RP, voting as a
single class, shall elect the balance of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">trustees.</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;">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:12.0pt;layout-grid-mode:line;">&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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:5.05pt;margin-right:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">(b)&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Right to Elect Majority of
Board of Trustees</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">. </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">During any period in which any one or more of the
conditions </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">described below shall exist (such period being referred to</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">herein
as a &quot;Voting Period&quot;), the number of trustees constituting the Board
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,
would constitute a majority of the Board of Trustees as so increased by such
smallest number; and the holders of Preferred Shares 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Trust), to elect such smallest number of
additional trustees, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">together with
the two trustees that such holders are in any event entitled to elect.&#160; A
Voting Period shall commence: </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(i)&#160;
if at the close of business on any Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Payment Date 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 RP equal to at least two full years'
dividends shall be due and unpaid and sufficient cash or specified securities
shall not have been deposited with the Paying Agent for the payment of such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">accumulated
dividends; or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">(ii)&#160; if at any time holders
of any other Preferred </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Shares are
entitled to elect a majority of the trustees </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">of the Trust.&#160; Upon the termination of a Voting Period, the voting
rights described in this paragraph 6(b) shall</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">cease, subject always, however, to the revesting of such voting rights
in the Holders upon the further occurrence </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">of any of the events described in this paragraph 6(b). </font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:5.05pt;margin-right:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(c)&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Other Actions</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">.&#160; So long as any shares of RP
are </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">outstanding,
the Trust shall not, without the affirmative vote or consent of the Holders of
at least a majority of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shares of RP outstanding at the time, in person or by
proxy, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">either in writing or at a meeting (voting separately as one class): (a)
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 RP with respect to payment of dividends or the distribution of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">assets on
liquidation (other than the Serial RP and the Other </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">RP issued on the
Date of Original Issue), or increase or decrease the authorized amount of RP;
(b) amend, alter or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">repeal the provisions of the Declaration of Trust and
the By&#173;laws, including this Section 12.1, whether by merger, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">consolidation or
otherwise, so as to affect materially and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">adversely any preference, right or
power of such shares of RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">or the Holders thereof; or (c) take any other action
which pursuant to Section 18(a)(2)(D) of the 1940 Act requires approval by the
Holders of a majority of the shares of RP outstanding at the time; provided
that, the issuance of not more than the 4,000 Preferred Shares presently
authorized by </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">this Section 12.1 and the creation and issuance of the Serial</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">RP,
and 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the time thereof, cause the Trust
not to satisfy the 1940 Act RP Asset Coverage or the RP Basic Maintenance
Amount.&#160; To the extent permitted under the 1940 Act, the Trust shall not take </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">any action (including but not limited to those set
forth above in clauses (a) and (b) of this paragraph 6(c)) which may adversely
affect the rights of a Holder of shares of a series of RP differently than a
Holder of shares of another series of RP without the affirmative vote or
consent of the Holders of at least a majority of the shares of RP of such
potentially affected series outstanding at the time, in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">person or by proxy, either in writing or at a
meeting (voting </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">separately as a
class).&#160; To the extent that such an action </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">may affect the rights of Holders of shares of series of RP in a
substantially similar manner, the Holders of shares of such series shall vote
together as one class.&#160; Notwithstanding the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">foregoing, so long as any shares of RP are outstanding, the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Trust shall not take any action described in
Sections 4, 5 or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">6 of Article IX of
the Declaration of Trust or amend the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">provisions
of Section 1 of Article IV, Sections 4, 5 or 6 of Article IX or the first
sentence of Section 9 of Article IX of the Declaration of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Trust,
without the affirmative vote or</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">consent
of the Holders of at least two-thirds (or a majority </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">if permitted by Sections 4, 5 or 6 of Article IX
of the Declaration of Trust) of the shares of RP and of two-thirds </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(or a majority if permitted by Sections 4, 5 or 6
of Article IX of the Declaration of Trust) of the Common Shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">outstanding at the time, in person or by proxy,
either in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">writing or at a meeting
(each voting separately as a class).</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;">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:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>


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</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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.2pt;margin-right:0in;margin-top:12.0pt;text-indent:33.35pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">The foregoing voting provisions shall not apply with
respect to shares of RP if, at or prior to the time when a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">vote is
required, such shares of RP shall have been (i) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">redeemed or (ii) called for
redemption and sufficient funds </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">shall have been deposited in trust to effect such
redemption.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.15pt;margin-right:0in;margin-top:12.0pt;text-indent:33.6pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">The Board of Trustees may without the vote or consent of
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the
Holders of RP from time to time amend, alter or repeal any or all of the
definitions of the terms listed below, and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">any such amendment, alteration or
repeal will not be deemed </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">to affect the preferences, rights or powers of shares of
RP or the Holders thereof, provided the Board of Trustees receives written
confirmation from Moody's and S&amp;P that any such amendment, alteration or
repeal would not impair the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">ratings then assigned by Moody's and S&amp;P to
shares of RP:</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">Deposit
Securities</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#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><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">1940 Act RP Asset Coverage</font></p>

<p style="background:white;margin:0in;margin-left:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Discounted
Value</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#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><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Quarterly Valuation Date</font></p>

<p style="background:white;margin:0in;margin-left:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.4pt;">Dividend
Coverage Amount &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; RP Basic Maintenance Amount</font></p>

<p style="background:white;margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.8pt;"></font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">Dividend
Coverage Assets</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#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><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">RP Basic Maintenance Cure Date</font></p>

<p style="background:white;margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.7pt;">Market Value</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#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><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">RP Basic Maintenance Report</font></p>

<p style="background:white;margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">Minimum
Liquidity Level</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#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><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">S&amp;P Discount Factor</font></p>

<p style="background:white;margin:0in;margin-left:.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">Moody's
Discount Factor</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#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><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">S&amp;P Eligible Asset</font></p>

<p style="background:white;margin:0in;margin-left:.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Moody's
Eligible Asset</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#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><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">S&amp;P Exposure Period</font></p>

<p style="background:white;margin:0in;margin-left:.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Moody's
Exposure Period</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#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><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Valuation Date</font></p>

<p style="background:white;margin:0in;margin-left:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">1940
Act Cure Date</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.15pt;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(d)&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Voting Procedures</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">.&#160; (i)&#160; As soon as practicable after </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the accrual of
any right of the holders of shares of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Preferred Shares to elect
additional trustees as described in paragraph 6(b) above, the Trust shall
notify the Paying Agent </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">for determining
the holders entitled to notice of and to vote </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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. 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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.15pt;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">(ii)&#160; For
purposes of determining any rights of the Holders to vote on any matter whether
such right is created by this Section 12.2, by the other provisions of the
Declaration of Trust and the By-laws, by statute or otherwise, no Holder shall
be entitled to vote and no share of RP shall be deemed to be
&quot;outstanding&quot; for the purpose of voting </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">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 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.&#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><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&#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;"></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:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>


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</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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.9pt;margin-right:0in;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(iii)&#160; The terms of office of all persons who are </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">trustees of the
Trust at the time of a special meeting of Holders and holders of other
Preferred Shares to elect </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">trustees shall continue, notwithstanding the election at
such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">meeting by the Holders and such other holders of the number of trustees
that they are entitled to elect, and the persons so elected by the Holders and
such other holders, together with the two incumbent trustees elected by the
Holders 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">elected trustees of the Trust.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.65pt;margin-right:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(iv)&#160; Simultaneously with the expiration of a Voting </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Period, the
terms of office of the additional trustees elected by the Holders and holders
of other Preferred Shares pursuant to paragraph 6(b) above shall terminate, the
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">remaining
trustees shall constitute the trustees of the Trust </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">and the voting
rights of the Holders and such other holders </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">to elect additional trustees
pursuant to paragraph 6(b) above </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">shall cease, subject to the provisions of the last
sentence </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">of paragraph
6(b)(ii).</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.55pt;margin-right:0in;margin-top:12.0pt;text-indent:35.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(e)&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Exclusive Remedy</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">.&#160; Unless otherwise required
by </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">law,
the Holders of shares of RP shall not have any relative </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">rights or
preferences or other special rights other than those specifically set forth
herein.&#160; The Holders of shares</font></p>

<p style="background:white;margin:0in;margin-top:12.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">of
RP shall have no preemptive rights or rights to cumulative </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">voting.&#160; In the
event that the Trust fails to pay any dividends on the shares of RP, the
exclusive remedy of the Holders shall be the right to vote for trustees
pursuant to the provisions of this paragraph 6.&#160; In no event shall the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Holders of
shares of RP have any right to sue for, or bring a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">proceeding with
respect to, such dividends or redemptions or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">damages for the failure to receive the same.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.7pt;margin-right:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(f)&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Notification to S&amp;P</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">.&#160; In the event a vote of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Holders 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">is to be taken,
notify S&amp;P that such vote is to be taken and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the nature of the action with
respect to which such vote is </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">to be taken.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:0in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.25pt;">7.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-2.25pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&#160;&#160;&#160;&#160;&#160;&#160; <u>1940 Act RP Asset Coverage</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">.&#160; The Trust shall maintain, as of the last
Business Day of each month in which </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">any share of RP is outstanding, the 1940 Act RP
Asset </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Coverage.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:0in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;">8.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">&#160;&#160;&#160;&#160;&#160;&#160; <u>RP Basic Maintenance Amount</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">.&#160; (a)&#160; The Trust shall </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">maintain, on
each Valuation Date, and shall verify to its </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">satisfaction that it is
maintaining on such Valuation Date,</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.8pt;margin-right:0in;margin-top:12.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">(i)
S&amp;P Eligible Assets having an aggregate Discounted Value </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">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;">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:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>


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</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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:6.95pt;margin-right:0in;margin-top:12.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(ii) Moody's Eligible Assets having an aggregate
Discounted </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;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.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">(b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; 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) the fifteenth day of each month (or, if
such day is not a Business Day, the next succeeding Business Day) and (ii) the
last Business Day of each month, in each case on or before 5:00 p.m., New York
City time, on the third Business Day after such day.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">(c)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; On 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 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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.3pt;margin-right:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">(d)</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; On 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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.3pt;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&#160;(e)&#160; An RP Basic Maintenance Report or an Accountant's </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Confirmation
will be deemed to have been delivered to the Remarketing Agents, the Paying
Agent, Moody's and S&amp;P if the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Remarketing Agents, the Paying Agent, Moody's and
S&amp;P receive </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">a copy or telecopy, telex or other electronic
transcription thereof and on the same day the Trust mails to the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Remarketing
Agents, the Paying Agent, Moody's and S&amp;P for </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">delivery on the
next Business Day the full RP Basic Maintenance Report.&#160; A failure by the Trust
to deliver an RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Basic Maintenance Report under subparagraph (b), (c) or
(d) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of
this paragraph 8 shall be deemed to be delivery of an RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Basic
Maintenance Report indicating that the Discounted Value </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">for all assets
of the Trust is less than the RP Basic Maintenance Amount, as of the relevant
Valuation Date.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.65pt;margin-right:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(f)&#160; Within ten Business Days after the date of delivery
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Remarketing Agents, the Paying Agent, S&amp;P and Moody's (i) the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">mathematical
accuracy of the calculations reflected in such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Report (and in any other RP Basic
Maintenance Report, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">randomly selected by the Independent Accountant, that
was delivered by the Trust during the quarter ending on such Quarterly
Valuation Date); (ii) that, in such Report (and in</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">such
randomly selected Report), (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), S&amp;P
Eligible </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Assets of an aggregate
Discounted Value at least equal to the RP Basic Maintenance Amount and Moody's
Eligible Assets of an </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">aggregate
Discounted Value at least equal to the RP Basic Maintenance Amount, (b) the
aggregate amount of Deposit Securities equals the Dividend Coverage Amount, and
(c) the Market Value of portfolio securities as determined by the Pricing
Service equals the mean between the quoted bid and asked </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">price
or the yield equivalent (when quotations are </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">readily available); and (iii) the accuracy of the description </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of Eligible Assets as stated in the RP Basic
Maintenance Report (such confirmation is herein called the &quot;Accountant's </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Confirmation&quot;).</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;">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>

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


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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.35pt;margin-right:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">(g)&#160; Within ten Business Days after the date of delivery
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the Trust failed to satisfy the RP Basic Maintenance
Amount, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the Independent Accountant will provide to the Remarketing Agents, the
Paying Agent, S&amp;P and Moody's an Accountant's </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Confirmation as
to such RP Basic Maintenance Report.</font></p>

<p style="background:white;margin:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&#160;(h)&#160; Within ten Business Days after the date of delivery </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Report.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.7pt;margin-right:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">(i)&#160; If any Accountant's Confirmation delivered pursuant </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">to subparagraph
(f), (g) or (h) of this paragraph 8 shows </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">that an error was made in the RP
Basic Maintenance Report for </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">a particular Valuation Date for which such
Accountant's Confirmation was required to be delivered, or shows that a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">lower aggregate
Discounted Value for the aggregate of all S&amp;P </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">accordingly amend and deliver the RP Basic
Maintenance Report </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">to the Remarketing Agents, the Paying Agent, S&amp;P and
Moody's promptly following receipt by the Trust of such Accountant's </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Confirmation.</font></p>

<p style="background:white;margin:0in;margin-top:12.0pt;text-indent:34.8pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&#160;(j)&#160; On or before 5:00 p.m., New York City time, on the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Business Days
of such Date of Original Issue, the Independent </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Accountant will provide to Moody's
and S&amp;P an Accountant's </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Confirmation as to such RP Basic Maintenance
Report.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.35pt;">9.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-2.35pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; <u>Minimum Liquidity Level</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">.&#160; The Trust shall be required to have, as of each
Valuation Date, Dividend Coverage Assets with respect to each share of RP
having a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Discounted Value not less than the Dividend Coverage Amount </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">with respect to such share.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.6pt;">10.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.6pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&#160;&#160;&#160; <u>Restrictions on Certain Distributions</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">.&#160; For so long </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">as any share of
RP is outstanding, (A) the Trust shall not declare, pay or set apart for
payment any dividend or other distribution (other than a dividend or
distribution paid in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shares of, or options, warrants or rights to subscribe
for or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">purchase, Common Shares or other shares, if any, ranking junior to or on
a parity with the shares of RP as to dividends and upon liquidation) in respect
of the Common </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Shares, RP or any other shares of the Trust ranking junior to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.6pt;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">other such junior shares (except by conversion into or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">exchange for
shares of the Trust ranking junior to the shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of RP as to dividends and
upon liquidation), unless (i) full </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">cumulative dividends on shares of RP and Other RP
through </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">their most recently ended respective </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Dividend
Periods (or, if </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">such transaction is on a Dividend Payment Date, through
the Dividend Period ending on the day prior to such Dividend Payment Date)
shall have been paid or shall have been declared and sufficient funds for the
payment thereof deposited with the Paying Agent and (ii) the Trust has redeemed
the full number of shares of RP and Other RP required to be redeemed by any
provision for mandatory redemption pertaining thereto, and (B) the Trust will
not declare, pay or set apart for payment any dividend or other </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">distribution
(other than a dividend or distribution paid in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shares of, or options, warrants or
rights to subscribe for or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">purchase, Common Shares or other shares, if any, ranking
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">junior
to shares of RP as to dividends and upon liquidation) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">in respect of
Common Shares or any other shares of the Trust ranking junior to or on a parity
with 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 (except by conversion into or exchange for shares
of the Trust ranking junior to shares of RP as to dividends and upon
liquidation),</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.6pt;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">unless immediately after such transaction the Discounted Value of the
Trust's portfolio would at least equal the RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Basic Maintenance Amount.</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;">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>

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


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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.8pt;">11.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.8pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&#160;&#160;&#160; <u>Notice</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">.&#160; All notices or communications, unless </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">otherwise
specified in these By-laws, shall be sufficiently </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">given if in
writing and delivered in person or mailed by </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">first-class mail, postage
prepaid.&#160; Notice shall be deemed given on the earlier of the date received or
the date seven </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">days
after which such notice is mailed.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">12.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&#160;&#160;&#160; <u>Exchange Provisions</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">.&#160; (a) Upon the authorization of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the Board of
Trustees based on (i) the receipt by the Trust of a ruling from the Service to
the effect that the payment </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">of dividends on the shares of Serial RP would not
jeopardize </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the Trust's status as a regulated investment company or</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.65pt;margin-right:0in;margin-top:12.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(ii)
an opinion of legal counsel in form and substance </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">satisfactory to
the Board of Trustees to the effect that the payment of dividends on the shares
of Serial RP would not jeopardize the Trust's status as a regulated investment </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">company and the
affirmative vote or consent of the Holders of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">at least a majority of the shares
of each series of RP outstanding at the time, in person or by proxy, either in
writing or at a meeting (each such series voting separately as a class) (in
either case, an &quot;Exchange Event&quot;), then, on the first Dividend
Payment Date for the RP which is at least 45 days after the occurrence of an
Exchange Event and as of</font></p>

<p style="background:white;margin:0in;margin-top:12.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.05pt;">&#160;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">which the
conditions described below have been satisfied (the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Exchange
Date&quot;), the RP will be exchanged on a share-for-share basis for Serial
RP.&#160; Shares of RP will not be exchanged for shares of Serial RP unless each of
Moody's and S&amp;P shall have provided on the Exchange Date a rating on the
Serial RP equivalent to the then-current rating provided </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">by such rating
agency on the RP; provided that, if Moody's or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">S&amp;P shall not make such rating
available, such exchange will take place if (i) a Substitute Rating Agency or
Agencies shall have provided a rating equivalent to such then-current </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">rating or
ratings on the Exchange Date and (ii) all shares of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">RP subject to
such exchange that were tendered (or deemed tendered) on the Tender Date
preceding such Exchange Date shall have been remarketed by the Remarketing
Agents on the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">related Dividend Reset Date at a price of $100,000 per share. </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Holders of
outstanding shares of RP will receive one share of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Serial RP for
each share of RP held and exchanged by them on </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">the Exchange Date therefor.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.3pt;margin-right:0in;margin-top:12.0pt;text-indent:35.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">(b)&#160; The Trust will cause the publication of an exchange </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">notice in an
Authorized Newspaper, and cause the Paying Agent </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">to mail an exchange notice to
each Holder of RP, not less </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">than 10 nor more than 3 0 days prior to the
Exchange Date </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">therefor.&#160; Such notice will state:&#160; (i) the Exchange Date, (ii) that on
such Exchange Date all shares of RP will be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">exchanged automatically, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">and without any action or choice on</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the
part of the Holders thereof, on a share-for-share basis for shares of Serial
RP, (iii) that the Initial Dividend Period for the Serial RP issuable in
exchange for the shares of RP will be a 28-day Dividend Period commencing on
such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Exchange Date, (iv) that
dividends on shares of RP will cease </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">to
accumulate on such Exchange Date and (v) whether the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Serial RP will be rated by Moody's and S&amp;P or
by a Substitute </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Rating Agency or Substitute Rating Agencies.</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:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>


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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.9pt;margin-right:0in;margin-top:12.0pt;text-indent:35.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(c)&#160; On the Exchange Date, shares of RP will cease to accumulate
dividends, will no longer be deemed outstanding, the rights of the Holders of
such shares (except the right to receive shares of Serial RP, accumulated but
unpaid dividends </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">on their shares of RP to but excluding the Exchange Date
and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">any payments required by paragraphs 3(h) and 3(k) of Part I) will cease,
and the person or persons entitled to receive the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Serial RP upon
the exchange will be treated for all purposes </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">as the holder or holders of such Serial RP.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.1pt;margin-right:22.1pt;margin-top:12.0pt;text-indent:33.35pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">13.&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Certain Other Restrictions</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">.&#160; For so long as
any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">shares of RP are
outstanding,</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.1pt;margin-right:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">(a)&#160; the Trust will not, unless it has received written </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">confirmation
from Moody's and S&amp;P that any such action would </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">not impair the
ratings then assigned by Moody's and S&amp;P to shares of RP engage in any one
or more of the following </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">transactions:</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:31.2pt;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.05pt;">&#160;(i) borrow money if the RP Basic Maintenance Amount </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">would not be satisfied after giving
effect to such borrowing; or</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:32.15pt;margin-right:15.85pt;margin-top:12.0pt;text-align:justify;text-indent:35.75pt;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.05pt;">(ii) borrow, in
the aggregate, money in excess of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">the lesser of $10,000,000 or the product of the number of shares of RP
and Other RP outstanding multiplied by $10,000 or 10% of the total assets of the
Trust; or</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:32.9pt;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.05pt;">(iii) borrow any money except for the purpose of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">clearing portfolio transactions; or</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:69.1pt;margin-right:0in;margin-top:12.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">(iv)&#160; lend portfolio
securities;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">(b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; the Trust shall
not buy or sell futures contracts or write put or call options except in
accordance with the guidelines established and revised, from time to time, by
each of Moody's and S&amp;P; and</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.65pt;">(c)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.65pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; For purposes of
Moody's and S&amp;P rating of the shares of RP, the Trust shall give to Moody's
and S&amp;P prompt written notice of:&#160; (i) any material change to the
Declaration of Trust or Article XII of the By-laws; (ii) any failure to declare
or pay any dividend on the shares of RP; (iii) any mandatory or optional
redemption of the shares of RP (iv) any assumption of control of the Board of
Trustees by the Holders of shares of RP pursuant to Section 6(b); (v) in the
event the Trust shall not be a party to a pricing services agreement and dealer
quotes on assets are not available; (vi) in the event that the Applicable
Dividend</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.65pt;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Rate equals or exceeds 95% of &quot;AA&quot; Composite Commercial Paper
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Rate; (vii) a change in dividend
period; (viii) any person owning more than 5% of Trust's Common Shares; (ix) a
change in Internal Revenue Service rules on Gross-up Dividends relating to the
operation of the Trust; and (x) a change in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">pricing service.</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;">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:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>


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<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:130.8pt;margin-right:135.1pt;margin-top:12.0pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">PART II. </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">REMARKETING PROCEDURES</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.35pt;">1.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-2.35pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; <u>Remarketing Schedule</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">.&#160; Each Remarketing shall take </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">place over a
three-day period consisting of the Tender Date, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the Dividend Reset Date and the
Settlement Date.&#160; Such dates or the method of establishing such dates shall be
determined </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">by the Board
of Trustees from time to time.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;">2.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; <u>Procedure for Tendering</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">.&#160; (a) Each share of RP is subject to Tender and
Dividend Reset at the end of each Dividend Period and may be tendered in the
Remarketing which commences on the Tender Date immediately prior to the end of
the current Dividend Period.&#160; By 12:00 noon, New York City </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">time, on each
such Tender Date, the Remarketing Agents shall, after canvassing the market and
considering prevailing market </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">conditions at the time for shares of RP and
similar </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">securities, provide Beneficial Owners non-binding indications </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of the
Applicable Dividend Rate for the next succeeding </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Dividend Period or, if
applicable, a Special Dividend Period; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">provided that, if the Board of
Trustees has designated the next Dividend Period 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Dividend Rate for such Dividend Period may be
greater than or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">less than the rate per annum indicated in such
non-binding</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">indications (but not greater than the applicable Maximum Dividend Rate).&#160;
By 1:00 p.m., New York City time, on such Tender Date, each Beneficial Owner of
shares of RP must </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">notify a Remarketing Agent of its desire, on a
share-by-share </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">basis, either to tender such share of RP at a price of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">$100,000 per
share or to continue to hold such share for the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">next Dividend Period or, if
applicable, to accept a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">designated Special Dividend Period.&#160; Any notice given to
a Remarketing Agent to tender or hold shares for a particular </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Dividend Period
shall be irrevocable and shall not be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">conditioned upon the level at which
the Applicable Dividend Rate is established.&#160; Any such notice may not be waived
by the Remarketing Agents, except that prior to 4:00 p.m., New </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">York City time,
on a Dividend Reset Date, a Remarketing Agent </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">may, in its sole discretion, (i)
at the request of a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Beneficial Owner that has tendered one or more shares to
such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Remarketing Agent, waive such Beneficial Owner's tender, and thereby
enable such Beneficial Owner to continue to hold the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">share or shares
for the next Dividend Period or, if </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">to remarket all
shares of RP tendered in such Remarketing, and (ii) at the request of a
Beneficial Owner that has </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">elected to hold one or more of its shares of RP, waive
such Beneficial Owner's election with respect thereto.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.95pt;margin-right:0in;margin-top:12.0pt;text-indent:35.75pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(b) The right of each Beneficial Owner to tender shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">have not been called for redemption and (iii) the Remarketing
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Agents
are able to find a purchaser or purchasers for </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">tendered shares of RP at an
Applicable Dividend Rate for the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">next applicable Dividend Period that is not in
excess of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Maximum Dividend Rate for such Dividend Period.</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;">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:12.0pt;layout-grid-mode:line;">&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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.65pt;margin-right:0in;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">3.&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Determination of Applicable
Dividend Rates</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">.&#160; (a) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Between 1:00 p.m., New York City time, on each Tender
Date </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">and 4:00 p.m., New York City time, on the succeeding Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Reset Date, the
Remarketing Agents shall determine the Applicable Dividend Rate to the nearest
one-thousandth </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(0.001) of one percent per annum for the next Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Period, 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">their sole
judgment, to be the lowest rate that will enable them to remarket on behalf of
the Beneficial Owners thereof</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">all shares of RP subject to Tender
and Dividend Reset in such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Remarketing
and tendered to them on such Tender Date at a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">price of $100,000 per
share.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.95pt;margin-right:0in;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(b)&#160; If no Applicable Dividend Rate shall have been established on a
Dividend Reset Date in a Remarketing for the next Dividend Period, or Special
Dividend Period, if any, for </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Agreement or
the Remarketing Agents are unable to remarket on </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the Dividend Reset Date all
shares of RP tendered (or deemed </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">tendered) to them at a price of $100,000 per
share), then the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">prevailing yields on fixed and
variable rate taxable and tax-</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 Dividend Reset Date, assuming in
each case a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">comparable dividend period, issuer and security.&#160; If there is no
Remarketing because there are no Remarketing Agents or the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Remarketing
Agents are not required to conduct a Remarketing pursuant to the Remarketing
Agreement or if the Remarketing</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Agents are unable to remarket on the
Dividend Reset Date all </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shares of RP
tendered (or deemed tendered) to them at a price </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of $100,000 per share, then, except during a Non-Payment Period, the Applicable
Dividend Rate for the subsequent Dividend Period and for each subsequent
Dividend Period for which no Remarketing takes place because of the foregoing
shall be the applicable Maximum Dividend Rate for a 28-day </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Dividend Period (in the case of Series A and B
shares of RP) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">or for a 7-day Dividend
Period (in the case of Series C shares of RP) and the next succeeding Dividend
Period shall be a 28-day Dividend Period (in the case of Series A and B shares
of RP) and a 7-day Dividend Period (in the case of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Series C shares of
RP) .</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.9pt;margin-right:0in;margin-top:12.0pt;text-indent:36.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(c)&#160; In determining such Applicable Dividend Rate, the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Remarketing
Agents shall, after taking into account market </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">conditions as reflected in the
prevailing yields on fixed and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Beneficial Owners and potential purchasers of
shares of RP, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">(i) consider the number of shares of RP tendered and the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> Tender and
Dividend Reset to ascertain the dividend rates at which they would be willing
to hold shares of RP.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">(d)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; The Applicable
Dividend Rate shall be determined as aforesaid by the Remarketing Agents in
their sole discretion (except as otherwise provided in this </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">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>
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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;">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:12.0pt;layout-grid-mode:line;">&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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:10.1pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">(e)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; Except during a Non-Payment Period,
the Applicable Dividend Rate for any Dividend Period shall not be more than the
applicable Maximum Dividend Rate.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.4pt;margin-right:0in;margin-top:12.0pt;text-indent:32.65pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">4.&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Allocation
of Shares; Failure to Remarket at $100.000 Per Share</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">.&#160; (a) If the
Remarketing Agents are unable to remarket by 4:00 p.m., New York City time, on
a Dividend Reset Date all shares of RP tendered to them in the related
Remarketing at a price of $100,000 per share, (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, which shall be a 28-day
Dividend Period (in the case of Series A and B shares of RP) or a 7-day
Dividend Period (in the case of Series C shares of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">RP), shall be the Maximum Dividend Rate for such 28-day </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Dividend Period or 7-day Dividend Period, as the
case may be.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.5pt;margin-right:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">(b)&#160; If the allocation procedures described above would </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">result in the
sale of a fraction of a share of RP, the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Remarketing Agents shall, in their
sole discretion, round up </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">or down the number of shares of RP sold by each
Beneficial Owner on the applicable Dividend Reset 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 Dividend Reset
Date.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.9pt;margin-right:0in;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">5.&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Notification of Results; Settlement</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">.&#160; (a)&#160; By telephone at
approximately 4:30 p.m., New York City time, on </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">each Dividend Reset Date, the
Remarketing Agents shall advise </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">purchase and (ii) to give
instructions to its Agent Member to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">deliver such shares against payment therefor or to
pay the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">purchase price against delivery as appropriate.&#160; The </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Remarketing
Agents will also advise each Beneficial Owner or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Purchaser that is to
continue to hold, or to purchase, shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">with a Dividend Period beginning
on the Business Day </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">following such Dividend Reset Date of the Applicable
Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Rate for such
shares.</font></p>

<p style="background:white;margin:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&#160;(b)&#160; In accordance with the Securities Depository's </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">normal procedures,
on the Settlement Date, the transactions described above with respect to each
share of RP shall be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">executed through the Securities Depository, if the
Securities Depository or its nominee holds or is to hold the certificate </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">relating to the
shares to be purchased, and the accounts of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">the respective Agent Members of
the Securities Depository </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 shares of RP shall make payment to the
Paying Agent in same-day funds against delivery to other purchasers or their
nominees of one or more certificates representing shares of RP, or, if the
Securities Depository or its nominee holds or is to hold the certificate
relating to the shares to be purchased, through their Agent Members in same-day
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">funds to the Securities Depository against delivery by
book entry of shares of RP through their Agent Members.&#160; The Securities
Depository shall make payment in accordance with its normal </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">procedures.</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;">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:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>


</DIV>
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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.1pt;margin-right:0in;margin-top:12.0pt;text-indent:36.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(c)&#160; If any Beneficial Owner selling shares of RP in a Remarketing fails
to deliver such shares, the Agent Member of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">such selling Beneficial Owner and
of any other person that </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">was to have purchased shares of RP in such Remarketing
may </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">deliver
to any such other person a number of whole shares of</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">RP
that is less than the number of shares that otherwise was </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">to be purchased by such person.&#160; In such event,
the number of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">shares of RP to be so
delivered shall be determined by such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Agent
Member.&#160; Delivery of such lesser number of shares of RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">shall constitute
good delivery.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.2pt;">(d)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-2.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">&#160;&#160;&#160;&#160;&#160;&#160; The Remarketing Agents, the Paying Agent and the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Securities
Depository each will use its reasonable commercial </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">other event
connected with a Remarketing, the Remarketing </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Agents, the Paying Agent and the
Securities Depository each will use its reasonable commercial efforts to
accommodate </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">such delivery in furtherance of the Remarketing.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;">(e)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding any of the foregoing provisions of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">this paragraph
5, the Remarketing Agents may, in their sole </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">discretion, modify the settlement
procedures set forth above </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">with respect to any Remarketing, provided any such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">modification
does not adversely affect the Beneficial Owners </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">or the Holders of RP or the Trust.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.1pt;margin-right:0in;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">6.&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Purchase of Shares of RP by Remarketing Agents</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">.&#160; The
Remarketing Agents may purchase for their own accounts shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">of RP in a
Remarketing, provided that they purchase all </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">tendered (or deemed tendered)
shares of RP not sold in such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Remarketing to other purchasers and that the
Applicable</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Dividend Rate established with respect to such
shares in such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Remarketing is not
higher than the Applicable Dividend Rate that would have been established if
the Remarketing Agents had not purchased such shares.&#160; Except as provided in
the previous sentence, 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 own any shares of RP subject to a Remarketing
immediately prior to such Remarketing and if all other shares subject to such
Remarketing and rendered for sale by other Beneficial </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Owners of shares of RP have been sold in such
Remarketing, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">then the Remarketing
Agents may sell such number of their </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shares
in such Remarketing as there are outstanding orders to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">purchase that have not been filled by shares
tendered for sale by other Beneficial Owners.&#160; 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">shares of RP in a Remarketing.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:0in;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">7.&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Applicable Dividend Rate During a Non-Payment Period</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">.&#160; So long
as a Non-Payment Period shall continue, paragraphs 1, 2, 3, 4, 5 and 6 of this
Part II shall not be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">applicable to any of the Shares of RP and the shares of
RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shall
not be subject to Tender and Dividend Reset.</font></p>

<p style="background:white;margin:0in;margin-top:12.0pt;text-indent:33.35pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">8.&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Transfers</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">.&#160; As a condition precedent to
purchasing </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">shares of RP in any offering, in any Remarketing or outside </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">any
Remarketing, each purchaser of shares of RP shall be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">required </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">to sign and deliver a Master Purchaser's Letter. </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">The sufficiency
of any Master Purchaser's Letter is to be determined by the Remarketing Agents
in their sole discretion.&#160; In a Master Purchaser's Letter, such purchaser </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">shall agree,
among other things, (i) unless the Trust has </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">elected during a Non-Payment Period,
to waive this requirement, to have its ownership of such shares of RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">maintained in
book entry form by the Securities Depository, for the account of a designated
Agent Member which, in turn, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">shall maintain records of such purchaser's
beneficial ownership, (ii) to be conclusively bound by the remarketing
procedures, including the Remarketing Agents' determination of the Applicable
Dividend Rate, (iii) that its notice to tender shares of RP in a Remarketing
shall constitute an irrevocable offer, except as set forth in such Master
Purchaser's Letter, to sell the shares specified in such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">notice and
authorization to the Remarketing Agents to sell, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">transfer or otherwise
dispose of such shares as set forth </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">herein and (iv) unless the Trust shall have
elected, during a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Non-Payment Period, to waive this requirement, to sell, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">transfer or
otherwise dispose of any share of RP held by it only pursuant to orders placed
in a Remarketing or to a</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">person that has signed and delivered a
Master Purchaser's </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Letter as providing
herein, and, in the case of any transfer </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">other than pursuant to a Remarketing, to ensure that an Agent </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Member advises a Remarketing Agent of such
transfer.&#160; The Agent Member shall be authorized and instructed to disclose to
any Remarketing Agent and/or the Paying Agent such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">information with respect to such purchaser's
beneficial ownership as a Remarketing Agent or the Paying Agent shall </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">request.</font></p>
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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.4pt;margin-right:0in;margin-top:12.0pt;text-indent:33.85pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.25pt;">9.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#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:both;letter-spacing:-.5pt;">Miscellaneous</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">.&#160; To the extent permitted by applicable law, the Board of Trustees of
the Trust may interpret or adjust the provisions hereof to resolve any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">inconsistency or ambiguity, or to remedy any
formal defect.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.1pt;margin-right:0in;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.85pt;">10.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#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:both;letter-spacing:-.65pt;">Securities Depository;
Shares Certificates</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">.&#160; (a) If there
is a Securities Depository, one certificate for all of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the shares of a 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shall bear a legend to the effect that such certificate is </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">issued subject to the provisions contained in this
Section </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">12.1 and each Master
Purchaser's Letter. Unless the Trust </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">shall
have elected, during a Non-Payment Period, to waive this requirement, the Trust
will also issue stop-transfer </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">instructions
to the Paying Agent for the shares of RP. </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Except as provided in paragraph (b) below, the Securities</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Depository or its nominee will be the Holder, and
no </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Beneficial Owner shall receive
certificates representing its </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">ownership interest in such shares.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.5pt;margin-right:0in;margin-top:12.0pt;text-indent:34.8pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(b)&#160; If the Applicable Dividend Rate applicable to all shares of RP shall
be the Non-Payment Period Rate or there is </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">no Securities Depository, the Trust
may at its option issue one or more new certificates with respect to such
shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(without the legend referred to in paragraph 10(a) of this </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Part II)
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
with respect </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">to such
shares.</font></p>









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<p align=right style="background:white;margin:0in;margin-right:.05in;text-align:right;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.75pt;">Exhibit A</font></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:8.65pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">MASTER PURCHASER'S LETTER</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:67.7pt;margin-right:66.25pt;margin-top:10.55pt;text-indent:12.95pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.3pt;">Relating to Securities Involving
Rate </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;line-height:11.3pt;">Settings Through Auctions or Remarketings</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:268.8pt;margin-top:23.05pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:11.05pt;">THE
COMPANY </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;line-height:11.05pt;">A <BR>REMARKETING AGENT <BR></font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.05pt;">THE TRUST COMPANY </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">A <BR>BROKER-DEALER </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;line-height:11.05pt;">AN <BR>AGENT
MEMBER </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:11.05pt;">OTHER <BR>PERSONS</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.2pt;margin-right:0in;margin-top:8.9pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.75pt;">Dear Sirs:</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.15in;text-indent:0in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.55pt;line-height:11.05pt;">1.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-2.55pt;line-height:11.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">&#160;&#160;&#160;&#160;&#160;&#160; This letter is designed to apply to auctions for publicly or privately
offered debt or equity securities </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.05pt;">(&quot;Securities&quot;) of any issuer
(&quot;Company&quot;) which are described </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">in any final prospectus or other
offering materials relating </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.05pt;">to such Securities as the same may be amended or
supplemented (collectively, with respect to the particular Securities </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;line-height:11.05pt;">concerned, the
&quot;Prospectus&quot;) and which involve periodic rate, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">settings through
auctions (&quot;Auctions&quot;) or remarketing procedures
(&quot;Remarketings&quot;).&#160; This letter shall be for the benefit of any
Company and of any trust company, auction </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.05pt;">agent, paying agent (collectively,
&quot;trust company&quot;), </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">remarketing agent, broker-dealer, agent member,
securities </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.05pt;">depository or other interested persons in connection with any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">Securities and
related Auctions or Remarketings (it being understood that such persons may be
required to execute specified agreements and nothing herein shall alter such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.05pt;">requirements).&#160;
The terminology used herein is intended to be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">general in its application and not
to exclude any Securities </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.05pt;">in respect of which (in the Prospectus or otherwise) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:11.05pt;">alternative terminology is used.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:11.3pt;text-indent:0in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;line-height:11.05pt;">2.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;line-height:11.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.05pt;">&#160;&#160;&#160;&#160;&#160;&#160; We may from time to time offer to purchase, purchase, offer to sell
and/or sell Securities of any Company </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">as described in the Prospectus
relating thereto.&#160; We agree </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.05pt;">that this letter shall apply to all such
purchases, sales and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;line-height:11.05pt;">offers and to Securities owned by us.&#160; We understand
that the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">dividend/interest rate on Securities may be based from time to time on
the results of Auctions or Remarketings as set </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:11.05pt;">forth in the Prospectus.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:11.05pt;text-indent:0in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.4pt;line-height:11.3pt;">3.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-2.4pt;line-height:11.3pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;line-height:11.3pt;">&#160;&#160;&#160;&#160;&#160;&#160; We agree that any bid or sell order placed by us in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.3pt;">an Auction or a
Remarketing shall constitute an irrevocable </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.3pt;">offer (except as otherwise
described in the Prospectus) by us</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.4pt;line-height:11.3pt;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.3pt;">to purchase or sell the Securities subject to such
bid or sell order, or such lesser amount of Securities as we shall be required
to sell or purchase as a result of such Auction or Remarketing, at the
applicable price, all as set forth in the Prospectus, and that if we fail to
place a bid or sell order with respect to Securities owned by us with a broker-</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.3pt;">dealer on any
Auction or Remarketing date, or a broker-dealer </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.3pt;">to which we communicate a bid or
sell order fails to submit such bid or sell order to the trust company or
remarketing agent concerned, we shall be deemed to have placed a hold order
with respect to such Securities as described in the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.3pt;">Prospectus,
except as may otherwise be described therein.&#160; We </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.3pt;">authorize any
broker-dealer that submits a bid or sell order as our agent in Auctions or
Remarketing to execute contracts </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;line-height:11.3pt;">for the sale of Securities covered by such bid or
sell order. </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.3pt;">We recognize that the payment by such broker-dealer for Securities
purchased on our behalf shall not relieve us of any liability to such
broker-dealer for payment for such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:11.3pt;">Securities.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:11.3pt;text-indent:0in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.25pt;line-height:11.05pt;">4.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-2.25pt;line-height:11.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.7pt;line-height:11.05pt;">&#160;&#160;&#160;&#160;&#160;&#160; We understand that -in a Remarketing the dividend or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">interest rate or
rates on the Securities and the allocation of Securities tendered for sale
between dividend or interest periods of different lengths will be based from
time to time on the determinations of one or more remarketing agents, and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.05pt;">we agree to be
conclusively bound by such determinations.&#160; We </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">further agree to the payment of
different dividend or interest rates to different holders of Securities
depending on the length of the dividend or interest period elected by such
holders.&#160; We agree </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">that any notice given by us to a
remarketing agent (or to a broker-dealer for transmission to a remarketing
agent) of our desire to tender Securities in a Remarketing shall constitute an
irrevocable (except to the limited extent set forth in the Prospectus) offer by
us to sell the Securities specified in such notice, or such lesser number of
Securities as we shall be required to sell as a result of such Remarketing, in
accordance with the terms set forth in the Prospectus, and we authorize the
remarketing agent to sell, transfer or otherwise dispose of such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:11.05pt;">Securities as set forth in the
Prospectus.</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;">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:12.0pt;layout-grid-mode:line;">&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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:11.05pt;text-indent:0in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;line-height:11.3pt;">5.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;line-height:11.3pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.3pt;">&#160;&#160;&#160;&#160;&#160;&#160; We agree that, during the applicable period as described in the
Prospectus, dispositions of Securities can </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.3pt;">be made only in the denominations
set forth in the Prospectus </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.3pt;">and we will sell, transfer or otherwise dispose of
any Securities held by us from time to time only pursuant to a bid or sell
order placed in an Auction, in a Remarketing, to or through a broker-dealer or,
when permitted in the Prospectus, to a person that has signed and delivered to
the applicable trust company or a remarketing agent a letter</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;line-height:11.3pt;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.3pt;">substantially
in the form of this letter (or other applicable </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.3pt;">purchaser's letter), provided that
in the case of all transfers other than pursuant to Auctions or Remarketings we
or our broker-dealer or our agent member shall advise such trust company or a
remarketing agent of such transfer.&#160; We understand that a restrictive legend
will be placed on certificates representing the Securities, and stop-transfer
instructions will be issued to the transfer agent and/or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.3pt;">registrar, all
as set forth in the Prospectus.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:11.3pt;text-indent:0in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.25pt;line-height:11.05pt;">6.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-2.25pt;line-height:11.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">&#160;&#160;&#160;&#160;&#160;&#160; We agree that, during the applicable period as </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.05pt;">described in
the Prospectus, ownership of Securities shall be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">represented by one or more
global certificates registered in the name of the applicable securities
depository or its nominee, that we will not be entitled to receive any
certificate representing the Securities and that our ownership of any
Securities will be maintained in book entry form by the securities depository
for the account of our agent member, which in turn will maintain records of our
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;line-height:11.05pt;">beneficial
ownership.&#160; We authorize and instruct our agent member to disclose to the
applicable trust company or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">remarketing agent such information concerning our
beneficial ownership of Securities as such trust company or remarketing </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:11.05pt;">agent shall request.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:11.05pt;text-indent:0in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;line-height:11.05pt;">7.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;line-height:11.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;line-height:11.05pt;">&#160;&#160;&#160;&#160;&#160;&#160; We acknowledge that partial deliveries of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.05pt;">Securities purchased in Auctions
or Remarketings may be made </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">to us and such deliveries shall constitute good
delivery as </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:11.05pt;">set forth in
the Prospectus.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:11.3pt;text-indent:0in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;line-height:11.05pt;">8.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;line-height:11.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;line-height:11.05pt;">&#160;&#160;&#160;&#160;&#160;&#160; This letter is not a commitment by us to purchase </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:11.05pt;">any Securities.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:11.3pt;text-indent:0in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.3pt;line-height:11.05pt;">9.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-2.3pt;line-height:11.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">&#160;&#160;&#160;&#160;&#160;&#160; This letter supersedes any prior-dated version of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.05pt;">this master
purchaser's letter, and supplements any prior- or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;line-height:11.05pt;">post-dated
purchaser's letter specific to particular Securities, and this letter may only
be revoked by signed </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">writing delivered to the original recipients thereof.</font></p>

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

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:11.05pt;text-indent:0in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.6pt;line-height:11.05pt;">10.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.6pt;line-height:11.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">&#160;&#160;&#160;&#160; The descriptions of Auction or Remarketing </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;line-height:11.05pt;">procedures set forth in each
applicable Prospectus are </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">incorporated by reference herein and in the case of any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.05pt;">conflict
between this letter, any purchaser's letter specific </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">to particular
Securities and any such description, such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:11.05pt;">description shall control.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:11.3pt;text-indent:0in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.6pt;line-height:11.05pt;">11.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.6pt;line-height:11.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;line-height:11.05pt;">&#160;&#160;&#160;&#160; Any xerographic or other copy of this letter shall </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">be deemed of
equal effect as a signed original.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:11.3pt;text-indent:0in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.6pt;line-height:11.05pt;">12.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.6pt;line-height:11.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;line-height:11.05pt;">&#160;&#160;&#160;&#160; 12.&#160; Our agent member of The Depository Trust Company </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:11.05pt;">currently is &#160;&#160;&#160;&#160;&#160; .</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.15in;text-indent:0in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.8pt;line-height:11.3pt;">13.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.8pt;line-height:11.3pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.3pt;">&#160;&#160;&#160;&#160; Our personnel authorized to place orders with </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.3pt;">broker-dealers
for the purpose set forth in the Prospectus in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:11.3pt;">Auctions or Remarketings currently is/are &#160;&#160;&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;line-height:11.3pt;">, telephone number ( &#160;&#160;&#160;&#160;) .</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:8.4pt;text-indent:0in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.85pt;">14.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.85pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">&#160;&#160;&#160;&#160; Our taxpayer identification number is </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">__________________________________ .</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.7pt;margin-right:0in;margin-top:.15in;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.05pt;">15.&#160; In the case of each offer to purchase,
purchase, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">offer to sell or sale by us of Securities not registered </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.05pt;">under the
Securities Act of 1933, as amended (the &quot;Act&quot;), we </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:11.05pt;">represent
and agree as follows:</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;">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>

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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:34.55pt;margin-right:0in;margin-top:11.3pt;text-indent:32.9pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.8pt;line-height:11.05pt;">A.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:11.05pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;line-height:11.05pt;">We
understand and expressly acknowledge that<br>
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;line-height:11.05pt;">the Securities have not been and will
not be registered<br>
under the Act and, accordingly, that the Securities may<br>
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">not be reoffered, resold or otherwise
pledged,<br>
hypothecated or transferred unless an applicable<br>
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.05pt;">exemption from the registration
requirements of the Act<br>
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:11.05pt;">is available.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:34.55pt;margin-right:0in;margin-top:11.3pt;text-indent:32.9pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.05pt;line-height:11.05pt;">B.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:11.05pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;line-height:11.05pt;">We hereby
confirm that any purchase of<br>
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">Securities made by us will be for our
own account, or<br>
for the account of one or more parties for which we are<br>
acting as trustee or agent with complete investment<br>
discretion and with authority to bind such parties, and<br>
not with view to any public resale or distribution<br>
thereof.&#160; We and each other party for which we are<br>
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.05pt;">acting which will acquire Securities
will be &quot;accredited<br>
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">investors&quot; within the meaning of
Regulation D under the<br>
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.05pt;">Act with respect to the Securities
to be purchased by us<br>
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">or such party, as the case may be,
will have previously<br>
invested in similar types of instruments and will be<br>
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.05pt;">able and prepared to bear the
economic risk of investing<br>
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:11.05pt;">in and holding such Securities.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:34.55pt;margin-right:0in;margin-top:11.3pt;text-indent:32.9pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;line-height:11.05pt;">C.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:11.05pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;line-height:11.05pt;">We
acknowledge that prior to purchasing any<br>
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">Securities we shall have received a
Prospectus (or<br>
private placement memorandum) with respect thereto and<br>
acknowledge that we will have had access to such<br>
financial and other information, and have been afforded<br>
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.05pt;">the opportunity to ask such
questions or representatives<br>
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.05pt;">of the Company and receive answers
thereto, as we deem<br>
necessary in connection with our decision to purchase<br>
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:11.05pt;">Securities.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:37.45pt;margin-right:22.1pt;margin-top:11.3pt;text-indent:33.35pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;line-height:11.3pt;">D.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:11.3pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.3pt;">We recognize
that the Company and broker-<br>
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;line-height:11.3pt;">dealers will rely upon the truth and
accuracy of the</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:11.3pt;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.3pt;">foregoing <br>
investment representations and agreements and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:11.3pt;">we agree that <br>
each of our purchases of Securities now or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:11.3pt;">in the future shall be <br>
deemed to constitute our concurrence in all of the foregoing <br>
which shall be binding on us and each party for which we are <br>
acting as </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:11.3pt;">set forth in Subparagraph B above.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.5pt;margin-right:0in;margin-top:9.35pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.7pt;">Dated</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">_______________________ &#160;&#160;&#160; ____________________________________ </font></p>

<p style="background:white;margin:0in;margin-left:238.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.8pt;line-height:22.3pt;">(Name of Purchaser)</font></p>

<p style="background:white;margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;line-height:22.3pt;">Mailing
Address of Purchaser</font></p>

<p style="background:white;margin:0in;margin-left:.25pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.3pt;">_____________________________ &#160;&#160;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.35pt;line-height:22.3pt;">By:</font></p>

<p style="background:white;margin:0in;margin-left:202.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.7pt;line-height:22.3pt;">Printed Name:</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:202.55pt;margin-right:0in;margin-top:6.7pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.0pt;">Title:</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;">45</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:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>


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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:47.75pt;margin-right:66.25pt;margin-top:12.0pt;text-indent:-47.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">12.2.&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Statement Creating One
Series of Remarketed </font></u><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Preferred Shares</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">.</font></p>

<p style="background:white;margin:0in;margin-top:12.0pt;text-indent:13.2pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">PART I.
DESIGNATION </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">This series of 1,750 shares of
preferred shares, without </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">par value,
liquidation preference $100,000 per share plus </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">accumulated but unpaid dividends, if any thereon (whether or not earned
or declared) plus the premium, if any, resulting from the designation of a
Premium Call Period, is hereby designated &quot;Remarketed Preferred Shares,
Series I&quot; and is </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">referred to
below as &quot;RP&quot;.* Each share of RP shall be issued </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">on a date to be determined by the Board of
Trustees of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.75pt;">Trust or a duly
authorized committee thereof; have an Initial </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Dividend Payment Date (as herein defined) to be determined by </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">the Board of Trustees of the Trust or a duly
authorized </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">committee thereof; and
have such other redemption provisions, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">preferences,
limitation and relative voting rights, in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">addition to those required by applicable law or set forth in the
Declaration of Trust and these By-laws applicable to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">preferred shares of the Trust, as are set forth
in Part I and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Part II of this Section
12.2.&#160; Except as to Date of Original </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Issue
(as defined herein), dividend rates, dividend periods, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Dividend Payment Dates (as defined herein) and
redemption dates, if any, each share of RP shall be identical to every</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:56.65pt;margin-right:0in;margin-top:12.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Registered
trademark of Merrill Lynch &amp; Co. Inc.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">other share of RP.&#160;
The other terms of the shares of RP are </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">as follows:</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.5pt;margin-right:0in;margin-top:12.0pt;text-indent:33.6pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">1.&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Definitions</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">.&#160; Unless the context or use indicates </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">another or
different meaning or intent, in this Section 12.2, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the following
terms have the following meanings, whether used </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">in the singular or plural:</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.7pt;margin-right:0in;margin-top:12.0pt;text-indent:34.8pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;'AA' Composite Commercial Paper Rate,&quot; on any date, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">means (i) the
Interest Equivalent of the rate on commercial paper placed for the number of
days specified in the succeeding sentence on behalf of issuers whose corporate
bonds are rated &quot;AA&quot; by S&amp;P and &quot;Aa&quot; by Moody's, or the
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">equivalent
of such rating by such rating agency or by another </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">nationally
recognized statistical rating organization, as such rate is made available by
the Federal Reserve Bank of New York on a discount basis or otherwise for the
Business </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Day immediately preceding such date, or (ii) if the Federal Reserve Bank
of New York does not make available such a rate, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">then the arithmetic average
of the Interest Equivalent of such rates 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; In respect of any Dividend
Period (or other period) of 7 or 28 days (determined without regard to any
adjustment in the remarketing schedule in respect of non-</font></p>

<p style="background:white;margin:0in;margin-top:12.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Business
Days, as provided herein), the &quot;AA&quot; Composite </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Commercial
Paper Rate shall be the Interest Equivalent of the 60-day rate.&#160; If any
Commercial Paper Dealer does not quote a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">rate required to determine the
&quot;AA&quot; Composite Commercial </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Paper Rate, the &quot;AA&quot; Composite
Commercial Paper Rate shall be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">determined on the basis of the quotation or
quotations </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">furnished by the remaining Commercial Paper Dealer or Dealers </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">or, if none of
the Commercial Paper Dealers quotes such a rate, by any Substitute Commercial
Paper Dealer or Dealers </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">selected by the Trust to provide such rate or rates not
being </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">supplied by any
Commercial Paper Dealer.</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;">46</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><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_47"></a><a name="_bclPageBorder47"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.15pt;margin-right:0in;margin-top:12.0pt;text-indent:34.8pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Accountant's
Confirmation&quot; has the meaning set forth in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">paragraph 8(f) of this Part I.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.9pt;margin-right:0in;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Agent Member&quot; means a designated member of the Securities
Depository that will maintain records for a Beneficial Owner of one or more
shares of RP that has </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">identified such Agent Member in its Master Purchaser's
Letter </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">and that will be authorized and instructed to disclose information to any
Remarketing Agent and/or the Paying Agent </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">with respect to such Beneficial Owner.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.55pt;margin-right:0in;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Applicable Dividend Rate&quot; means, with respect
to the Initial Dividend Period, the rate of dividend per annum </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">established by
the Board of Trustees and, for each subsequent </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Dividend Period for each share of
RP, means the rate of dividend per annum that (i) except for a Dividend Period</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">commencing
during a Non-Payment Period will be equal to the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">lower of the rate of dividend per annum that the Remarketing </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Agent advises results on the Dividend Reset Date
preceding </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the first day of such
Dividend Period from implementation of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the
remarketing procedures set forth in Part II hereof and the Maximum Dividend
Rate or (ii) for each Dividend Period </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">commencing
during a Non-Payment Period, will be equal to the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Non-Payment Period
Rate.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.4pt;margin-right:0in;margin-top:12.0pt;text-indent:33.6pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Applicable Percentage&quot; has the meaning set forth under </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&quot;Maximum Dividend Rate&quot;
below.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.7pt;margin-right:0in;margin-top:12.0pt;text-indent:35.05pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Authorized Newspaper&quot; means a newspaper of
general circulation in the English language generally published on </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Business Days in The City of New
York.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.7pt;margin-right:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Beneficial Owner&quot; means a person that has signed a Master
Purchaser's Letter and 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">share transfer
books of the Trust, the person in whose name </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">such share is so registered.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.35pt;margin-right:0in;margin-top:12.0pt;text-indent:35.05pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Board of Trustees&quot; means the Board of
Trustees of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Trust.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.85pt;margin-right:0in;margin-top:12.0pt;text-indent:35.05pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Business Day&quot; means a day on which the New
York Stock </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Exchange, Inc. is open for trading, and which is not a day on</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">which
banks in The City of New York are authorized or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">obligated by law to
close.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.5pt;margin-right:23.05pt;margin-top:12.0pt;text-indent:34.8pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;By-laws&quot; means these Amended and Restated By-laws of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">the Trust.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.45pt;margin-right:23.05pt;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Code&quot; means the Internal Revenue Code of
1986, as </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">amended from time
to time.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.7pt;margin-right:0in;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Commercial Paper Dealers&quot; means Merrill
Lynch, Pierce, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Fenner &amp; Smith Incorporated and such other
commercial paper </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">dealer or dealers as the Trust may from time to time
appoint, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">or, in lieu of any thereof, their respective affiliates or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">successors.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.9pt;margin-right:27.6pt;margin-top:12.0pt;text-align:justify;text-indent:35.3pt;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Common
Shares&quot; means the common shares, without par </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">value, of the Trust.</font></p>





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<p align=center style="margin:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">47</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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</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_48"></a><a name="_bclPageBorder48"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.9pt;margin-right:0in;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Date of Original Issue&quot;
means, with respect to any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">share of RP, the date on which the Trust originally
issues </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">such share.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.9pt;margin-right:0in;margin-top:12.0pt;text-indent:35.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Declaration of Trust&quot; means the Amended and Restated Agreement
and Declaration of Trust dated February 3, 1989 of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">the Trust on
file with the Secretary of State of The </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Commonwealth of Massachusetts.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.3pt;margin-right:0in;margin-top:12.0pt;text-indent:34.8pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Deposit Securities&quot; means cash and Municipal Securities </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">rated at least A-1+ or SP-1+ by
S&amp;P.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.3pt;margin-right:12.0pt;margin-top:12.0pt;text-align:justify;text-indent:34.8pt;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Discounted
Value&quot; means (i) with respect to an S&amp;P </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Eligible Asset, the quotient
of the Market Value thereof </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">divided by the applicable S&amp;P Discount Factor
and (ii) with</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">183rd day thereof, if any, the 274th day thereof,
if any, and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the day after the last
day thereof; (ii) with respect to any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Optional
Dividend Period of 3 65 or more days or Special Dividend Period of 3 65 or more
days, the third Wednesday of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">each
January, April, July and October therein and the day after the last day
thereof; and (iii) with respect to any other Dividend Period, the day after the
last day thereof; provided that, if any such date shall not be a Business Day,
the Dividend Payment Date shall be the Business Day next </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">succeeding such
day.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.45pt;margin-right:0in;margin-top:12.0pt;text-indent:34.8pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Dividend Period&quot; means, with respect to any
share of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">RP, the Initial Dividend Period for such share and thereafter a period
which shall commence on each (but not the final) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Dividend Payment Date for
such share (which, except during a Non-Payment Period, shall be a Settlement
Date for such share).&#160; Each such subsequent Dividend Period for such share will
be comprised, beginning with and including the day upon which it commences, 7
consecutive days in the case of a 7-</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">day Dividend Period; 28 consecutive days in the
case of a 28-</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">day Dividend Period; or in the case of any Optional Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Period or
Special Dividend Period, such number of consecutive </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">days as shall be
designated by the Board of Trustees in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">accordance with the provisions set
forth in paragraphs 3(j) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">and (k) of this Part I of this Section 12.2 at the time
such Optional Dividend Period is made available or the Board of</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Trustees
designates a Special Dividend Period, as the case </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">may be.&#160; Notwithstanding the foregoing, any
adjustment of the remarketing schedule by the Remarketing Agents which includes
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">an adjustment of a Settlement Date
shall lengthen or shorten </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Dividend
Periods by causing them always to end on and include </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the day before the Settlement Date as so adjusted.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.45pt;margin-right:0in;margin-top:12.0pt;text-indent:33.85pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Dividend Reset Date&quot; means any date on which
the Remarketing Agents (i) determine the Applicable Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Rates for the
ensuing Dividend Periods, (ii) notify Holders, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Purchasers, and tendering Holders
of shares of RP by telephone, telex or otherwise of the results of the
Remarketing and (iii) announce such Applicable Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Rates.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.1pt;margin-right:0in;margin-top:12.0pt;text-indent:33.6pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Eligible Asset&quot; means S&amp;P Eligible Asset and/or Moody's </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Eligible Asset.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.35pt;margin-right:42.25pt;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Gross-up Dividend&quot; has the meaning set forth
in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">paragraph 3(1) of
this Part I.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:0in;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Holder&quot; means, with respect to any share of RP, the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">person whose
name appears on the share transfer books of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Trust as the registered holder of
such share.</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;">48</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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</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_49"></a><a name="_bclPageBorder49"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.8pt;margin-right:0in;margin-top:12.0pt;text-indent:33.35pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Independent Accountant&quot;
means a nationally recognized </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">accountant, or firm of accountants, that is with
respect to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the Trust, an independent public accountant or firm of independent public
accountants under the Securities Act of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">1933, as amended.</font></p>

<p style="background:white;margin:0in;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Initial Dividend Period&quot; means, with respect to any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">share of RP, a
28-day period commencing on and including the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Date of Original Issue of such
share and ending on the day </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">prior to the Initial Dividend Payment Date.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.7pt;margin-right:16.1pt;margin-top:12.0pt;text-align:justify;text-indent:34.3pt;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.75pt;">&quot;Interest
Equivalent&quot; means a yield on a 3 60-day basis </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">of a discount
basis security which is equal to the yield on </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">an equivalent interest-bearing security.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.7pt;margin-right:0in;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Market Value&quot; of any asset of the Trust means the market value
thereof determined by the Pricing Service designated from time to time by the
Board of Trustees.&#160; The </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Market Value of any asset shall include any interest
accrued </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">thereon.&#160; The Pricing Service shall value portfolio </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">securities at
the mean between the quoted bid and asked price </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">pricing service
using methods which include consideration of: </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">yields or prices of municipal bonds
of comparable quality, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">type of issue, coupon, maturity and rating; indications
as to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">value from dealers; and general market conditions.&#160; The pricing service
may employ electronic data processing techniques and/or a matrix system to
determine valuations.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.85pt;margin-right:0in;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Master Purchaser's Letter&quot; means a letter
substantially in the form of Exhibit A to Section 12.1 of this ARTICLE 12, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">or such other
form as may be acceptable to the Remarketing</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Agents, which is
required to be executed by each purchaser of</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.75pt;">shares of RP.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.85pt;margin-right:0in;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Maximum Dividend Rate&quot; for any 7-day Dividend
Period or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">28-day Dividend Period at any Dividend Reset Date shall be the Applicable
Percentage of the applicable &quot;AA&quot; Composite Commercial Paper Rate.&#160;
The Applicable Percentage on each Dividend Reset Date shall vary with the lower
of the credit rating or ratings assigned on such date to the shares of 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">of such ratings
by a Substitute Rating Agency or two </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Substitute Rating Agencies or, in
the event that only one such rating shall be available, such rating) as
follows:</font></p>



<BR>
<BR>




<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 &quot;AA&quot; Composite Commercial Paper Rate</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>
 </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>
 </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>
  </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>
 </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>
 </tr>
</table>

</div>



















<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.85pt;margin-right:0in;margin-top:12.0pt;text-indent:32.9pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">The Maximum Dividend Rate for any Special Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Period or any
Optional Dividend Period will be a fixed or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">variable rate determined from time
to time by formula or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">other means as designated by the Board of Trustees in
respect </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">of such Period.</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>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_50"></a><a name="_bclPageBorder50"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:7.7pt;margin-right:2.15pt;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">The Remarketing Agents shall round each applicable
Maximum Dividend Rate to the nearest one-thousandth </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:.95pt;">(0.001) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:.85pt;">(0.001)</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> of one
percent. The Remarketing Agents shall not round the &quot;AA&quot; Composite
Commercial Paper Rate as part of their calculation of any Maximum Dividend
Rate.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:9.6pt;margin-right:2.15pt;margin-top:12.0pt;text-indent:35.05pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&quot;Minimum
Liquidity Level&quot; has the meaning set forth in paragraph 9 of this Part I.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:10.55pt;margin-right:2.15pt;margin-top:12.0pt;text-indent:34.8pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&quot;Moody's&quot;
means Moody's Investors Service, Inc. or its successors.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:10.55pt;margin-right:2.15pt;margin-top:12.0pt;text-indent:35.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&quot;Moody's
Discount Factor&quot;&#160; means, for purposes of determining the Discounted Value
of any Moody's Eligible Asset, the&#160; percentage determined by reference to the&#160;
rating on such asset and the shortest Moody's Collateral Period set forth
opposite&#160; such rating that is the same length as or is longer than the Moody's
Exposure Period, in accordance with the table set forth below:</font></p>

<p style="background:white;margin:0in;margin-left:266.15pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.3pt;">__________ </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.3pt;">Rating</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.3pt;">
Category____ </font></p>

<p style="background:white;margin:0in;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.55pt;">Moody's Collateral
Period</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.55pt;">&#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><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.55pt;">Aaa*</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.55pt;">&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.3pt;line-height:22.55pt;">Aa*</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.55pt;">&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.8pt;line-height:22.55pt;">A*</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.55pt;">&#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:both;letter-spacing:-.1pt;line-height:22.55pt;">Baa*</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.55pt;"> </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.55pt;">Other**</font></u></p>

<p style="background:white;margin:0in;margin-left:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.55pt;">7</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;line-height:22.55pt;">&nbsp;&nbsp; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.55pt;">weeks or less &#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><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.75pt;line-height:22.55pt;">151%</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.55pt;">&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;line-height:22.55pt;">159%</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.55pt;">&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.75pt;line-height:22.55pt;">168%</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.55pt;">&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.85pt;line-height:22.55pt;">202%</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.55pt;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;line-height:22.55pt;">229%</font></p>

<p style="background:white;margin:0in;margin-left:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">8</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;">&nbsp;&nbsp; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">weeks or less but greater than seven
weeks.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 154&#160;&#160;&#160;&#160;&#160; 164&#160;&#160;&#160;&#160; 173&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.05pt;">205</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.05pt;">235</font></p>

<p style="background:white;margin:0in;margin-left:0in;text-indent:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">9</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;">&nbsp;&nbsp; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">weeks or less but greater than eight </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:1.1pt;">weeks</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 158&#160;&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.15pt;">169</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.05pt;">179</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.1pt;">209</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.05pt;">242</font></p>

<p style="background:white;margin:0in;margin-left:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.05pt;">10</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160; weeks or less but greater than nine
weeks&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 161&#160;&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.05pt;">175</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.05pt;">186</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.1pt;">213</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160; 250</font></p>

<p style="background:white;margin:0in;margin-right:18.25pt;text-indent:5.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:11.3pt;">*&#160;&#160;&#160; Moody's rating. </font></p>

<p style="background:white;margin:0in;margin-right:18.25pt;text-indent:5.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.4pt;line-height:11.3pt;">**&#160;&#160;&#160; Municipal Securities not
rated by Moody's but rated BBB by S&amp;P.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:11.5pt;margin-right:0in;margin-top:12.0pt;text-indent:32.9pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Notwithstanding the foregoing, (i) the Moody's Discount </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Factor for
short-term Municipal Securities will be 115%, so </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">long as such Municipal
Securities are rated at least M1G-1, VMIG-1 or P-1 by Moody's and mature or
have a demand feature </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">at par exercisable in 30 days or less and (ii) no
Moody's </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Discount Factor
will be applied to cash.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:12.7pt;margin-right:0in;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Moody's Eligible Asset&quot; means cash or a
Municipal </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Security that (i) pays interest in cash, (ii) is publicly rated Baa or
higher by Moody's or, if not rated by Moody's but rated by S&amp;P, is rated at
least BBB by S&amp;P (provided </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">that, for purposes of determining the Moody's
Discount Factor </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">applicable to any such S&amp;P-rated Municipal Security,
such Municipal Security will be deemed to have a Moody's rating </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">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; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">and (iv) is part of an issue of
Municipal Securities of at least $10,000,000.&#160; Municipal Securities issued by
any one issuer and rated BBB by S&amp;P may comprise no more than 4% of total
Moody's Eligible Assets; such BBB rated Municipal Securities, if any, together
with any Municipal Securities issued by the same issuer and rated Baa by
Moody's, may </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">comprise no more than 6% of total Moody's Eligible Assets; such BBB and
Baa rated Municipal Securities, if any, together</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">with any Municipal
Securities issued by the same issuer and rated A by Moody's, may comprise no
more than 10% of total Moody's Eligible Assets; and such BBB, Baa and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">A rated Municipal Securities, if any, together with any
Municipal </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Securities issued by the
same issuer and rated Aa by Moody's, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">may
comprise no more than 20% of total Moody's Eligible Assets.&#160; Municipal
Securities issued by issuers located within a single state or territory and
rated BBB by S&amp;P may </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">comprise no
more than 12% of total Moody's Eligible Assets; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">such BBB rated Municipal Securities, if any, together with </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">any Municipal Securities issued by issuers
located within the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">same state or
territory and rated Baa by Moody's, may </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">comprise no more than 20% of total Moody's Eligible Assets; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">such BBB and Baa rated Municipal Securities, if
any, together </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">with any Municipal
Securities issued by issuers located </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">within
the same state or territory and rated A by Moody's, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">may comprise no more than 40% of total Moody's
Eligible Assets; and such BBB, Baa and A rated Municipal Securities, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">if any, together with any Municipal Securities
issued by </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">issuers located within the
same state or territory and rated </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Aa
by Moody's, may comprise no more than 60% of total Moody's </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Eligible Assets.&#160; Municipal Securities that are
used by the Trust as collateral pursuant to a repurchase agreement that
obligates the Trust to repurchase such Municipal Securities will only
constitute Moody's Eligible Assets if the long-term debt of the other party to
the repurchase agreement is </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">rated at
least Aa by Moody's and such agreement has a term of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">30 days or less; such Municipal Securities shall
be valued at </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the Discounted Value of
such Municipal Securities.&#160; Municipal </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Securities
acquired as collateral by the Trust pursuant to a repurchase agreement that
obligates the other party thereto to repurchase such Municipal Securities will
only constitute a Moody's Eligible Asset if the long-term debt of such other
party is rated at least Aa by Moody's and such agreement has </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">a term of 30 days or less; such Municipal
Securities shall be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">valued at the
amount of cash paid by the Trust pursuant to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">such repurchase agreement.</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>


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</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_51"></a><a name="_bclPageBorder51"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.9pt;margin-right:0in;margin-top:12.0pt;text-indent:33.6pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Notwithstanding the foregoing, an asset will not be considered a Moody's
Eligible Asset if (i) it has been irrevocably deposited by the Trust for the
payment, in full or in part, of any of (i)(A) through (i)(F) as set forth in
the definition of &quot;RP Basic Maintenance Amount&quot; in this Section 12.2,
or (ii) it is subject to any material lien, mortgage, pledge, security interest
or security agreement of any kind (collectively, &quot;Liens&quot;), except for
(a) Liens the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">validity of which is being contested in good faith by </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">appropriate
proceedings, (b) Liens for taxes that are not then due and payable or that can
be paid thereafter without </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">penalty, (c) Liens to secure payment for services rendered
or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">cash
advanced to the Trust by The Putnam Management Company,</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Inc.,
Putnam Investor Services, Inc., the Paying Agent or any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Remarketing Agent and (d) any Lien by virtue of a
repurchase </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">agreement.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.95pt;margin-right:0in;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Moody's Exposure Period&quot; means the period commencing on a
given Valuation Date and ending 63 days thereafter.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.2pt;margin-right:0in;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Municipal Securities&quot; means municipal securities as described
in the Trust's Registration Statement on Form N-2 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">(File Nos.
33-26396 and 811-5740) on file with the Securities </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">and Exchange
Commission, as such Registration Statement may </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">be amended from time to time.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.4pt;margin-right:0in;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.7pt;">&quot;1940 Act&quot; means the Investment Company Act of 1940, as </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">amended from time to time.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.4pt;margin-right:0in;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&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) as of the last Business Day of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">each month,
means the last Business Day of the following </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">month.</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>


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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.35pt;margin-right:0in;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Trust which are
shares, including all outstanding shares of RP and Other RP (or such other
asset coverage as may in the future be specified in or under the 1940 Act as
the minimum </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">asset coverage for senior securities which are shares of a</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.7pt;">closed-end
investment company as a condition of paying </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">dividends on its common
stock).</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.2pt;margin-right:44.15pt;margin-top:12.0pt;text-indent:33.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Non-Call Period&quot; has the meaning described under </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&quot;Specific Redemption
Provisions&quot; below.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.7pt;margin-right:0in;margin-top:12.0pt;text-indent:32.9pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Non-Payment Period&quot; means any period commencing on and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">including the
day on which the Trust shall fail to (i) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">declare, prior to 12:00 noon, New
York City time, on any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Dividend Payment Date for shares of RP, for payment on
or (to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">dividend on such shares payable on such Dividend Payment Date or (ii)
deposit, irrevocably in trust, in same-day funds, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">with the Paying
Agent by 12:00 noon, New York City time, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(A) on or (to the extent permitted
below) within three </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Business Days after any Dividend Payment Date for any
shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">of RP the full amount of any dividend on such shares (whether </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">of RP called for redemption, the redemption price of $100,000 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">per share plus
the full amount of any dividends thereon </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(whether or not earned or
declared) accumulated but unpaid to such redemption date plus the premium, if
any, resulting from</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the designation of a Premium Call Period, 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">made
available to Holders in same-day funds; provided that, a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Agents and the Securities Depository and
thereafter shall not </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">end unless the
Trust shall have given at least fourteen days' </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">written notice to the Payment Agent, the Remarketing Agents, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the Securities Depository and all Beneficial
Owners.&#160; Any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">dividend on shares of
RP due on any Dividend Payment Date for </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">with respect to such shares not paid to such
Holders when due </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">may (if such
non-payment is not solely due to the willful </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">failure of the Trust) be paid pro rata to such Holders in the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">amount is accompanied by a late charge calculated
for such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">period of non-payment as
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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.2pt;margin-right:0in;margin-top:12.0pt;text-indent:33.35pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Non-Payment Period Rate&quot; means, initially,
200% of the applicable &quot;AA&quot; Composite Commercial Paper Rate, provided
that the Board of Trustees shall have the authority to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">adjust, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">modify, alter or change from time to time the initial </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Non-Payment
Period Rate if the Board of Trustees determines </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">and the Rating Agencies advise the
Trust in writing that such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">adjustment, modification, alteration or change will not </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">adversely
affect their then-current ratings on the RP.</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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</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_53"></a><a name="_bclPageBorder53"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.65pt;margin-right:0in;margin-top:12.0pt;text-indent:33.6pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Notice of Redemption&quot; means any notice with
respect to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the redemption of shares of RP pursuant to paragraph 4 of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">this Part I.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:0in;margin-top:12.0pt;text-indent:33.35pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Optional Dividend Period&quot; means a Dividend
Period established by the Board of Trustees pursuant to paragraph </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">3(j) of this Part I.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.1pt;margin-right:23.05pt;margin-top:12.0pt;text-indent:33.35pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">&quot;Original RP&quot; means the Remarketed Preferred
Shares, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Series A-C of
the Trust.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.1pt;margin-right:0in;margin-top:12.0pt;text-indent:33.85pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Other RP&quot; means the remarketed preferred
shares of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Trust, other than the RP, and includes the Original RP.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.8pt;margin-right:0in;margin-top:12.0pt;text-indent:33.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Paying Agent&quot; means Bankers Trust Company, or any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">successor
company or entity, which has entered into a Paying </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Agent Agreement
with the Trust to act for the Trust, among</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">other things, as the
transfer agent, registrar, dividend and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">redemption price disbursing agent, settlement agent and agent for
certain notifications in connection with the shares of RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">in accordance
with such agreement.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.95pt;margin-right:44.15pt;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Paying Agent Agreement&quot; means an agreement to be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">entered into
between the Trust and the Paying Agent.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.95pt;margin-right:22.1pt;margin-top:12.0pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Preferred Shares&quot; means the preferred shares of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Trust, and includes RP and Other RP.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.4pt;margin-right:22.1pt;margin-top:12.0pt;text-indent:33.35pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Premium Call Period&quot; has the meaning
specified in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&quot;Specific
Redemption Provision,&quot; below.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.15pt;margin-right:0in;margin-top:12.0pt;text-indent:33.6pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Pricing Service&quot; means Mellon Investdata
Corp., or any successor company or entity, or as designated from time to time
by the Board of Trustees.&#160; Notwithstanding the foregoing, the Board of 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">impair the
ratings then assigned by Moody's and S&amp;P to shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">of RP.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.85pt;margin-right:0in;margin-top:12.0pt;text-indent:33.6pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Quarterly Valuation Date&quot; means the last
Business Day </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of each fiscal quarter of the Trust in each fiscal year of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">the Trust, commencing October 31,
1989.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.1pt;margin-right:0in;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Remarketing&quot; means each periodic operation of
the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">process for remarketing shares of RP as described in Part II </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">hereof.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.1pt;margin-right:0in;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Remarketing Agents&quot; means Merrill Lynch,
Pierce, Fenner &amp; Smith Incorporated and Prudential-Bache Securities Inc.
and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">any
additional or successor companies or entities which have entered into an
agreement with the Trust to follow the remarketing procedures for the purpose
of determining the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Applicable
Dividend Rate.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.5pt;margin-right:0in;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;RP&quot; means Remarketed Preferred Shares, Series I, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">without par
value, liquidation preference $100,000 per share, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">of the Trust to be issued pursuant
hereto.</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;">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>


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</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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.5pt;margin-right:0in;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;RP Basic Maintenance
Amount,&quot; as of any Valuation Date, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">means the dollar amount equal to
the sum of (i)(A) the product of the number of shares of RP and Other RP
outstanding on such date multiplied by $100,000; (B) the aggregate amount of
dividends that will have accumulated </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(whether or not earned or
declared) for each share of RP and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Other RP outstanding in each case to (but not
including) the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">next Dividend Payment Date that follows such Valuation
Date; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">(C) the aggregate amount of dividends that would accumulate </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">at the then
current Maximum Dividend Rate on any shares of RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">and Other RP
outstanding from the Business Days following such respective Dividend Reset
Dates through the 63rd day after such Valuation Date, multiplied by the larger
of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">factors
(currently 246%) determined from time to time by </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Moody's and S&amp;P and
designed to take into account potential </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">increases in dividend rates over
such period (except that if such Valuation Date occurs during a Non-Payment
Period, the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 premium, if any,
resulting </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">from the designation of a Premium Call Period; and (F) any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">current
liabilities as of such Valuation Date to the extent </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">not reflected
in any of (i)(A) through (i)(E) (including, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">without limitation, any current
liabilities relating to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">futures and options and any Gross-up Dividends which are
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">payable
pursuant to paragraph 3(k) of this Part I with </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">respect to the RP and any
analogous provision with respect to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Other RP, and payables for Municipal Securities
purchased as </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">of such Valuation Date) less (ii) the sum of (A) receivables for
Municipal Securities sold as of such Valuation Date, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">provided that,
for purposes of calculating RP Basic Maintenance Amount in order to determine
whether the Trust has Moody's Eligible Assets with a Discounted Value that
equals the Moody's Basic Maintenance Amount, the party from which such
receivable is due shall have long-term debt securities rated at least A2 by
Moody's and such receivable </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">is due in 30 days or less, and (B) the value of
any of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Trust's assets irrevocably deposited by the Trust for the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">payment of any of (i)(A) through
(i)(F).</font></p>

<p style="background:white;margin:0in;margin-top:12.0pt;text-indent:33.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;RP Basic Maintenance Cure Date,&quot; with respect to the failure
by the Trust to satisfy the RP Basic Maintenance </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Amount (as required by
paragraph 8(a) of this Part I) as of a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">given Valuation Date, means the
ninth Business Day following </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">such Valuation Date.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.2pt;margin-right:0in;margin-top:12.0pt;text-indent:33.6pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;RP Basic Maintenance Report&quot; means a report signed by </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the President,
Treasurer or any Senior Vice President or Vice </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">President of the Trust which sets
forth, as of the related </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Valuation Date, the assets of the Trust, the Market
Value and the Discounted Value thereof (seriatim and in aggregate), and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">the RP Basic Maintenance Amount.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.65pt;margin-right:44.15pt;margin-top:12.0pt;text-indent:33.85pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;S&amp;P&quot; means Standard &amp; Poor's
Corporation or its </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">successors.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.9pt;margin-right:0in;margin-top:12.0pt;text-indent:33.85pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;S&amp;P Discount Factor&quot; means, for purposes
of determining </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">the Discounted Value of any S&amp;P Eligible Asset, the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">percentage
determined by reference to the rating on such asset and the shortest S&amp;P
Collateral 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">set forth below:</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>


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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.9pt;margin-right:0in;margin-top:12.0pt;text-indent:33.85pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-left:232.3pt;text-indent:19.7pt;"><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.15pt;">Rating Category</font></u></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:95%;">
 <tr style="height:11.75pt;">
  <td valign=top width=34% style="background:white;border-bottom:solid windowtext 1.0pt;border-right:solid white 1.0pt;height:11.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:1.2pt;"><u><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.1pt;">S&amp;P </font></u><font style="border:solid white 1.0pt;padding:0in;"><u><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.1pt;">Collateral</font></u></font><u><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.1pt;">
  Period</font></u></p>
  </td>
 <td valign=top width=13% style="background:white;border-bottom:solid white 1.0pt;border-right:solid white 1.0pt;border-top:solid white 1.0pt;height:11.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:1.2pt;"><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">&nbsp;</font></p>
  </td>
 <td valign=top width=13% style="background:white;border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:11.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:1.2pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">AAA*</font></p>
  </td>
 <td valign=top width=14% style="background:white;border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:11.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:14.15pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">AA*</font></p>
  </td>
 <td valign=top width=14% style="background:white;border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:11.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:19.45pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">A*</font></p>
  </td>
 <td valign=top width=12% style="background:white;border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:11.75pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:8.65pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.2pt;">BBB*</font></p>
  </td>
 </tr>
<tr style="height:29.5pt;">
  <td valign=top width=34% style="background:white;border-right:solid white 1.0pt;height:29.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.15pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.95pt;">40
  Business Days</font></p>
  </td>
 <td valign=top width=13% style="background:white;border-bottom:solid white 1.0pt;border-right:solid white 1.0pt;height:29.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.15pt;"><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">&nbsp;</font></p>
  </td>
 <td valign=top width=13% style="background:white;height:29.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.15pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">190%</font></p>
  </td>
 <td valign=top width=14% style="background:white;height:29.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.6pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">195%</font></p>
  </td>
 <td valign=top width=14% style="background:white;height:29.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.6pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">210%</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:29.5pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.1pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">250%</font></p>
  </td>
 </tr>
<tr style="height:22.8pt;">
  <td valign=top width=34% style="background:white;border-right:solid white 1.0pt;height:22.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.65pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.95pt;">22
  Business Days</font></p>
  </td>
 <td valign=top width=13% style="background:white;border-bottom:solid white 1.0pt;border-right:solid white 1.0pt;height:22.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.65pt;"><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">&nbsp;</font></p>
  </td>
 <td valign=top width=13% style="background:white;height:22.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.65pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">170</font></p>
  </td>
 <td valign=top width=14% style="background:white;height:22.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.6pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">175</font></p>
  </td>
 <td valign=top width=14% style="background:white;height:22.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.6pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">190</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:22.8pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.35pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">230</font></p>
  </td>
 </tr>
<tr style="height:22.55pt;">
  <td valign=top width=34% style="background:white;border-right:solid white 1.0pt;height:22.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.65pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.95pt;">10
  Business Days</font></p>
  </td>
 <td valign=top width=13% style="background:white;border-bottom:solid white 1.0pt;border-right:solid white 1.0pt;height:22.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.65pt;"><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">&nbsp;</font></p>
  </td>
 <td valign=top width=13% style="background:white;height:22.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.65pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">155</font></p>
  </td>
 <td valign=top width=14% style="background:white;height:22.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.85pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">160</font></p>
  </td>
 <td valign=top width=14% style="background:white;height:22.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.85pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">175</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:22.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.6pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">215</font></p>
  </td>
 </tr>
<tr style="height:22.55pt;">
  <td valign=top width=34% style="background:white;border-right:solid white 1.0pt;height:22.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.9pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">7
  Business Days</font></p>
  </td>
 <td valign=top width=13% style="background:white;border-bottom:solid white 1.0pt;border-right:solid white 1.0pt;height:22.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.9pt;"><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">&nbsp;</font></p>
  </td>
 <td valign=top width=13% style="background:white;height:22.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.9pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">150</font></p>
  </td>
 <td valign=top width=14% style="background:white;height:22.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.85pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">155</font></p>
  </td>
 <td valign=top width=14% style="background:white;height:22.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.85pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">170</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:22.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.6pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">210</font></p>
  </td>
 </tr>
<tr style="height:16.55pt;">
  <td valign=top width=34% style="background:white;border-right:solid white 1.0pt;height:16.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.9pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.85pt;">3
  Business Days</font></p>
  </td>
 <td valign=top width=13% style="background:white;border-bottom:solid white 1.0pt;border-right:solid white 1.0pt;height:16.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.9pt;"><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">&nbsp;</font></p>
  </td>
 <td valign=top width=13% style="background:white;height:16.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.9pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">130</font></p>
  </td>
 <td valign=top width=14% style="background:white;height:16.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:10.1pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">135</font></p>
  </td>
 <td valign=top width=14% style="background:white;height:16.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:10.1pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">150</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:16.55pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.85pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">190</font></p>
  </td>
 </tr>
<tr style="height:30.0pt;">
  <td valign=top width=34% style="background:white;border-right:solid white 1.0pt;height:30.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.9pt;"><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.85pt;">&nbsp;</font></p>
  <p style="background:white;margin:0in;margin-left:2.9pt;"><font color=black face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.85pt;">*
  S&amp;P rating.</font></p>
  </td>
 <td valign=top width=13% style="background:white;border-bottom:solid white 1.0pt;border-right:solid white 1.0pt;height:30.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.9pt;"><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">&nbsp;</font></p>
  </td>
 <td valign=top width=13% style="background:white;height:30.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:2.9pt;"><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">&nbsp;</font></p>
  </td>
 <td valign=top width=14% style="background:white;height:30.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:10.1pt;"><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">&nbsp;</font></p>
  </td>
 <td valign=top width=14% style="background:white;height:30.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:10.1pt;"><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">&nbsp;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:30.0pt;padding:0in 2.0pt 0in 2.0pt;">
  <p style="background:white;margin:0in;margin-left:9.85pt;"><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:both;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>

<p style="background:white;margin:0in;margin-top:12.0pt;text-indent:34.6pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-top:12.0pt;text-indent:34.6pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Notwithstanding
the foregoing, (i) the S&amp;P Discount Factor for short-term Municipal
Securities will be 115%, so long as such Municipal Securities 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 Securities are not rated by S&amp;P but are
rated VMIG-1, P-l or MIG-1 by Moody's; provided, however, that if such
short-term Municipal Securities are backed by any letter of credit, liquidity
facility or guarantee from a bank or other financial institution, such bank or
institution must have a short-term rating of at least A-1+ from S&amp;P; and
further provided that such short-term Municipal Securities rated by Moody's but
not rated by S&amp;P may comprise no more than 50% of short-term Municipal
Securities that qualify as S&amp;P Eligible Assets and (ii) no S&amp;P Discount
Factor will be applied to cash.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.7pt;margin-right:0in;margin-top:12.0pt;text-indent:32.9pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;S&amp;P Eligible Asset&quot; means cash or a Municipal Security </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">that (i) is
interest bearing and pays interest at least semi&#173;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">annually; (ii) is payable
with respect to principal and interest in United States Dollars; (iii) is
publicly rated BBB or higher by S&amp;P or, 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
Securities will be included in S&amp;P Eligible Assets only to the extent the
Market Value of such Municipal Securities does not exceed 50% of the aggregate </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Market Value of
the S&amp;P Eligible Assets; and further provided </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">that, for
purposes of determining the S&amp;P Discount Factor </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">applicable to
any such Moody's-rated Municipal Security, such Municipal Security will be
deemed to have an S&amp;P rating which is one full rating category lower than
its Moody's rating); (iv) is not subject to a covered call or covered put option
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">written
by the Trust; (v) is not part of a private placement of Municipal Securities;
and (vi) is part of an issue of Municipal Securities 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">securities outstanding.&#160;
Notwithstanding the foregoing: </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">(i)&#160; Municipal Securities of any one issuer or
guarantor (excluding bond insurers) will be considered S&amp;P Eligible Assets
only to the extent the Market Value</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of such Municipal Securities does not
exceed 10% of the aggregate Market Value of the S&amp;P Eligible Assets, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">provided that 2% is added to the applicable
S&amp;P Discount </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Factor for every 1%
by which the Market Value of such Municipal Securities exceeds 5% of the
aggregate Market </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Value of the S&amp;P Eligible </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Assets;</font></p>
<a name="_bclFooter55"></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;">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="background:white;margin:0in;margin-top:12.0pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">(ii)&#160; Municipal Securities guaranteed or insured by </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">any one bond
insurer will be considered S&amp;P Eligible Assets only to the extent the
Market Value of such Municipal Securities does not exceed 25% of the aggregate
Market Value of the S&amp;P Eligible Assets; and</font></p>

<p style="background:white;margin:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">(iii)&#160; Municipal Securities 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 Securities does not exceed 20% of the aggregate Market
Value of the S&amp;P Eligible Assets. &quot;S&amp;P Exposure Period&quot; means
the maximum period of time following a Valuation Date that the Trust has under
this </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Section 12.2 to cure any failure to maintain, as of such Valuation Date,
the Discounted Value for its portfolio at </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">least equal to the RP Basic
Maintenance Amount (as described in paragraph 8(a) of this Part I) which period
of time is </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">currently
nine Business Days.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.7pt;margin-right:0in;margin-top:12.0pt;text-indent:35.05pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Securities Depository&quot; means The Depository
Trust Company or any successor company or other entity selected by</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the
Trust as securities depository of the shares of RP that </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">agrees to follow the procedures required to be
followed by </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">such securities
depository in connection with the shares of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">RP.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:35.3pt;margin-right:0in;margin-top:12.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Service&quot;
means the Internal Revenue Service.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.7pt;margin-right:0in;margin-top:12.0pt;text-indent:33.85pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">&quot;Settlement Date&quot; means the first Business Day
after a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Dividend Reset Date applicable to a share of RP.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.7pt;margin-right:0in;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;7-day Dividend Period&quot; means (i) a Dividend Period </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">designated as
such by a Beneficial Owner of a share of RP or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">(ii) any Dividend Period commencing
after the first day of, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">and during, a Non-Payment Period, and, in all such
cases, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">containing seven
days.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.1pt;margin-right:0in;margin-top:12.0pt;text-indent:33.85pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Special Dividend Period&quot; means a Dividend
Period </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">established by the Board of Trustees pursuant to paragraph </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">3(j) of this Part I.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.85pt;margin-right:0in;margin-top:12.0pt;text-indent:33.6pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Specific Redemption Provisions&quot; means, with
respect to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">any Optional Dividend Period of 365 or more days or Special Dividend
Period of 365 or more days, either, or any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">combination of, (i) a period (a
&quot;Non-Call Period&quot;) determined </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">by the Board of 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 Board of Trustees, after
consultation with</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the Remarketing Agents, during each year of which
the shares of RP subject to such Dividend Period shall be redeemable at </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the Trust's option at a price per share equal to
$100,000 plus accumulated but unpaid dividends plus a premium expressed as a
percentage of $100,000, as determined by the Board of Trustees after
consultation with the Remarketing </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Agents.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.2pt;margin-right:0in;margin-top:12.0pt;text-indent:34.8pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&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, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">their respective affiliates or successors.</font></p>


<a name="_bclFooter56"></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;">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>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_57"></a><a name="_bclPageBorder57"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.15pt;margin-right:0in;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Substitute Rating
Agency&quot; and &quot;Substitute Rating Agencies&quot; mean a nationally
recognized statistical rating </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">organization or two nationally recognized
statistical rating organizations, respectively, selected by the Trust to act as
the substitute rating agency or substitute rating agencies, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">as the case may
be, to determine the credit ratings of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">shares of RP.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.85pt;margin-right:0in;margin-top:12.0pt;text-indent:34.8pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Tender and Dividend Reset&quot; means the process
pursuant </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">to which shares of RP may be tendered in a Remarketing or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">held and become
subject to the new Applicable Dividend Rate </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">or Rates determined by the
Remarketing Agents in such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Remarketing.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:5.5pt;margin-right:0in;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Tender Date&quot; means any date on which (i) a holder of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">shares of RP
must provide to the Remarketing Agents</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">irrevocable
telephonic notice of intent to tender shares of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">RP in a Remarketing or to change Dividend Periods for shares and (ii)
such Remarketing formally commences.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.5pt;margin-right:0in;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&quot;Trust&quot; means Putnam Managed Municipal Income Trust, a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Massachusetts business trust.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.45pt;margin-right:22.1pt;margin-top:12.0pt;text-indent:33.35pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;28-day Dividend Period&quot; means a Dividend
Period </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">designated as such by a Beneficial Owner of a share of RP.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.45pt;margin-right:22.1pt;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&quot;Valuation Date&quot; means, for purposes of
determining </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">whether the Trust is maintaining the RP Basic Maintenance Amount and the
Minimum Liquidity Level, each Business Day.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.9pt;margin-right:0in;margin-top:12.0pt;text-indent:33.35pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&quot;Voting Period&quot; has the meaning set forth in
paragraph </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">6(b) of this
Part I.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.35pt;margin-right:22.1pt;margin-top:12.0pt;text-indent:32.9pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.25pt;">2.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#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:both;letter-spacing:-.55pt;">Fractional Shares</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">.&#160; No fractional shares of RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">shall be
issued.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:0in;margin-top:12.0pt;text-indent:33.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;">3.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#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:both;letter-spacing:-.45pt;">Dividends</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">.&#160; (a)&#160; The Holders as of 12:00 noon, New </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">York City time, on the applicable Dividend
Payment Date, shall be entitled to receive, when, as and if declared by the Board
of Trustees, out of funds legally available therefor, cumulative dividends, at
the Applicable Dividend Rate. </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Dividends
on the shares of RP so declared and payable shall be paid (i) in preference to
and in priority over any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">dividends
declared and payable on the Common Shares, and (ii) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">to the extent permitted under the Code and to the
extent available and in preference to and priority over any dividends declared
and payable on the Common Shares, out of</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> tax-exempt income earned on the
Trust's investments, subject to the application of the alternative minimum tax
provisions of the Code.&#160; Dividends on shares of RP will be designated as
exempt-interest dividends up to the amount of net tax-exempt income of the
Trust for purposes of section 852 of the Code.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:0in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">(b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; 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 Board of Trustees, on each Dividend
Payment Date applicable to such share of RP.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:0in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">(c)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; 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).&#160; Dividends on
any share 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Dividend Payment Date, to the Holder of such share as of a
date not exceeding five Business Days preceding the date of payment thereof as
may be fixed by the Board of 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>
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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>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_58"></a><a name="_bclPageBorder58"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.8pt;margin-right:0in;margin-top:12.0pt;text-indent:36.25pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">(d)</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; 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, except as
set forth in paragraph 3(1) of this Part I.&#160; Except as provided in paragraph
3(h) of this Part I, 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>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.75pt;">(e)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.75pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; 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 rate per annum
that results from implementation of the remarketing procedures described in
Part II hereof.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.55pt;">(f)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.55pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; The amount of
declared dividends for each share of RP payable on each Dividend Payment Date
in respect of any 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 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 last day of such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.05pt;">Dividend
Period, and the denominator of which shall be 365, and then multiplying the
percentage so obtained by $100,000. </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">In accordance with the remarketing
procedures described in Part II hereof, there may exist at any given time a
number of Dividend Payment Dates for all outstanding shares of RP and</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.55pt;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">dividends
on any such share shall be payable only on a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Dividend Payment Date applicable to such share.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.5pt;margin-right:0in;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(g)&#160; No later than by 12:00 noon, New York City time, on </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">on any share of RP.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.2pt;margin-right:0in;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">(h)&#160; The Applicable Dividend Rate for each Dividend
Period commencing during a Non-Payment Period shall be equal to the Non-Payment
Period Rate; any share of RP for which an Optional Dividend Period or a Special
Dividend Period would otherwise have commenced on the first day of a
Non-Payment </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Period shall have, instead, a 7-day Dividend Period; and each </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Dividend Period
commencing after the first day of, and during, a Non-Payment Period shall be a
7-day Dividend Period.&#160; Any amount of any dividend due on any Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Payment Date
for any shares of RP (if, prior to 12:00 noon, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">of such shares
of RP as of 12:00 noon,&#160; New York City time, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">on the Business Day preceding such
Dividend Payment Date) or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">redemption price with respect to any shares of RP not
paid to such Holders when due </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">but paid to such Holders
in the same form of funds by 12:00 noon, New York City time, on any of</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">for such period of
non-payment at the Non-Payment Period Rate </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">applied to the amount of such non-payment based on the actual </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">number of days comprising such period divided by
365.&#160; For </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the purposes of the
foregoing and paragraphs 3(g) and 4(g) of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">this Part I, payment to a person in same-day funds on any Business Day
at any time shall be considered equivalent to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">payment to such person in New York Clearing House (next-day) funds at
the same time on the preceding Business Day, and any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">payment made after 12:00 noon, New York City time,
on any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Business Day shall be
considered to have been made instead in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the same form of funds and to the same person before 12:00 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">noon, New York City time, on the next Business
Day.</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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</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_59"></a><a name="_bclPageBorder59"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.1pt;margin-right:0in;margin-top:12.0pt;text-indent:36.25pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">(i)&#160; Except during a Non-Payment Period, by 1:00 p.m. on
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the
Tender Date in the Remarketing at the end of the Initial </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Dividend Period
applicable to a share of RP, and by 1:00 p.m. </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">on the Tender Date in the
Remarketing at the end of each subsequent Dividend Period applicable to a share
of RP, the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Beneficial Owner of such share may elect to tender such share </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">or to hold such
share for the next Dividend Period.&#160; If the Beneficial Owner of such share of
RP elects to hold such share, such Beneficial Owner shall elect to hold such
share for a 7-day Dividend Period or a 28-day Dividend Period or</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">any
available Optional Dividend Period or a Special Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Period if the succeeding Dividend Period with
respect to such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">share has been
designated by the Board of Trustees as a Special Dividend Period; provided
that, (i) if such Beneficial Owner shall elect to hold such share for a 7-day
Dividend Period or a 28-day Dividend Period, but (a) there are no Remarketing
Agents or the Remarketing Agents are not required to conduct a Remarketing,
such Beneficial Owner shall hold such share for a 7-day Dividend Period, and
the Applicable Dividend Rate shall be the Maximum Dividend Rate for a 7-day
Dividend Period or (b) the Remarketing Agents are </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">unable to remarket in such Remarketing all shares
of RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">subject to such Remarketing and
tendered (or deemed tendered) to them at a price of $100,000 per share, such
Beneficial Owner shall hold such share for the Dividend Period it had chosen
and the Applicable Dividend Rate therefor shall be the applicable Maximum
Dividend Rate, and (ii) if the Board of Trustees has designated the next succeeding
Dividend Period </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">with respect to such
share as a Special Dividend Period or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">such
Beneficial Owner elects an available Optional Dividend Period with respect to
such shares and there are no Remarketing Agents, the Remarketing Agents are not
required </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">to conduct a Remarketing or
the Remarketing Agents are unable </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">to
remarket in the Remarketing on the Dividend Reset Date following such Tender
Date all shares of RP tendered (or</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">deemed
tendered) to them at a price of $100,000 per share, then the next succeeding
Dividend Period in respect of such share shall be a 7-day Dividend Period, and
the Applicable </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Dividend Rate in
respect of such share for such next </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">succeeding
Dividend Period shall be the Maximum Dividend Rate for a 7-day Dividend
Period.&#160; If the Beneficial Owner of such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">share of RP fails to elect to tender or hold such share, or to elect a
Dividend Period for such share, by 1:00 p.m. on such Tender Date, such
Beneficial Owner shall continue to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">hold
such share at the Applicable Dividend Rate determined in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">such Remarketing for a Dividend Period of the same
type as the current Dividend Period for such shares; provided that (i) if such
current Dividend Period is a 7-day Dividend Period or a 28-day Dividend Period,
but (a) there are no </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Remarketing
Agents, or the Remarketing Agents are not </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">required to conduct a Remarketing, such Beneficial Owner shall hold such
share for a 7-day Dividend Period, and the Applicable Dividend Rate shall be
the Maximum Dividend Rate </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">for a
7-day Dividend Period or (b) the Remarketing Agents are </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">unable to remarket in such Remarketing all shares
of RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">subject to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">such
Remarketing and tendered (or deemed tendered) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">to them at a price of $100,000 per share, such Beneficial Owner shall
hold such share for the same Dividend Period as its then current Dividend
Period and the Applicable Dividend Rate therefor shall be the applicable
Maximum Dividend Rate,</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">and (ii) if
such current Dividend Period is an Optional Dividend Period or a Special
Dividend Period, or the succeeding Dividend Period has been designated by the
Board of Trustees as a Special Dividend Period and such share is </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">subject to such Special Dividend Period, then such
Beneficial </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Owner shall be deemed to
have elected to tender such share. If the Remarketing Agents are unable to
remarket in such Remarketing all shares of RP subject to such Remarketing and
tendered (or deemed tendered) to them at a price of $100,000 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">per share, the Beneficial Owner thereof shall hold
such share </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">at the applicable Maximum
Dividend Rate for a 7-day Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Period.&#160;
If a share of RP is tendered (or deemed tendered) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">and purchased in a Remarketing, the next Dividend
Period for such share shall be the Dividend Period elected by the purchaser of
such share in such Remarketing or the Special Dividend Period with respect to
such share, as the case may </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">be, at
the Applicable Dividend Rate therefor, except that, if </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the Remarketing Agents are unable to remarket in
such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Remarketing all shares of RP
tendered (or deemed tendered) to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">them
at a price of $100,000 per share, no purchaser in such Remarketing shall be
permitted to acquire shares having an </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Optional
Dividend Period or a Special Dividend Period and the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">next Dividend Period for such a share shall be a
7-day Dividend Period and the Applicable Dividend Rate therefore </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">shall be the applicable Maximum Dividend Rate.</font></p>
<a name="_bclFooter59"></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;">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>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_60"></a><a name="_bclPageBorder60"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="background:white;margin:0in;margin-top:12.0pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&#160;(j) Except during a Non-Payment Period, the Board of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Trustees may at
any time and from time to time institute one or more optional Dividend Periods
with such number of days, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">and which shall be available for such period, as the
Board of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Trustees shall specify; provided that (i) in respect of any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Optional
Dividend Period, the Board of Trustees shall also </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">determine a
Maximum Dividend Rate after consultation with </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Remarketing Agents, which rate, as
determined from time to time by formula or other means, may be fixed or
variable and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">(ii) in respect of an Optional Dividend Period of 3 65 or more </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">days, the Board
of Trustees, after consultation with the Remarketing Agents, may establish
Specific Redemption </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Provisions.&#160; An Optional Dividend Period shall be
available after seven days' written notice thereof and, if applicable, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">of the Maximum
Dividend Rate and Specific Redemption </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Provisions, if any, in respect
thereof shall have been given </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">to the Remarketing Agents, the Paying Agent and
the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Securities Depository.&#160; The Trust also shall publish promptly notice of
any designation of an Optional Dividend Period, and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">related Maximum
Dividend Rate and Specific Redemption </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Provisions, if any, at least once
in an Authorized Newspaper, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">but the failure so to publish shall not affect
the validity </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">or effectiveness of any such designation or determination. </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">After an
Optional Dividend Period becomes available, such Optional Dividend Period shall
be available in each</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Remarketing and, if elected by any Beneficial
Owner of shares of RP, shall commence on each Settlement Date and continue </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">until rescinded by the Board of Trustees, which
rescission </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shall be effective after
seven days' written notice thereof shall have been given to the Remarketing Agents,
the Paying </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Agent, the Securities
Depository and Beneficial Owners.&#160; The </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">existence
or rescission of any Optional Dividend Period shall </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">not affect any current Dividend Period or prevent
the Board </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">of Trustees from
establishing other Optional Dividend Periods </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of similar duration or in any way restrict the Maximum </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Dividend Rate or Specific Redemption Provisions
which may be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">designated in connection
with any other Optional Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Period.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.1pt;margin-right:0in;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(k)&#160; The Board of Trustees may at any time designate a
subsequent Dividend Period with respect to all or any specified fewer number of
shares of RP eligible for Tender and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Dividend Reset on
the Tender Date next preceding the commencement of such Dividend Period as a
Special Dividend Period with such number of days as the Board of Trustees shall
specify; provided that (i) written notice of any such designation, of the
Maximum Dividend Rate, and Specified </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Redemption Provisions, if any, in
respect thereof and of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">consequences of failure to tender or to elect to hold
shares, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">must be given at least seven days prior to such Tender Date to the
Remarketing Agents, the Paying Agent, the Securities</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Depository
and the Beneficial Owners of shares of RP which are to be subject to such
Special Dividend Period; (ii) no Special Dividend Period may commence for any
share of RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">during a Non-Payment
Period or if the Trust fails to maintain </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">either the RP Basic Maintenance Amount or the 1940 Act RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Asset Coverage and such failure is not cured;
(iii) if such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Special Dividend Period
contains 365 or more days, (x) the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">shares
of RP subject to such Special Dividend Period shall have an aggregate
liquidation preference (exclusive of accumulated but unpaid dividends and the
premium, if any) of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">at least $3
0,000,000 or such greater or lesser amount as may </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">be specified by the Board of Trustees and (y) the
shares, if any, of RP not subject to such Special Dividend Period shall have an
aggregate liquidation preference (exclusive of accrued but unpaid dividends and
the premium, if any) of at least $30,000,000 or such greater or lesser amount
specified by the Board of Trustees; (iv) in respect of any Special </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Dividend Period, the Board of Trustees shall also
determine a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Maximum Dividend Rate
after consultation with Remarketing Agents, which rate, as determined from time
to time by formula or other means, may be fixed or variable; and (v) in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">respect of any Special Dividend Period of 365 or
more days, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the Board of Trustees,
after consultation with the Remarketing Agents, may establish Specific
Redemption </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Provisions.</font></p>
<a name="_bclFooter60"></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;">60</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="background:white;margin:0in;margin-top:12.0pt;text-indent:32.65pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">On or before 5:00 p.m., New York City time, on the third
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Business
Day prior to the designation of a Special Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Period, the
Trust shall complete and deliver to S&amp;P, on a pro forma basis, an RP Basic
Maintenance Report for such proposed </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Special Dividend period, taking
into account the proposed number of days to be specified as a Special Dividend
Period and the proposed Maximum Dividend Rate to be determined with </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">respect to such Special Dividend
Period.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.95pt;margin-right:0in;margin-top:12.0pt;text-indent:39.85pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">The existence or rescission of any Special Dividend
Period shall not affect any current Dividend Period or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">prevent the
Board of Trustees from establishing other Special </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Dividend Periods
of similar duration or in any way restrict the Maximum Dividend Rate or
Specific Redemption Provisions which may be designated in connection with any
other Special </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Dividend
Period.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.65pt;margin-right:0in;margin-top:12.0pt;text-indent:33.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">If the Remarketing Agents are unable to remarket
sufficient shares of RP at the commencement of a Special Dividend Period to
satisfy the requirement described in clause (iii) of the preceding paragraph,
then the Dividend Period in respect of any share of RP which otherwise would </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">have been
subject to such Special Dividend Period shall be a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">7_-day Dividend
Period and an Applicable Dividend Rate shall </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">be set by the Remarketing Agent in
accordance with the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">remarketing
procedures.</font></p>

<p style="background:white;margin:0in;margin-top:12.0pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&#160;(l)&#160; If all or any part of the dividends on the shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of RP determined
by implementation of the remarketing procedures described in Part II hereof is
not designated by </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the Trust in good faith as an exempt-interest dividend
within </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">the meaning of Section 852(b) (5) of the Code solely because </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the Trust
allocates capital gains or ordinary income to the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shares of RP,
(such portion of the dividends on the shares of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">RP (other than any Gross-up
Dividends) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">that is not so </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">designated is
referred to herein as a &quot;Nonqualifying </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Distribution&quot;), the Trust
will, not later than 270 days after the end of the Trust's fiscal year for
which such designation </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">is made, provide notice thereof to the Paying Agent.&#160;
The Paying Agent will mail a copy of such notice to each Qualified Investor (as
defined below) at the address specified in such Qualified Investor's Master
Purchaser's Letter as promptly as practicable after its receipt of such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">notice from the
Trust.&#160; The Trust will, within 30 days after </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">such notice is given to the Paying
Agent, pay to the Paying </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Agent (who will then distribute to the Qualified
Investors) , </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">out of funds legally available therefor, an amount equal to the aggregate
Gross-up Dividends (as defined below) with respect to all Nonqualifying
Distributions made to Qualified Investors during the fiscal year in question.&#160;
A &quot;Qualified Investor&quot; is a Beneficial Owner during such fiscal year
of a</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">share or shares of RP to whom Nonqualifying
Distributions </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">were made during such fiscal year.</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;">61</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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</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_62"></a><a name="_bclPageBorder62"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.95pt;margin-right:0in;margin-top:12.0pt;text-indent:32.15pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">A &quot;Gross-up Dividend&quot; means payment to a
Qualified </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Investor of an amount which, when taken together with the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">aggregate
Nonqualifying Distributions paid to such Qualified </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Investor during
the fiscal year in question, would cause such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Qualified Investor's net yield in
dollars for such fiscal </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">year (after Federal income tax consequences) from the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">aggregate of
both the Nonqualifying Distributions (determined </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">without regard to the
Gross-Up Dividend) and the Gross-up </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Dividend to be equal to the net yield in dollars
for such fiscal year (after Federal income tax consequences) which </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">would have been
received by such Qualified Investor if the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">amount of the aggregate
Nonqualifying Distributions had been so designated.&#160; Such Gross-up Dividend
shall be calculated </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.7pt;">(i) without consideration being given to the time value
of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">money;
(ii) assuming that no Qualified Investor is subject to the alternative minimum
tax with respect to dividends received from the Trust; and (iii) assuming that
each </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Nonqualifying Distribution and Gross-Up Dividend (to the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">extent that such
Gross-up Dividend is not exempt from Federal </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">income tax) would be taxable in
the hands of each Qualified </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Investor at the maximum marginal corporate Federal
income tax </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">rate in effect during the fiscal year in question.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.95pt;margin-right:0in;margin-top:12.0pt;text-indent:32.15pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">All such designations made by the Trust in good faith </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">following the
end of each fiscal year of the Trust and all </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">other determinations made by the
Trust in good faith with </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">respect to dividends on the shares of RP shall be
binding and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">conclusive for all purposes of determining the amount of Gross-up
Dividends required to be made under this paragraph 3(1).&#160; Notwithstanding
anything to the contrary contained herein, no Gross-up Dividends shall be
required to be made under this paragraph 3(1) if dividends on the shares of RP
are not excludable from the gross income of a Qualified Investor for any reason
other than as specifically provided </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">above or if for any reason the Trust is
subsequently required </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">to
revise any such designations.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.9pt;margin-right:0in;margin-top:12.0pt;text-indent:33.35pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">4.&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Redemption</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">.&#160; Shares of RP shall be
redeemable by </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">the Trust
as provided below:</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.9pt;margin-right:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(a)&#160; To the extent permitted under the 1940 Act and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Massachusetts
Law, upon giving a Notice of Redemption, the Trust at its option may redeem
shares 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 a redemption price </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">equal to
$100,000 per share plus an amount equal to dividends </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">thereon (whether
or not earned or declared) accumulated but unpaid to the date fixed for
redemption plus the premium, if </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">any, resulting from the designation of a Premium
Call Period;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">provided that, no share of RP shall be subject to
redemption pursuant to this paragraph 4(a) on any Dividend Payment Date during
a Non-Call </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Period to which it is subject.&#160; The Trust
may not give a Notice of Redemption relating to an optional </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">redemption as described in paragraph 4(a) unless,
at the time </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Beneficial Owners by reason of the redemption of
their shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">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;">62</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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.9pt;margin-right:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">(b)&#160; The Trust shall redeem, out of funds legally available therefor, at
a redemption price of $100,000 per share plus accumulated but unpaid dividends
(whether or not earned or declared) to the date fixed by the Board of Trustees
for redemption plus the premium, if any, resulting </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">from the
designation of a Premium Call Period, certain of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">shares of RP to
the extent permitted under the 1940 Act and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Massachusetts law, if the Trust
fails to maintain the RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Basic Maintenance Amount or the 1940 Act RP Asset Coverage
and such failure is not cured on or before the RP Basic </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Maintenance
Cure Date or the 1940 Act Cure Date (herein </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">referred to respectively as the
&quot;Cure Date&quot;), as the case may be.&#160; The number of shares of RP to be
redeemed shall be equal </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">to the lesser of (i) the minimum number of shares of RP
the</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Maintenance
Amount or the 1940 Act Asset Coverage, as the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">case may be, on such Cure Date (provided that, if there is no </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">such minimum number of shares of RP and other
Preferred Shares the redemption of which would have such result, all </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">shares of RP then outstanding shall be redeemed),
and (ii) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the maximum number of shares
of RP, together with all other </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Preferred
Shares subject to redemption or retirement that can </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">be redeemed out of funds expected to be legally
available </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">therefor.&#160; In determining
the number of shares of RP required </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Coverage, as
the case may be, pro rata among shares of RP and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">other series of Preferred Shares subject to redemption </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">provisions similar to those contained in this
paragraph 4(b) , </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">except as set forth
herein.&#160; The Trust shall effect such redemption not later than 45 days after
such Cure Date, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">except that if the
Trust does not have funds legally </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">available
for the redemption of all of the required number of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shares of RP and other Preferred Shares which are
subject to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">mandatory redemption or
the Trust otherwise is unable to</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">effect
such redemption on or prior to 45 days after such Cure </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Date, the Trust shall redeem those shares 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">redemption.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.95pt;margin-right:0in;margin-top:12.0pt;text-indent:33.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Any share of RP shall be subject to mandatory redemption </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">regardless of
whether such share is subject to a Non-Call </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Period provided that share of RP
subject to a Non-Call Period </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">will only be subject to redemption to the extent
that the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">other shares of RP are not available to satisfy the number of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shares with the lowest number of days remaining in the period </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">to be called
first) and by lot in the event of equal </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">outstanding Non-Call Periods.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.9pt;margin-right:0in;margin-top:12.0pt;text-indent:35.75pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(c)&#160; Subject to paragraph 4(d) of this Part I, if fewer </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">than all the
outstanding shares of RP are to be redeemed pursuant to this paragraph 4, the
number of shares of RP so </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">to be redeemed shall be a whole number of shares and
shall be determined by the Board of Trustees, and the Trust shall give </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">a Notice of
Redemption as provided in paragraph 4(e) of this Part I, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">provided
that no 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</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">subject
to a Non-Call Period will be subject to mandatory </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">redemption only on the basis described under
paragraph 4(b) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of this Part I.&#160;
Unless certificates representing shares of RP are held by Holders other than
the Securities Depository, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">or its
nominee, the Paying Agent upon receipt of such notice, shall determine from
among shares eligible for redemption the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">number of shares of RP to be redeemed pro rata from each Dividend Period
which is then eligible for redemption, and shall give notice of such
determination to the Securities Depository; the Securities Depository thereupon
shall determine by lot on a Dividend Period basis pursuant to the allocation
provided by the Paying Agent the number of shares of RP to be redeemed from the
account of each Agent Member (which may include an Agent Member, including a
Remarketing </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Agent, holding shares
for its own account), and shall give </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">notice
of such determination to the Paying Agent.&#160; The Paying </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Agent, upon receipt of such notice, shall in turn
determine </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">by lot the number of
shares of RP from each Dividend Period </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">to
be redeemed from the accounts of the Beneficial Owners of the shares 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</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> may include the Remarketing
Agents, without shares of RP being redeemed from the accounts of other
Beneficial Owners.</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;">63</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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.85pt;">(d)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.85pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding
paragraph 4(c) of this Part I, if any certificates representing shares of RP
are held by Holders other than the Securities Depository or its nominee, then
the shares of RP to be redeemed shall be selected by the Trust pro rata from
among Dividend Periods and by lot from among shares within each Dividend
Period.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">(e)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; Any Notice of
Redemption with respect to shares of RP shall be given (A) in the case of
optional 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) on (i) the Settlement Date in the case of a
partial redemption of the shares of RP, (ii) the Tender Date in the case of a
redemption in whole of the shares of RP or (iii) during a Non-Payment Period,
the later of the Dividend Payment Date or the seventh day 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 Holder) and the
Remarketing Agents, by telephone, not later than 1:00 p.m., New York City time
(and later confirmed in writing) on the third Business Day</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">preceding
the redemption date established by the Board of Trustees and specified in such
notice.&#160; In the case of a partial redemption of the shares of RP, the Paying
Agent </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shall use its reasonable
efforts to provide telephonic notice </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">to be redeemed, as described
in paragraph 4(c) of this Part I (or, if certificates are held by persons other
than the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Securities Depository, 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Trust).&#160; Such telephonic notice shall be
confirmed in writing </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">to the
Remarketing Agents, the Securities Depository and to each Beneficial Owner of
shares of RP called for redemption not later than the close of business on </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 RP, the Paying Agent </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shall use its reasonable efforts to provide
telephonic notice </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 not</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">later than the close of business on the second
Business Day </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">following the day on
which the Paying Agent receives a Notice </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of Redemption from each Beneficial Owner of shares of RP called for
redemption, the Remarketing Agents and the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Securities Depository.</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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.5pt;margin-right:0in;margin-top:12.0pt;text-indent:35.75pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(f)&#160; Every Notice of Redemption and other redemption notice shall state:&#160;
(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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">cease to accumulate as of such redemption date; and (v) the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">provision of
the Declaration of Trust or the By-laws pursuant to which such shares are being
redeemed.&#160; In addition, notice </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of redemption given to a Beneficial Owner 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">efforts to cause the publication
of a redemption notice in an </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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.&#160; Shares of RP the</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Beneficial Owners
of which shall have been given Notice of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Redemption shall not be subject to transfer outside of a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Remarketing.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.7pt;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(g)&#160; On any redemption date, the Trust shall deposit, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">irrevocably in
trust, in same-day funds, with the Paying Agent, by 12:00 noon, New York City
time, $100,000 for each share of RP called for redemption plus an amount equal
to dividends thereon accumulated but unpaid to such redemption </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">date (whether
or not earned or declared) plus the premium, if any, resulting from the
designation of a Premium Call Period. </font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.7pt;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(h)&#160; In connection with any redemption, upon the giving </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of a Notice of
Redemption and the deposit of the funds necessary for such redemption with the
Paying Agent in accordance with this paragraph 4, all rights of the Holders and
Beneficial Owners of shares of RP so called for </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">redemption shall cease and
terminate, except the right of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Holders and Beneficial Owners thereof to receive
the redemption price thereof, inclusive of an amount equal to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">dividends
(whether or not earned or declared) accumulated but unpaid to the redemption
date plus the premium, if any, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">resulting from the designation of a Premium Call
Period, but without any interest or other additional amount (except as provided
in paragraphs 3(h) and 3(1) of this Part I), and such shares shall no longer be
deemed outstanding for any purpose.&#160; The Trust shall be entitled to receive
from the</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Paying Agent, promptly after the date fixed for
redemption, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">any cash deposited with
the Paying Agent as aforesaid in excess of the sum of (i) the aggregate
redemption price of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the shares of RP
called for redemption on such date and (ii) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">all other amounts to which Holders and Beneficial Owners 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 the
funds so deposited.&#160; Any funds so deposited with the Paying Agent which are
unclaimed at the end of ninety days from such redemption </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">date
shall, to the extent permitted by law, be repaid to the Trust, after which time
the Holders and Beneficial Owners 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. If any such unclaimed funds are repaid
to the Trust, the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Trust shall invest
such unclaimed funds in Deposit Securities </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">with a maturity of no more than one business day.</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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:0in;margin-top:12.0pt;text-indent:35.75pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(i)&#160; To the extent that any redemption for which Notice </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of Redemption
has been given is not made by reason of the absence of legally available funds
therefor, such redemption </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shall be made as soon as practicable to the extent such
funds </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">have failed, for any reason
whatsoever, to deposit funds with </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the
Paying Agent pursuant to paragraph 4(g) of this Part I </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">with respect to any shares for which such Notice
of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Redemption has been given.&#160;
Notwithstanding the fact that the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Trust
may not have redeemed shares of RP for which a Notice of Redemption has been
given, dividends may be declared and paid on shares of RP and shall include
those shares of RP for </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">which a Notice of Redemption has been given.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.7pt;margin-right:0in;margin-top:12.0pt;text-indent:35.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(j)&#160; Notwithstanding any of the foregoing provisions of this paragraph 4,
the Remarketing Agents may, in their sole </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">discretion, modify the procedures
set forth above with respect to notification of redemption, provided that, any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.7pt;">such
modification does not adversely affect any Holder or any ' </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Beneficial Owner
of shares of RP or materially alter the obligations of the Paying Agent; and
further provided that, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">the' Trust receives written confirmation from S&amp;P
that any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">such modification would not impair the ratings then assigned </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">by S&amp;P to shares of RP.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.35pt;margin-right:22.1pt;margin-top:12.0pt;text-indent:35.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(k)&#160; In effecting any redemption pursuant to this
paragraph 4, the Trust shall use all reasonable efforts to satisfy all
applicable procedural conditions precedent to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">effecting such redemption under the
1940 Act and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Massachusetts
law.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.3pt;margin-right:0in;margin-top:12.0pt;text-indent:35.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">(l)&#160; Notwithstanding the foregoing, (i) no share of RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">may be redeemed
pursuant to paragraph 4(a) of this Part I</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">unless the full
amount of accumulated but unpaid dividends to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 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 on all outstanding shares of RP through the end of their most </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">recently ended Dividend Period (or, if such
transaction is on </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">a Dividend Payment
Date, through the Dividend Period ending on the day prior to such Dividend
Payment Date) shall have been paid or declared and sufficient funds for the
payment </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">thereof deposited with the Paying Agent.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.85pt;margin-right:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(m)&#160; Except as set forth in this paragraph 4 with
respect to redemptions and subject to paragraph 4(1) hereof, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">redeemed, purchased or otherwise acquired by the Trust
or any affiliate thereof may be resold.&#160; In lieu of redeeming shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">called for
redemption, the Trust shall have the right to arrange for other purchasers to
purchase from Beneficial Owners all shares of RP to be redeemed pursuant to
this</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">paragraph 4, except those shares of RP to be
redeemed </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">pursuant to paragraph 4(b) hereof, by their
paying to such Beneficial Owners on or before the close of business on the
redemption date an amount equal to not less 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 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
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shall notify each purchaser that
such shares have been called </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">for redemption.</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;">66</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_67"></a><a name="_bclPageBorder67"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.85pt;margin-right:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">5.&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Liquidation</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">.&#160; (a) Upon a liquidation,
dissolution or winding up of the affairs of the Trust, whether voluntary or
involuntary, the Holders shall be entitled, whether from capital or surplus,
before any assets of the Trust shall be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">distributed among or paid over to
holders of Common Shares or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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
$100,000 per share of RP, plus an amount equal to all accumulated but unpaid
dividends thereon (whether or not earned or declared) plus the premium, if any,
resulting from </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the designation of a Premium Call Period to but
excluding the date of final distribution in same-day funds.&#160; After any such</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">payment,
the Holders and Beneficial Owners shall not be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">entitled to any further participation in any distribution of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">assets
of the Trust.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.7pt;margin-right:0in;margin-top:12.0pt;text-indent:35.75pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(b)&#160; If, upon any such liquidation, dissolution or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">winding up of
the Trust, the assets of the Trust shall be insufficient to make such full
payments to the Holders and the holders of any Preferred Shares ranking as to
liquidation, dissolution or winding up on a parity with the RP (including the
Other RP), then such assets shall be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">distributed among the Holders and
such parity holders ratably </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">in accordance with the respective amounts which
would be payable on such shares of RP and any other such Preferred </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Shares if all
amounts thereof were paid in full.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.35pt;margin-right:0in;margin-top:12.0pt;text-indent:35.75pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(c)&#160; Neither the consolidation nor the merger of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Trust with or
into any corporation or corporations nor a reorganization of the Trust alone
nor the sale, lease or transfer by the Trust of all or substantially all of its
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">assets
shall be deemed to be a dissolution or liquidation of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">the Trust.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.3pt;margin-right:0in;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">6.&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Voting Rights</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">.&#160; (a)&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">General</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">.&#160; Except as otherwise
provided in the Declaration of Trust or By-laws, each Holder </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">of shares of RP
and each record holder of Common Shares shall </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">be entitled to one vote for each
share held on each matter submitted to a vote of shareholders of the Trust, and
the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">holders of outstanding Preferred Shares, including RP, and of</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Common
Shares shall vote together as a single class; provided </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">that, at any meeting of the shareholders of the
Trust held for the election of trustees, the holders of outstanding Preferred
Shares, including RP, represented in person or by proxy at said meeting, shall
be entitled, as a class, to the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">exclusion-
of the holders of all other securities and classes </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of capital shares of the Trust, to elect two
trustees of the Trust, each Preferred Share, including RP, entitling the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">holder thereof to one vote.&#160; Subject to paragraph
6(b) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">hereof, the holders of
outstanding Common Shares and Preferred Shares, including RP, voting together
as a single </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">class, shall elect the
balance of the trustees.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.4pt;margin-right:0in;margin-top:12.0pt;text-indent:35.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(b)&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Right to Elect Majority of Board of Trustees</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">. </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 constituting the Board of Trustees shall be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">automatically increased by the smallest number that, when
added to the two trustees elected exclusively by the holders of Preferred
Shares, would constitute a majority of the Board of Trustees as so increased by
such smallest number; and the holders of Preferred Shares 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Trust), to
elect such smallest number of additional trustees,</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">together
with the two trustees that such holders are in any event entitled to elect.&#160; A
Voting Period shall commence:</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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.7pt;margin-right:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">(i)&#160; if at the close of business on any Dividend Payment </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Date accumulated
dividends (whether or not earned or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">declared, and whether or not funds are then
legally available </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">in an amount sufficient therefor) on the outstanding
shares of RP equal to at least two full years' dividends shall be due and
unpaid and sufficient cash or specified securities shall not have been
deposited with the Paying Agent for the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">payment of such accumulated dividends; or</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.15pt;margin-right:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(ii)&#160; if at any time holders of any other Preferred </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Shares are
entitled to elect a majority of the trustees of the Trust.&#160; Upon the
termination of a Voting Period, the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">voting rights described in this paragraph 6(b)
shall cease, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">subject always, however, to the revesting of such voting </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">rights in the
Holders upon the further occurrence of any of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the events described in this
paragraph 6(b).</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.35pt;margin-right:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(c)&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Other Actions</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">.&#160; So long as any shares of RP
are </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">outstanding,
the Trust shall not, without the affirmative </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">vote or consent of the Holders of
at least a majority of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">shares of RP outstanding at the time, in person or by
proxy, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">either in writing or at a meeting (voting separately as one class): (a)
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 RP</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">with respect to payment of dividends or the
distribution of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">assets on
liquidation (other than the Original RP), or increase or decrease the
authorized amount of RP; (b) amend, alter or repeal the provisions of the
Declaration of Trust and the By-laws, including this Section 12.2, whether by </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">merger, consolidation or otherwise, so as to
affect materially and adversely any preference, right or power of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">such shares of RP or the Holders thereof; or (c)
take any other action which pursuant to Section 18(a)(2)(D) of the 1940 Act
requires approval by the Holders of a majority of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the shares of RP outstanding at the time; provided
that, the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">issuance of not more than
the 4,000 Preferred Shares authorized by this Section 12.2 and the creation and
issuance of the Original RP, and of series of Preferred Shares ranking junior
to the RP with respect to payment of dividends and the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">distribution of assets on liquidation, will not be
deemed to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">affect such preferences,
rights or powers unless such issuance would, at the time thereof, cause the
Trust not to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">satisfy the 1940 Act RP
Asset Coverage or the RP Basic Maintenance Amount.&#160; Notwithstanding the
foregoing, so long </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">as any shares of
RP are outstanding, the Trust shall not take </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">any action described in Sections 4, 5 or 6 of Article IX of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the Declaration of Trust or amend the provisions
of Section 1 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of Article IV, Sections
4, 5 or 6 of Article IX or the first sentence of Section 9 of Article IX of the
Declaration of</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Trust, without the
affirmative vote or consent of the Holders </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of at least two-thirds (or a majority if permitted by </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Sections 4, 5 or 6 of Article IX of the
Declaration of Trust) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of the shares
of RP and of two-thirds (or a majority if </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">permitted by Sections 4, 5 or 6. of Article IX of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Declaration of Trust) of the Common Shares
outstanding at the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">time, in person or
by proxy, either in writing or at a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">meeting (each voting separately as a
class).</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.7pt;margin-right:0in;margin-top:12.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">The
foregoing voting provisions shall not apply with </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">respect to shares of RP if,
at or prior to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the time when a vote is required, such
shares of RP shall have been (i) redeemed or (ii) called for redemption and
sufficient funds </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shall have been deposited in trust to effect such
redemption </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">The Board of Trustees may without the vote or consent of the Holders of
RP from time to time amend, alter or repeal any or all of the definitions of
the terms listed below, and any such amendment, alteration or repeal will not
be deemed to affect the preferences, rights or powers of shares of RP or the
Holders thereof, provided the Board of Trustees receives written confirmation
from Moody's and S&amp;P that any such amendment, alteration or repeal would
not impair the ratings then assigned by Moody's and S&amp;P to shares of 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;">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="background:white;margin:0in;margin-bottom:.0001pt;margin-right:0in;margin-top:29.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.7pt;">Deposit
Securities</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#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><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.75pt;">1940 Act RP Asset Coverage</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-right:0in;margin-top:8.4pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">Discounted
Value</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#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><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Quarterly Valuation Date</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-right:0in;margin-top:8.4pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.4pt;">Dividend
Coverage Amount&#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; RP Basic Maintenance Amount</font></p>

<p style="background:white;margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;line-height:22.3pt;">Dividend
Coverage Assets&#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; RP Basic Maintenance Cure
Date<br>
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;line-height:22.3pt;">Market
Value</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.3pt;">&#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><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:22.3pt;">RP Basic Maintenance Report</font></p>

<p style="background:white;margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;line-height:22.3pt;">Minimum
Liquidity Level&#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; S&amp;P Discount Factor </font></p>

<p style="background:white;margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.3pt;line-height:22.3pt;">Moody's
Discount Factor &#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; S&amp;P Eligible Asset </font></p>

<p style="background:white;margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.4pt;line-height:22.3pt;">Moody's
Eligible Asset &#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; S&amp;P Exposure
Period </font></p>

<p style="background:white;margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.3pt;line-height:22.3pt;">Moody's
Exposure Period&#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; 1940 Act Cure Date </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.3pt;">Valuation Date</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.15pt;margin-right:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(d)&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Voting Procedures</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">.&#160; (i)&#160; As soon as
practicable </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">after the accrual of any right of the holders of Preferred Shares to
elect additional trustees as described in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">paragraph 6(b) above, the Trust
shall notify the Paying Agent </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">fifth Business Day preceding the day on which such
notice is </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">mailed.&#160; At any such special meeting and at each meeting held </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">during a Voting
Period, such holders, voting together as a class (to the exclusion of the
holders of all other</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">securities and classes of capital shares of the
Trust), shall </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">quorum is present.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.45pt;margin-right:0in;margin-top:12.0pt;text-indent:35.75pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(ii)&#160; For purposes of determining any rights of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Holders to vote
on any matter whether such right is created by this Section 12.2, by the other
provisions of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Declaration of Trust and the By-laws, by statute or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">otherwise, no Holder
shall be entitled to vote and no share 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">deemed
outstanding for quorum purposes, as </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">the case may be, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">sufficient funds
for the redemption of such shares have been </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">deposited in trust with the Paying
Agent for that purpose and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the requisite Notice of Redemption with respect to such
shares shall have been given as provided in paragraph 4 of this Part I.&#160; No
share of RP held by the Trust or any affiliate of the Trust shall have any
voting rights or be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">deemed to be outstanding for voting purposes.</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>


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</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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.45pt;margin-right:0in;margin-top:12.0pt;text-indent:35.75pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&#160;(iii)&#160; The terms of office of all persons who are
trustees of the Trust at the time of a special meeting of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Holders and
holders of other Preferred Shares to elect </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">trustees shall continue,
notwithstanding the election at such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">meeting by the Holders and such
other holders of the number of trustees that they are entitled to elect, and
the persons so elected by the Holders and such other holders, together with the
two incumbent trustees elected by the Holders and such other holders of
Preferred Shares and the remaining incumbent trustees elected by the holders of
the Common </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Shares and Preferred Shares, shall constitute the duly </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">elected trustees of the Trust.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.1pt;margin-right:0in;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">(iv)&#160; Simultaneously with the expiration of a Voting
Period, the terms of office of the additional trustees elected by the Holders
and holders of other Preferred Shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">pursuant to paragraph 6(b) above
shall terminate, the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">remaining trustees shall constitute the trustees of the
Trust </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">and the voting rights of the Holders and such other holders </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">to elect
additional trustees pursuant to paragraph 6(b) above </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">shall cease,
subject to the provisions of the last sentence </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">of paragraph 6(b)(ii).</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:5.5pt;margin-right:0in;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">(e) </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">Exclusive Remedy</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">.&#160; Unless otherwise required by </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">law, the
Holders of shares of RP shall not have any relative </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">rights or
preferences or other special rights other than those specifically set forth
herein.&#160; The Holders of shares</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">of RP shall have no preemptive
rights or rights to cumulative </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">voting.&#160;
In the event that the Trust fails to pay any dividends on the shares of RP, the
exclusive remedy of the Holders shall be the right to vote for trustees
pursuant to the provisions of this paragraph 6.&#160; In no event shall the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Holders of shares of RP have any right to sue
for, or bring a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">proceeding with
respect to, such dividends or redemptions or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">damages for the failure to
receive the same.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.7pt;margin-right:0in;margin-top:12.0pt;text-indent:36.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(f)&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Notification to S&amp;P</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">.&#160; In the event a vote of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Holders 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">is to be taken,
notify S&amp;P that such vote is to be taken and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the nature of the action with
respect to which such vote is </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">to be taken.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.25pt;">7.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-2.25pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&#160;&#160;&#160;&#160;&#160;&#160; <u>1940 Act RP Asset Coverage</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">.&#160; The Trust shall maintain, as of the last
Business Day of each month in which </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">any share of RP is outstanding, the 194 0 Act RP
Asset </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Coverage.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;">8.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; <u>RP Basic Maintenance Amount</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">.&#160; (a)&#160; The Trust shall maintain,
on each Valuation Date, and shall verify to its </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">satisfaction that it is
maintaining on such Valuation Date, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">(i) S&amp;P Eligible Assets having an aggregate
Discounted Value </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">equal to or greater than the RP Basic Maintenance Amount
and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">(ii)
Moody's Eligible Assets having an aggregate Discounted</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">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.</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>


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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">(b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; 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) the fifteenth day of each month (or, if
such day is not a Business Day, the next succeeding Business Day) and (ii) the
last Business Day of each month, in each case on or before 5:00 p.m., New York
City time, on the third Business Day after such day.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.3pt;margin-right:0in;margin-top:12.0pt;text-indent:35.75pt;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">(c)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;">&nbsp;&nbsp; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.05pt;">&#160;&#160;&#160;&#160;&#160;&#160; On or before
5:00 p.m., New York City time, on the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">third Business Day after a Valuation Date on which the
Trust fails 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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.3pt;margin-right:0in;margin-top:12.0pt;text-indent:35.75pt;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">(d)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;">&nbsp;&nbsp;  </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; On 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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.3pt;margin-right:0in;margin-top:12.0pt;text-indent:35.75pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">&#160;(e)&#160; An RP Basic Maintenance Report or Accountant's
Confirmation will be deemed to have been delivered to the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Remarketing
Agents, the Paying Agent, Moody's and S&amp;P if </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Remarketing Agents, the
Paying Agent, Moody's and S&amp;P receive </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Basic Maintenance Report under subparagraph (b), (c) or
(d) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of
this paragraph 8 shall be deemed to be delivery of an RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Basic
Maintenance Report indicating that the Discounted Value </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">for all assets
of the Trust is less than the RP Basic Maintenance Amount, as of the relevant
Valuation Date.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.9pt;margin-right:0in;margin-top:12.0pt;text-indent:35.75pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">(f)&#160; Within ten Business Days after the date of delivery
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">to
the Remarketing Agents, the Paying Agent, S&amp;P and Moody's </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of an RP Basic
Maintenance Report in accordance with </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">paragraph 8(b) above relating to a
Quarterly Valuation Date, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the Independent Accountant will confirm in writing to
the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Remarketing
Agents, the Paying Agent, S&amp;P and Moody's (i) the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">mathematical
accuracy of the calculations reflected in such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Report (and in any other RP Basic
Maintenance Report, randomly-selected by the Independent Accountant, that was </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">delivered by the
Trust during the quarter ending on such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Quarterly Valuation Date); (ii)
that, in such Report (and in</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">such randomly selected Report), (a)
the Trust determined in accordance with this Section 12.2 whether the Trust
had, at such Quarterly Valuation Date (and at the Valuation Date addressed in
such randomly-selected Report), S&amp;P Eligible </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Assets of an aggregate Discounted Value at least equal to the RP Basic
Maintenance Amount and Moody's Eligible Assets of an </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">aggregate Discounted Value at least equal to the
RP Basic </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Maintenance Amount, (b) the
aggregate amount of Deposit </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Securities
equals the Dividend Coverage Amount, and (c) the Market Value of Portfolio
Securities as determined by the Pricing Service equals the mean between the
quoted bid and asked price or the yield equivalent (when quotations are </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">readily available); and (iii) the accuracy of the
description </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of Eligible Assets as
stated in the RP Basic Maintenance Report (such confirmation is herein called
the &quot;Accountant's </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Confirmation&quot;).</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:3.35pt;margin-right:0in;margin-top:12.0pt;text-indent:35.75pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">(g)&#160; Within ten Business Days after the date of delivery
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">to
the Remarketing Agents, the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">the Trust failed to maintain the RP
Basic Maintenance Amount, the Independent Accountant will provide to the
Remarketing </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Agents, Paying Agent, S&amp;P and Moody's an Accountant's </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Confirmation as
to such RP Basic Maintenance Report.</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;">71</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="background:white;margin:0in;margin-top:12.0pt;text-indent:35.75pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&#160;(h)&#160; Within ten Business Days after the date of
delivery </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Report.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.45pt;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">(i)&#160; If any Accountant's Confirmation delivered pursuant </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">to subparagraph
(f), (g) or (h) of this paragraph 8 shows </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">that an error was made in the RP
Basic Maintenance Report for </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">a particular Valuation Date for which such
Accountant's </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Confirmation was required to be delivered, or shows' that a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">lower aggregate
Discounted Value for the aggregate of all S&amp;P </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">accordingly amend and deliver the RP Basic
Maintenance Report </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">to the Remarketing Agents, the Paying Agent, S&amp;P and
Moody's promptly following receipt by the Trust of such Accountant's </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Confirmation.</font></p>

<p style="background:white;margin:0in;margin-top:12.0pt;text-indent:33.85pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.35pt;">9.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#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:both;letter-spacing:-.45pt;">Minimum Liquidity Level</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">.&#160; The Trust shall be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">required to have, as of each Valuation Date,
Dividend Coverage Assets with respect to shares of RP of each then outstanding
Dividend Period having a Discounted Value not </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">less than the Dividend Coverage Amount with respect to shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">of
such Dividend Period.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.95pt;margin-right:0in;margin-top:12.0pt;text-indent:34.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.85pt;">10.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#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:both;letter-spacing:-.6pt;">Restrictions on Certain
Distributions</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">.&#160; For so long </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">as any share of RP is outstanding, (A) the Trust
shall not declare, pay or set apart for payment any dividend or other distribution
(other than a dividend or distribution paid in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shares of, or options, warrants or rights to subscribe for or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">purchase, Common Shares or other shares, if any,
ranking junior to or on a parity with the shares of RP as to dividends and upon
liquidation) in respect of the Common </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Shares,
RP or any other shares of the Trust ranking junior to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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
(except by conversion into or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">exchange
for shares of the Trust ranking junior to the shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">of RP as to dividends and upon liquidation),
unless (i) full </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">cumulative dividends
on shares of RP and Other RP through </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">their
most recently ended respective Dividend Periods (or, if </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">such transaction is on a Dividend Payment Date,
through the Dividend Period ending on the day prior to such Dividend</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Payment Date) shall have been paid or shall have
been </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">declared and sufficient funds
for the payment thereof </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">deposited
with the Paying Agent and (ii) the Trust has redeemed the full number of shares
of RP and Other RP required to be redeemed by any provision for mandatory </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">redemption pertaining thereto, and (B) the Trust
will not </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">declare, pay or set apart
for payment any dividend or other </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">distribution
(other than a dividend or distribution paid in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shares of, or options, warrants or rights to subscribe for or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">purchase, Common Shares or other shares, if any,
ranking </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">junior to shares of RP as to
dividends and upon liquidation) in respect of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Common
Shares or any other shares of the Trust ranking junior to or on a parity with
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 (except by conversion into or exchange for shares
of the Trust ranking </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">junior to
shares of RP as to dividends and upon liquidation), </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">unless immediately after such transaction the
Discounted </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Value of the Trust's
portfolio would at least equal the RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Basic Maintenance Amount.</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;">72</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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.1pt;margin-right:0in;margin-top:12.0pt;text-indent:33.35pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">11.&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Notice</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">.&#160; All notices or communications,
unless </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">otherwise specified in these By-laws, shall be sufficiently </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">given if in
writing and delivered in person or mailed by first-class mail, postage
prepaid.&#160; Notice shall be deemed</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> given on the earlier of the date received or the date seven days after
which such notice is mailed.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.1pt;margin-right:0in;margin-top:12.0pt;text-indent:33.35pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">12.&#160;
</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Certain Other Restrictions</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">.&#160; For so long as any shares of RP are
outstanding,</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.2pt;margin-right:0in;margin-top:12.0pt;text-indent:35.05pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.05pt;">(a)&#160; the Trust will not, unless it has received written </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">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 shares of RP, engage in any one or more of the following
transactions:</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:34.8pt;margin-right:0in;margin-top:12.0pt;text-indent:35.75pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.05pt;">(i) borrow money if the RP Basic Maintenance Amount </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">would not be satisfied after giving
effect to such borrowing; or</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:35.75pt;margin-right:0in;margin-top:12.0pt;text-indent:35.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.05pt;">(ii) borrow, in the aggregate, money in excess of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">the lesser of $10,000,000 or the
product of the number of shares of RP and Other RP outstanding multiplied by
$10,000 or 10% of the total assets of the Trust; or</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:36.7pt;margin-right:0in;margin-top:12.0pt;text-indent:35.05pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.05pt;">(iii) borrow any money except for the purpose of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">clearing portfolio transactions; or</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:0in;margin-top:12.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">(iv)&#160; lend portfolio
securities;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.75pt;">(b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.75pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; the Trust shall
not buy or sell futures contracts or write put or call options except in
accordance with the guidelines established and revised, from time to time, by
each of Moody's and S&amp;P; and</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.9pt;">(c)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.9pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; for purposes of
S&amp;P and Moody's rating of the shares RP, the Trust shall give to each of
S&amp;P and Moody's</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.9pt;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">prompt written notice of:&#160; (i) any material change
to the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Declaration of Trust or
Article XII of the By-laws; (ii) any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">failure
to declare or pay any dividend on the shares of RP; . </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(iii) any mandatory or optional redemption of the
shares of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">RP; (iv) any assumption of
control of the Board of Trustees by the Holders of shares of RP pursuant to
Section 6(b) of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">this Part I; (v) in
the event the Trust shall not be a party </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">to a pricing services agreement and dealer quotes on assets are not
available; (vi) in the event that the Applicable Dividend Rate equals or
exceeds 95% of &quot;AA&quot; Composite </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Commercial Paper Rate; (vii) a change in dividend period; (viii) any
person owning more than 5% of Trust's Common </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Shares; (ix) a change in Internal Revenue Service rules on </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Gross-up Dividends relating to the operation of
the Trust; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">and (x) a change in pricing service.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:130.1pt;margin-right:60.6pt;margin-top:12.0pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">PART II. </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">REMARKETING PROCEDURES</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;">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>


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</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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;">1.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-2.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">&#160;&#160;&#160;&#160;&#160;&#160; <u>Remarketing Schedule</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">. Each Remarketing for shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">of RP shall
take place over a three-day period consisting of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the Tender Date, the Dividend
Reset Date and the Settlement Date.&#160; Such dates or the method of establishing
such dates shall be determined by the Board of Trustees from time to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">time.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.05pt;">2.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-2.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; <u>Procedure for Tendering</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">.&#160; (a) Each share of RP is subject to Tender and
Dividend Reset only at the end of each Dividend Period applicable to such share
and may be tendered in the Remarketing which commences on the Tender Date immediately
prior to the end of the current Dividend Period </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">with respect thereto.&#160; By 12:00
noon, New York City time,, on </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">each such Tender Date, the Remarketing Agents
shall, after canvassing the market and considering prevailing market conditions
at the time for shares of RP and similar </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">securities, provide Beneficial
Owners non-binding indications </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of the Applicable Dividend Rate for the next
succeeding 7-day Dividend Period, 28-day Dividend Period and any Optional </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Dividend Period
or, if applicable, a Special Dividend Period; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">provided that, if the Board of
Trustees has designated a Special Dividend Period with respect to all shares of
RP subject to Tender and Dividend Reset, the Remarketing Agents will provide to
Beneficial Owners of shares of RP a non-binding indication only of the
Applicable Dividend Rate for </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">such Special Dividend Period.&#160; The actual
Applicable Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Rates for such Dividend Periods may be greater than or
less than the rate indicated in such non-binding indications (but not greater
than the applicable Maximum Dividend Rate).&#160; By 1:00 p.m., New York City time,
on such Tender Date, each Beneficial Owner of shares of RP subject to the
Tender and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Dividend Reset must notify a Remarketing Agent of its desire, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">on a
share-by-share basis, either to tender such share of RP at a price of $100,000
per share or to continue to hold such share of RP and elect either a 7-day
Dividend Period, a 28-</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">day Dividend Period or a specific available Optional
Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Period or, if applicable, accept a designated Special Dividend Period at
the new Applicable Dividend Rate for the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">selected or designated, as the
case may be, Dividend Period. </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 or
Rates is established.&#160; Any such notice may not be waived by the Remarketing
Agents, except that prior to 4:00 p.m., New York City time, on a Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Reset Date, a
Remarketing Agent may, in its sole discretion, (i) at the request of a
Beneficial Owner that has tendered </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">one or more shares to such Remarketing Agent,
waive such Beneficial Owner's tender, and thereby enable such Beneficial</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.05pt;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Owner to
continue to hold the share or shares for a 7-day </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">Dividend Period, 2 8-day
Dividend Period or available Optional </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Dividend Period 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">respect thereto.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:0in;margin-top:12.0pt;text-indent:34.8pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(b) The right of each Beneficial Owner to tender shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of RP in a
Remarketing shall be limited to the extent that </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">(i)' the Remarketing Agents
conduct a Remarketing pursuant to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the terms of the Remarketing Agreement, (ii)
shares tendered </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">have not been called for redemption and (iii) the
Remarketing </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Agents are able to find a purchaser or purchasers for </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">tendered shares
of RP at an Applicable Dividend Rate or Rates for the next Dividend Period or
Periods that is not in excess </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of the Maximum Dividend Rate or Rates for such
Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Period or
Periods.</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;">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>

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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:5.75pt;margin-right:0in;margin-top:12.0pt;text-indent:33.6pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">3.&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Determination of Applicable
Dividend Rates</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">.&#160; (a) Between 1:00 p.m., New York City time, on each Tender
Date</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">and 4:00 p.m., New York City time, on the
succeeding Dividend Reset Date, the Remarketing Agents shall determine (i)
unless </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the Board of Trustees has
designated such next Dividend Period as a Special Dividend Period with respect
to all shares subject to Tender and Dividend Reset, the allocation </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">of tendered shares of RP among a 7-day Dividend
Period, a 28-</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">day Dividend Period and
each available Optional Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Period,
if any, and, if applicable, a Special Dividend Period </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">(provided that, if the Remarketing Agents are
unable to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">remarket on such Dividend
Reset Date all such tendered shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">in
a Remarketing at a price of $100,000 per share, then the Remarketing Agents
shall allocate no shares to any Optional </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Dividend Period and no shares will be assigned to any Special </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Dividend Period and such shares shall be allocated
to a 7-day Dividend Period) and (ii) the Applicable Dividend Rates to the
nearest one-thousandth (0.001) of one percent per annum for the next 7-day
Dividend Period, the next 28-day Dividend Period and the next Optional Dividend
Period or Periods or the next designated Special Dividend Period, as the case
may be.&#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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">determine, in
their sole judgment, to be the lowest rate, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">giving effect to such allocation, that will enable them to remarket on
behalf of the Beneficial Owners thereof all</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shares of RP subject to Tender and Dividend Reset in such Remarketing
and tendered to them on such Tender Date at a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">price of $100,000 per
share.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.2pt;margin-right:0in;margin-top:12.0pt;text-indent:35.75pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(b)&#160; If no Applicable Dividend Rate shall have been </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">established on a
Dividend Reset Date in a Remarketing for a 7-day Dividend Period, a 28-day
Dividend Period or Optional Dividend Period or Periods or Special Dividend
Period, if any, or for any or all of the foregoing, for any reason </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(other than
because there are no Remarketing Agents, the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 Dividend Reset Date all
shares of RP tendered (or deemed tendered) to them at a price of $100,000 per
share), then the Remarketing Agents, in their sole discretion, shall, if
necessary and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">except during a Non-Payment Period, after taking into account </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Dividend Rate
or Rates, as the case may be, that would be the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">rate or rates per annum that would
be the initial dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">rate or rates in an offering on such Dividend Reset
Date, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">assuming in each case a comparable dividend period or periods, issuer and
security.&#160; If there is no Remarketing</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 Dividend Reset Date all shares of RP tendered (or
deemed tendered) to them at a price of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">$100,000
per share, then, except during a Non-Payment Period, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the Applicable Dividend Rate for the subsequent
Dividend Period and for each subsequent Dividend Period for which no </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Remarketing takes place because of the foregoing
shall be the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">applicable Maximum
Dividend Rate for a 7-day Dividend Period and the next succeeding Dividend
Period shall be a 7-day Dividend Period.&#160; In a Remarketing, the Applicable
Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Rates for different
Dividend Periods need not be equal.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.4pt;margin-right:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(c)&#160; In determining such Applicable Dividend Rate or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Rates, and
making such allocation, the Remarketing Agents shall, after taking into account
market conditions as </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">reflected in the prevailing yields on fixed and variable
rate </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">taxable and tax-exempt debt </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Owners and potential purchasers of
shares of RP, (i) consider </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the number of shares of RP tendered and the number of
shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">of RP potential purchasers are willing to purchase and (ii) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">contact by
telephone or otherwise current and potential</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> 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>
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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;">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>

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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">(d)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.7pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; The Applicable
Dividend Rate or Rates as well as the allocation of tendered shares of RP shall
be determined as aforesaid by the Remarketing Agents in their sole discretion
(except as otherwise provided in this Section 12.2 with respect to Applicable
Dividend Rates that shall be the Non-Payment Period Rate or the Maximum
Dividend Rates) and shall be conclusive and binding on Holders and Beneficial
Owners.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:7.9pt;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.8pt;">(e)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.8pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; Except during a
Non-Payment Period, the Applicable Dividend Rate for any Dividend Period shall
not be more than the applicable Maximum Dividend Rate.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.65pt;margin-right:0in;margin-top:12.0pt;text-indent:32.65pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">4.&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Allocation
of Shares; Failure to Remarket at $100,000 Per Share</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">.&#160; (a) If the
Remarketing Agents are unable to remarket by 4:00 p.m., New York City time, on
a Dividend Reset Date all shares of RP tendered to them in the related Remarketing
(which are subject to Tender or Dividend Reset in such Remarketing) at a price
of $100,000 per share, (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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">of RP in such Remarketing;
(ii) the next Dividend Period </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">shall
be a 7-day Dividend Period for all tendered (or deemed tendered) but unsold
shares (which are subject to Tender and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Dividend Reset in such Remarketing) and the Applicable Dividend Rates
shall be the applicable Maximum Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">Rates.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.2pt;margin-right:0in;margin-top:12.0pt;text-indent:35.75pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">(b)&#160; If the allocation procedures described above would </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">result in the
sale of a fraction of a share of RP, the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Remarketing Agents shall, in their
sole discretion, round up </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">or down the number of shares of RP sold by each
Beneficial Owner on the applicable Dividend Reset 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">number of shares purchased on such Dividend Reset
Date.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.65pt;margin-right:0in;margin-top:12.0pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">5.&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Notification of Results; Settlement</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">.&#160; (a)&#160; By
telephone at approximately 4:30 p.m., New York City time, on each Dividend
Reset Date with respect to shares of RP, the Remarketing Agents shall advise
each Beneficial Owner of tendered shares and each purchaser thereof (or the
Agent </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Member thereof) (i) of the number of shares such Beneficial </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Owner or
purchaser is to sell or purchase and (ii) to give instructions to its Agent
Member to deliver such shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">against payment therefor or to pay the purchase
price against </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">delivery as appropriate.&#160; The Remarketing Agents will also </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">advise each
Beneficial Owner or purchaser that is to continue</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">to hold, or to
purchase, shares with a Dividend Period </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">beginning on the Business Day following such Dividend Reset </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Date of the lengths of such Applicable Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Periods and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">the Dividend Rate for such shares.</font></p>
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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.95pt;margin-right:0in;margin-top:12.0pt;text-indent:35.05pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(b)&#160; In accordance with the Securities Depository's
normal procedures, on the Settlement Date, the transactions </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">described above
with respect to each share of RP shall be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">executed through the Securities
Depository, if the Securities Depository or its nominee holds or is to hold the
certificate </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">shares of RP and the changes in the types of Dividend
Periods </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">as determined in the related Remarketing.&#160; Purchasers of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shares of RP
shall make payment to the Paying Agent in same-</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">day funds against delivery to other
purchasers or their nominees of one or more certificates representing shares of
RP, or, if the Securities Depository or its nominee holds or is to hold the
certificate relating to the shares to be purchased, through their Agent Members
in same-day funds to the Securities Depository against delivery by book entry
of shares of RP through their Agent Members.&#160; The Securities </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Depository
shall make payment in accordance with its normal </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">procedures.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.75pt;">(c)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.75pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; 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.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.65pt;">(d)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-1.65pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160; 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 connection with a Remarketing,
the Remarketing Agent, 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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.05in;margin-right:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.85pt;">(e)</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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>

<p style="background:white;margin:0in;margin-top:12.0pt;text-indent:.4in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">6. &#160;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Purchase of Shares of RP by Remarketing Agents</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">.&#160; The
Remarketing Agents may purchase for their own accounts shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">of RP in a
Remarketing, provided that they purchase all tendered (or deemed tendered)
shares of RP not sold in such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.45pt;">Remarketing to other purchasers and that the
Applicable </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Dividend Rate established with respect to such shares in such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Remarketing is
not higher than the Applicable Dividend Rate or Rates that would have been
established if the Remarketing Agents had not purchased such shares.&#160; Except as
provided in the previous sentence, 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 own any shares of RP subject to a
Remarketing immediately prior to such Remarketing and if all other </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">shares subject to such Remarketing and rendered for sale
by other Beneficial </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Owners of shares of RP have been sold in such
Remarketing, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">then the Remarketing Agents may sell such number of their </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shares in such
Remarketing as there are outstanding orders to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">purchase that have not been filled
by shares tendered for sale by other Beneficial Owners.&#160; 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">shares
of RP in a Remarketing.</font></p>
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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.0pt;">7.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-2.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; <u>Applicable Dividend Rate During a Non-Payment </font></u><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">Period</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">.&#160; So long as a
Non-Payment Period shall continue, paragraphs 1, 2, 3, 4, 5 and 6 of this Part II
shall not be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">applicable to any of the Shares of RP and the shares of RP </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">shall not be
subject to Tender and Dividend Reset.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="courier new" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.05pt;">8.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:both;letter-spacing:-2.05pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; <u>Transfers</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">.&#160; As a condition precedent to purchasing shares of RP
in any offering, in any Remarketing or outside any Remarketing, each purchaser
of shares of RP shall be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">required to sign and deliver a Master Purchaser's
Letter. </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">The sufficiency of any Master Purchaser's Letter is to be determined by
the Remarketing Agents in their sole discretion.&#160; In a Master Purchaser's
Letter, such purchaser shall agree, among other things, (i) unless the Trust
has elected, during a Non-Payment Period, to waive this requirement, to have
its ownership of such shares of RP maintained in book entry form by the
Securities Depository, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">for the account of a designated Agent Member which, in
turn, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">shall maintain records of such purchaser's beneficial ownership, (ii) to
be conclusively bound by the remarketing procedures, including the Remarketing
Agents' determination of the Applicable Dividend Rates and the applicable
Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.65pt;">Periods, (iii) to the payment of dividends at different rates </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">to different
Holders of shares of RP depending on the type of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Dividend Period selected by
such Holders, (iv) that its notice to tender shares of RP in a Remarketing
shall</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.05pt;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">constitute an irrevocable offer, except as set forth in such Master
Purchaser's Letter, to sell the shares specified in such notice and
authorization to the Remarketing Agents to sell, transfer or otherwise dispose
of such shares as set </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">forth herein and (v) unless the Trust shall have
elected, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">during a Non-Payment Period, to waive this requirement, to sell, transfer
or otherwise dispose of any share of RP held by it only pursuant to orders
placed in a Remarketing therefor or to a person that has signed and delivered a
Master Purchaser's Letter as providing herein, and, in the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">case of any
transfer other than pursuant to a Remarketing, to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">ensure that an
Agent Member advises a Remarketing Agent of such transfer.&#160; The Agent Member
shall be authorized and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">instructed to disclose to any Remarketing Agent and/or
the Paying Agent such information with respect to such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">purchaser's
beneficial ownership as a Remarketing Agent or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">the Paying Agent shall request.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:4.55pt;margin-right:0in;margin-top:12.0pt;text-indent:33.1pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-2.35pt;">9.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#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:both;letter-spacing:-.5pt;">Miscellaneous</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">.&#160; To the extent permitted by </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">applicable
law, the Board of Trustees of the Trust may interpret or adjust the provisions
hereof to resolve any </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">inconsistency
or ambiguity, or to remedy any formal defect.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:5.05pt;margin-right:0in;margin-top:12.0pt;text-indent:33.85pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-1.95pt;">10.</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">&#160;&#160;&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">Securities Depository;
Shares Certificates</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.6pt;">.&#160; (a) If </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">there is a Securities Depository, an appropriate
number of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">certificates for all of
the shares of RP shall be issued to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">the
Securities Depository and registered in the name of the</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Securities Depository or its nominee.&#160; Additional
certificates may be issued as necessary to represent shares of RP having Optional
Dividend Periods or Special Dividend Periods.&#160; All such certificates shall bear
a legend to the effect that such certificates are issued subject to the
provisions contained in this Section 12.2 and each Master Purchaser's Letter.&#160;
Unless the Trust shall have elected, during a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Non-Payment
Period, to waive this requirement, the Trust will also issue stop-transfer
instructions to the Paying Agent for the shares of RP.&#160; Except as provided in </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">paragraph (b) below, the Securities Depository or
its nominee </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">will be the Holder, and
no Beneficial Owner shall receive certificates representing its ownership
interest in such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">shares.</font></p>
<a name="_bclFooter78"></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;">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>
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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.65pt;margin-right:0in;margin-top:12.0pt;text-indent:35.5pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(b)&#160; If the Applicable Dividend Rate applicable to all
shares of RP shall be the Non-Payment Period Rate or there is </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">no Securities
Depository, the Trust may at its option issue one or more new certificates with
respect to such shares </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.55pt;">(without the legend referred to in paragraph 10(a) of
this </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;letter-spacing:-.5pt;">Part II) 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 with respect </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;">to such shares.</font></p>

<p style="background:white;margin:0in;margin-left:2.65pt;text-indent:35.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:both;line-height:22.3pt;">&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 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 remarketed 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 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 </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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;">79</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;">(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>

<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>


<a name="_bclFooter80"></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;">80</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;">(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 </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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 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;">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>
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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)</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160; </font><u><font color=black face="Times New Roman" lang=EN-US style="background:white;font-size:12.0pt;">Beneficial
Owner</font></u><font color=black face="Times New Roman" lang=EN-US style="background:white;font-size:12.0pt;">.&#160;&#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 </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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;">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>


</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;">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 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;">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>

<BR>

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

<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-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;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>


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</DIV>
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<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 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>

<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) 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 </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">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>
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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;">&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;"><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;">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, 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 </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">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 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;"><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;"><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></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;">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>


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<p style="margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">*</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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 Managed Municipal Income Trust dated as of September
18, 2020.</font></p>

<p style="background:white;margin:0in;margin-left:1.45pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.35pt;">&nbsp;</font></p>

<p align=center style="background:white;margin:0in;margin-left:1.45pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.35pt;">PUTNAM
MANAGED MUNICIPAL TRUST</font></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:1.7pt;margin-right:0in;margin-top:12.7pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.25pt;">Amendment No.
2 to Bylaws</font></p>

<p style="background:white;margin:0in;margin-top:13.45pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.15pt;line-height:13.45pt;">WHEREAS,
Article 13, Section 13.1 and Article 12, Section 12.1, Part I, paragraph 6(c)
of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.2pt;line-height:13.45pt;">the Bylaws (the
&quot;Bylaws&quot;) of Putnam Managed Municipal Trust (the &quot;Trust&quot;)
permit the Trustees of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.15pt;line-height:13.45pt;">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;
Poor's (&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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;line-height:13.45pt;">Shares or any holder thereof;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.5pt;margin-right:0in;margin-top:12.7pt;text-indent:34.3pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.25pt;line-height:13.7pt;">WHEREAS, the
Trustees desire to amend the Bylaws so as to eliminate the liquidity test </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.15pt;line-height:13.7pt;">contained in Article 12, Section
12.1, Part I, paragraph 9 of the Bylaws;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.25pt;margin-right:0in;margin-top:13.45pt;text-indent:34.55pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.2pt;line-height:13.2pt;">WHEREAS,
Moody's and S&amp;P have confirmed to the Trust that the deletion of the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.25pt;line-height:13.2pt;">definitions of the terms
&quot;Dividend Coverage Amount,&quot; &quot;Dividend Coverage Assets&quot; and
&quot;Minimum. </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.15pt;line-height:13.2pt;">Liquidity
Level&quot; will not impair their ratings of outstanding Preferred Shares; and</font></p>

<p style="background:white;margin:0in;margin-top:13.45pt;text-indent:33.6pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.25pt;line-height:13.45pt;">WHEREAS,
the Trustees have determined that, in the event that the definitions of the
terms </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.2pt;line-height:13.45pt;">&quot;Dividend
Coverage Amount,&quot; &quot;Dividend Coverage Assets&quot; and &quot;Minimum
Liquidity Level&quot; are </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.15pt;line-height:13.45pt;">deleted,
the deletion of Article 12, Section 12.1, Part I, paragraphs 8(f)(ii)(b) and 9
of the Bylaws </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.2pt;line-height:13.45pt;">would not
materially and adversely affect any preference, right or power of the Preferred
Shares or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;line-height:13.45pt;">any holder thereof;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:34.8pt;margin-right:0in;margin-top:12.25pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.25pt;">NOW, THEREFORE, the Bylaws are hereby
amended as follows:</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:34.8pt;margin-right:0in;margin-top:12.95pt;text-indent:-34.3pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.8pt;line-height:13.45pt;">1.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;letter-spacing:-.8pt;line-height:13.45pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.15pt;line-height:13.45pt;">Article 12,
Section 12.1, Part I, paragraph 1 of the Bylaws is hereby amended by deleting </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.25pt;line-height:13.45pt;">the definitions of the terms
&quot;Dividend Coverage Amount,&quot; &quot;Dividend Coverage Assets&quot; and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;line-height:13.45pt;">&quot;Minimum Liquidity Level&quot; set forth therein;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:34.8pt;margin-right:0in;margin-top:12.95pt;text-indent:-34.3pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.35pt;line-height:13.45pt;">2.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;letter-spacing:-.35pt;line-height:13.45pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.15pt;line-height:13.45pt;">Article 12, Section
12.1, Part I, paragraph 8(f)(ii)(b) is hereby deleted and Article 12, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.2pt;line-height:13.45pt;">Section 12.1, Part I, paragraph
8(f)(ii)(c) is hereby redesignated Article 12, Section 12.1, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;line-height:13.45pt;">Part I, paragraph 8(f)(ii)(b); and</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:34.8pt;margin-right:0in;margin-top:12.5pt;text-indent:-34.3pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.55pt;line-height:13.45pt;">3.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;layout-grid-mode:line;letter-spacing:-.55pt;line-height:13.45pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.2pt;line-height:13.45pt;">The text of
Article 12, Section 12.1, Part I, paragraph 9 of the Bylaws is hereby deleted
and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;line-height:13.45pt;">the word &quot;Reserved&quot; is hereby
substituted in its place.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.7pt;margin-right:0in;margin-top:13.2pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.2pt;">This Amendment is effective as of
January 5, 1996.</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;">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="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.7pt;margin-right:0in;margin-top:13.2pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">PUTNAM
MANAGED MUNICIPAL INCOME TRUST</font></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.7pt;margin-right:0in;margin-top:13.2pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.2pt;">&nbsp;</font></p>

<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;">Amendment to Amended and Restated Bylaws</font></p>

<p style="background:white;margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS, Article 14, Section 14.1,
of the Amended and Restated Bylaws as last amended by an Amendment effective as
of March 9, 2001 (the &#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Bylaws</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;) of Putnam Managed Municipal Income Trust
(the &#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Trust</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;) permits the Trustees of the Trust (the &#8220;</font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Trustees</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;)
to amend or repeal the Bylaws;</font></p>

<p style="background:white;margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS, the Trustees desire to
amend the Bylaws to remove the requirement that each purchaser of preferred
shares of the Trust sign and deliver a &#8220;Master Purchaser&#8217;s Letter&#8221; (as
currently defined in the Bylaws);</font></p>

<p style="background:white;margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font color=black 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="background:white;margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Article 12, Section 12.1, Part I,
paragraph 1 and Article 12, Section 12.2, Part I, paragraph 1 are hereby
amended by deleting the definition of &#8220;Master Purchaser&#8217;s Letter.&#8221;</font></p>

<p style="background:white;margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Exhibit A to Section 12.1 of
Article 12 is hereby deleted.</font></p>

<p style="background:white;margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Article 12, Section 12.1, Part II,
paragraph 8 and Article 12, Section 12.2, Part II, paragraph 8 are hereby
amended, with each such provision to read in its entirety as follows:</font></p>

<p style="background:white;margin:0in;margin-bottom:12.0pt;margin-left:1.0in;margin-right:1.0in;margin-top:0in;text-align:justify;text-justify:inter-ideograph;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:0pt;">&#8220;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&#8217;s beneficial ownership.&#8221;</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;">This Amendment is effective as of February 10, 2006.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.7pt;margin-right:0in;margin-top:13.2pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.2in;margin-right:0in;margin-top:72.7pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.05pt;">&nbsp;</font></b></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>

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


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</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=center style="margin:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">PUTNAM
MANAGED MUNICIPAL INCOME 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) and Section
12.2, Part I, paragraph 6(c) of the Bylaws (the &quot;Bylaws) of Putnam Managed
Municipal Income 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 and Section 12.2, 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 and Section 12.2, 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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;line-height:normal;">Aaa*</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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;line-height:normal;">Aa*</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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;line-height:normal;">A*</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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;line-height:normal;">(V)
  MIG-1/P-1***</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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;line-height:normal;">33.8%</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:12.0pt;line-height:normal;">37.1%</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:12.0pt;line-height:normal;">39.8%</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:12.0pt;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:12.0pt;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:12.0pt;line-height:normal;">26.5%</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:12.0pt;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:12.0pt;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:12.0pt;line-height:normal;">35.1%</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:12.0pt;line-height:normal;">37.9%</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:12.0pt;line-height:normal;">40.5%</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:12.0pt;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:12.0pt;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:12.0pt;line-height:normal;">27.0%</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:12.0pt;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:12.0pt;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:12.0pt;line-height:normal;">35.9%</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:12.0pt;line-height:normal;">38.7%</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:12.0pt;line-height:normal;">41.2%</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:12.0pt;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:12.0pt;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:12.0pt;line-height:normal;">27.5%</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:12.0pt;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:12.0pt;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:12.0pt;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: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; Municipal Bonds
rated Ba1 to B3 by Moody&#8217;s or, if not rated by Moody&#8217;s, rated BB+ to </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">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>
<a name="_bclFooter92"></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;">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>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_93"></a><a name="_bclPageBorder93"></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:12.0pt;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
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>

<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; 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 and Section 12.2, 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>


<a name="_bclFooter93"></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;">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>

<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_94"></a><a name="_bclPageBorder94"></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:12.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>
  <p style="margin:0in;"><b><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>
  <p style="margin:0in;"><b><font face="Times New Roman" style="font-size:12.0pt;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:12.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>
  <p style="margin:0in;"><b><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:line;">Minimum Issue Size</font></b></p>
  <p style="margin:0in;"><b><font face="Times New Roman" style="font-size:12.0pt;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:12.0pt;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:12.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>
  <p style="margin:0in;"><b><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:line;">Maximum</font></b></p>
  <p style="margin:0in;"><b><font face="Times New Roman" style="font-size:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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: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;">* Not applicable.</font></p>

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


<a name="_bclFooter94"></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;">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>

<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_95"></a><a name="_bclPageBorder95"></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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 and Section 12.2, 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="_bclFooter95"></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;">97</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_96"></a><a name="_bclPageBorder96"></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:12.0pt;">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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;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:12.0pt;">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:12.0pt;">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:12.0pt;">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:12.0pt;">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:12.0pt;">&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:12.0pt;">*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 have a long-term rating,
shall be considered to be short-term Municipal Bonds and (E) the S&amp;P </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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="_bclFooter96"></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;">98</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_97"></a><a name="_bclPageBorder97"></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 and Section 12.2, 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 over 5% add 10 percentage
points to the S&amp;P Discount Factor.&#160; High Yield Securities of </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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>
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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;">99</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_98"></a><a name="_bclPageBorder98"></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 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>


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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;">100</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_99"></a><a name="_bclPageBorder99"></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:.5in;"><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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<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;">101</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=center style="margin:0in;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">PUTNAM MANAGED MUNICIPAL INCOME 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 Managed Municipal Income 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 Putnam High Yield
Municipal Trust 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 C;</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 C; </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 C 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 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; &quot;A series of 2,220
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) plus the premium, if any, resulting from the designation of
a Premium Call Period, is hereby designated &quot;Remarketed Preferred Shares,
Series C.&quot;&#160; Each share of Remarketed Preferred Shares, Series C shall be
issued on a date to be determined by the Board of Trustees of the Trust or a
duly authorized committee thereof; be redeemed (unless such share shall have
been otherwise redeemed pursuant to paragraph 4 of Part I of this Section 12.1
or exchanged prior thereto for Remarketed Preferred Stock, Series I pursuant to
paragraph 12 of Part I of this Section 12.1 by the Trust on a date to be
determined by the Board of Trustees of the Trust or a duly authorized committee
thereof) 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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; The
Remarketed Preferred Shares, Series C shall constitute a separate series of
preferred shares of the Trust, and each share of Remarketed Preferred Shares,
Series C shall be identical except as provided in paragraph 4 of this Part I of
this Section 12.1.&quot;</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;">102</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_101"></a><a name="_bclPageBorder101"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<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; 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The definition
of &quot;Non-Payment Period&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 color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &quot;
&quot;Non-Payment Period&quot; 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;">Dividend
Payment Date for shares of RP, for payment on or (to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;">dividend on such shares payable on such Dividend Payment
Date </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;">of RP the full amount of any dividend
on such shares (whether </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;">of
RP called for redemption, the redemption price of $100,000 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">per share (in the case of Series A and
Series B shares of RP) or $50,000 per share (in the case of Series C shares of
RP), plus in the case of each series of RP the full amount of any dividends
thereon </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;">(whether or not
earned or declared) accumulated but unpaid to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">such redemption date, plus the premium, if any, resulting
from the designation of a Premium Call Period 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;">seven days thereof unless the Trust
shall have given at least </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">three
days' written notice to the Paying Agent, the Remarketing Agents and the
Securities Depository and </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;">thereafter
shall not end unless the Trust shall have given at </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">least fourteen days' written notice to
the Paying Agent, the Remarketing Agents, the Securities Depository and all
Beneficial Owners.&#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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;">Business
Days after such Dividend Payment Date to the Holders </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">who held such shares as of 12:00 noon,
New York City time, on </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;">the
Business Day preceding such Dividend Payment Date) or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;">redemption price with respect to such
shares not paid to such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;">Holders
when due may (if such non-payment is not solely due </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">to the willful failure of the Trust)
be paid pro rata to such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;">Holders
in the same form of funds by 12:00 noon, New York </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;">City time, on any of the first three
Business Days after such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">Dividend
Payment Date or due date, as the case may be, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;">provided that, such amount is accompanied by a late
charge </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.5pt;">calculated for
such period of non-payment as the Non-Payment Period Rate applied to the amount
of such non-payment based on the actual number of days comprising such period
divided </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">by 365.&quot;</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; 3.&#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>


<a name="_bclFooter101"></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;">103</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_102"></a><a name="_bclPageBorder102"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<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; &quot;
&quot;RP Basic Maintenance Amount,&quot; as of any Valuation Date, means the
dollar amount equal to the sum of (i) (A) the product of the number of Series A
and Series B shares of RP and shares of Other RP outstanding on such date
multiplied by $100,000; (B) the product of the number of Series C shares of RP
outstanding on such date multiplied by $50,000; (C) the aggregate amount of
dividends that will have accumulated (whether or not earned or declared) for
each share of RP and Other RP outstanding in each case to (but not including)
the next Dividend Payment Date that follows such Valuation Date; (D) the
aggregate amount of dividends that would accumulate at the then current Maximum
Dividend Rate on any shares of RP and Other RP outstanding from the Business
Days following such respective Dividend Reset Dates through the 63rd day after
such Valuation Date, multiplied by the larger of factors determined from time
to time by Moody's and S&amp;P and designed to take into account potential
increases in dividend rates over such period (except that if such Valuation
Date occurs during a Non-Payment Period, the 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 premium, if any, resulting from the designation of
a Premium Call Period; 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 current liabilities relating to futures and options and
any Gross-up Dividends which are payable pursuant to paragraph 3(k) of this
Part I with respect to the RP and any analogous provision with respect to Other
RP, and payables for Municipal Securities purchased as of such Valuation Date)
less (ii) the sum of (A) receivables for Municipal Securities sold as of such
Valuation Date, provided that, for purposes of calculating RP Basic Maintenance
Amount in order to determine whether the Trust has Moody's Eligible Assets with
a Discounted Value that equals the Moody's Basic Maintenance Amount, the party
from which such receivable is due shall have long-term debt rated at least A2
by Moody's and such receivable is due in 30 days or less and (B) the value of
any of the Trust's assets irrevocably deposited by the Trust for the payment of
any of (i)(A) through (i)(G).&quot;</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; 4.&#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;"><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; &quot; &quot;Specific
Redemption Provisions&quot; means, with respect to a Special Dividend Period of
365 or more days, either, or any combination of, (i) a period (a &quot;Non-Call
Period&quot;) determined by the Board of 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 Board of 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 $100,000 (in the case of Series A and B shares of RP) or $50,000 (in
the case of Series C shares of RP), plus in the case of each series of RP
accumulated but unpaid dividends plus an applicable premium, as determined by
the Board of Trustees after consultation with the Remarketing Agents.&quot;</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; 5.&#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>


<a name="_bclFooter102"></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;">104</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_103"></a><a name="_bclPageBorder103"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<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; &quot;The amount of
declared dividends for each share of RP payable on each Dividend Payment Date
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 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 last
day of such Dividend Period, and the denominator of which shall be 365, and
then multiplying the percentage so obtained by $100,000 (in the case of Series
A and B shares of RP) or $50,000 (in the case of Series C shares of RP).&quot;</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; 6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Article 12,
Section 12.1, Part I, paragraph 3(i) 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 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; &quot;Except during a
Non-Payment Period, by 1:00 p.m. on the Tender Date in the Remarketing at the
end of the Initial Dividend Period applicable to a share of RP, and by 1:00
p.m. on the Tender 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.&#160; If the Beneficial Owner of such share of RP elects to hold such share,
such Beneficial Owner shall hold such share of RP for a 28-day Dividend Period
(in the case of Series A and B shares of RP) or a 7-day Dividend Period (in the
case of Series C shares of RP) or a Special Dividend Period if the succeeding
Dividend Period with respect to such share has been designated by the Board of
Trustees as a Special Dividend Period provided that, if (i) there are no
Remarketing Agents, (ii) the Remarketing Agents are not required to conduct a
Remarketing or (iii) the Remarketing Agents are unable to remarket in the
Remarketing on the Dividend Reset Date following such Tender Date all shares of
RP tendered (or deemed tendered) to them at a price of $100,000 per share (in
the case of Series A and B shares of RP) or $50,000 per share (in the case of
Series C shares of RP), then the next Dividend Period for all shares of RP
shall be a 28-day Dividend Period (in the case of Series A and B shares RP) or
a 7-day Dividend Period (in the case of Series C shares of RP) and the
Applicable Dividend Rate therefor shall be the applicable Maximum Dividend
Rate.&#160; If the Beneficial Owner of such share of RP fails to elect to tender or
hold such share by 1:00 p.m. on such Tender Date, such Beneficial Owner shall
continue to hold such share at the Applicable Dividend Rate determined in such
Remarketing for a Dividend Period of the same type as the current Dividend
Period for such share; provided that, (i) if there are no Remarketing Agents,
the Remarketing Agents are not required to conduct a Remarketing or the
Remarketing Agents are unable to remarket in the Remarketing on the Dividend
Reset Date following such Tender Date all shares of RP tendered (or deemed
tendered) to them at a price of $100,000 per share (in the case of Series A and
B shares of RP) or $50,000 (in the case of Series C shares of RP), then the
next Dividend Period for all shares of RP shall be a 28-day Dividend Period (in
the case of Series A and B shares of RP) or a 7-day Dividend Period (in the
case of Series C shares of RP) and the Applicable Dividend Rate therefor shall
be the Maximum Applicable Rate for a 28-day Dividend Period or a 7-day Dividend
Period, as the case may be and (ii) if such current Dividend Period is a
Special Dividend Period or the succeeding Dividend Period has been designated
by the Board of Trustees as a Special Dividend Period, then such Beneficial
Owner is deemed to have elected to tender the shares.&#160; If the Remarketing
Agents are unable to remarket in such Remarketing all </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">shares
of RP subject to such Remarketing and tendered (or deemed tendered) to them at
a price of $100,000 per share (in the case of Series A and B shares of RP) or
$50,000 per share (in the case of Series C shares of RP), the Beneficial Owners
thereof shall hold such share at the applicable Maximum Dividend Rate for a
28-day Dividend Period (in the case of Series A and B shares of RP) or a 7-day
Dividend Period (in the case of Series C shares of RP).&#160; If a share of RP is
tendered (or deemed tendered) and purchased in a Remarketing, the next Dividend
Period for such share shall be a 28-day Dividend Period (in the case of Series
A and B shares of RP) or a 7-day Dividend Period (in the case of Series C
shares of RP) or a Special Dividend Period with respect to such share, as the
case may be, at the Applicable Dividend Rate therefor, except that, if the
Remarketing Agents are unable to remarket in such Remarketing all shares of RP
tendered (or deemed tendered) to them at a price of $100,000 per share (in the
case of Series A and B shares of RP) or $50,000 per share (in the case of
Series C shares of RP), no purchaser in such Remarketing shall be permitted to
acquire shares having a Special Dividend Period and the next Dividend Period
for such share shall be a 28-day Dividend Period (in the case of Series A and B
shares of RP) or a 7-day Dividend Period (in the case of Series C shares of RP)
and the Applicable Dividend Rate therefor shall be the applicable Maximum
Dividend Rate.&quot;</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;">105</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;">&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; 7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Article 12,
Section 12.1, Part I, paragraph 4(a) 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 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; &quot;To the extent
permitted under the 1940 Act and Massachusetts law, upon giving a Notice of
Redemption, the Trust at its option may redeem shares 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 a redemption price equal to $100,000 per share (in the case of
Series A and B shares of RP) or $50,000 per share (in the case of Series C
shares of RP), plus in the case of each series of RP an amount equal to
dividends thereon (whether or not earned or declared) accumulated but unpaid to
the date fixed for redemption plus the premium, if any, resulting from the
designation of a Premium Call Period; provided that, no share of RP shall be
subject to redemption pursuant to this paragraph 4(a) on any Dividend Payment
Date during a Non-Call Period to which it is subject.&#160; 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 Beneficial Owners by reason of the
redemption of their shares of RP on such redemption date. &quot;</font></p>

<p style="margin:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></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; 8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Article 12, Section
12.1, Part I, paragraph 4(b) 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 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; &quot;The Trust shall
redeem, out of funds legally available therefor, at a redemption price of
$100,000 per share (in the case of Series A and B shares of RP) or $50,000 (in
the case of Series C shares of RP), plus in the case of each series of RP
accumulated but unpaid dividends (whether or not earned or declared) to the
date fixed by the Board of Trustees for redemption plus the premium, if any,
resulting from the designation of a Premium Call Period, certain of the shares
of RP to the extent permitted under the 1940 Act and Massachusetts law, if the
Trust fails to </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">maintain the RP Basic Maintenance
Amount or the 1940 Act Asset Coverage and such failure is not cured on or
before the RP Basic Maintenance Cure Date or the 1940 Act Cure Date (herein
referred to respectively as the &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 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 Asset Coverage, as the case may be, on such Cure Date (provided that, if
there is no such minimum number of shares of RP and other Preferred Shares the
redemption of which would have such result, all shares 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 Asset Coverage, as
the case may be, pro rata among shares of RP, Other RP and other Preferred
Shares subject to redemption provisions similar to those contained in this
paragraph 4(b), except as set forth in Section 12.2 of these By-laws.&#160; The
Trust shall effect such redemption not later than 45 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 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 45 days after such Cure Date,
the Trust shall redeem those shares 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.&#160; 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 RP 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 the lowest number of
days remaining in the period to be called first) and by lot in the event of
equal outstanding Non-Call Periods.&quot;</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;">106</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;">&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; 9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Article 12,
Section 12.1, Part I, paragraph 4(g) 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 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; &quot;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, $100,000 per share (in the
case of Series A and B shares of RP) or $50,000 per share (in the case of
Series C shares of RP) for each share of RP called for redemption, plus in the
case of each series of RP an amount equal to dividends thereon accumulated but
unpaid to such redemption date (whether or not earned or declared) plus the
premium, if any, resulting from the designation of a Premium Call Period.&quot;
</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; 10.&#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 color=black 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;">107</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>
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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; &quot;Upon
a liquidation, dissolution or winding up of the affairs of the Trust, whether
voluntary or involuntary, the Holders 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 $100,000 per share (in the case of Series A and B shares of RP) or
$50,000 per share (in the case of Series C shares of RP), 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) plus the premium, if any, resulting
from the designation of a Premium Call Period to but excluding the date of
final distribution in same-day funds.&#160; After any such payment, the Holders and
Beneficial Owners shall not be entitled to any further participation in any
distribution of assets of the Trust.&quot;</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; 11.&#160;&#160;&#160;&#160;&#160;&#160; Article 12,
Section 12.1, Part I, paragraph 12(a) is hereby deleted and replaced in its
entirety with the following:</font></p>

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

<p style="margin:0in;"><b><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; </font></b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&quot;Upon the authorization of the Board of Trustees based
on (i) the receipt by the Trust of a ruling from the Service to the effect that
the payment of dividends on the shares of Serial RP would not jeopardize the
Trust's status as a regulated investment company or (ii) an opinion of legal
counsel in form and substance satisfactory to the Board of Trustees to the
effect that the payment of dividends on the shares of Serial RP would not
jeopardize the Trust's status as a regulated investment company and the
affirmative vote or consent of the Holders of at least a majority of the shares
of each series of RP outstanding at the time, in person or by proxy, either in
writing or at a meeting (each such series voting separately as a class) (in
either case, an &quot;Exchange Event&quot;), then, on the first Dividend
Payment Date for the RP which is at least 45 days after the occurrence of an
Exchange Event and as of which the conditions described below have been
satisfied (the &quot;Exchange Date&quot;), the RP will be exchanged for Serial
RP.&#160; Shares of RP will not be exchanged for shares of Serial RP unless each of
Moody's and S&amp;P shall have provided on the Exchange Date a rating on the
Serial RP equivalent to the then-current rating provided by such rating agency
on the RP; provided that, if Moody's or S&amp;P shall not make such rating available,
such exchange will take place if (i) a Substitute Rating Agency or Agencies
shall have provided a rating equivalent to such then-current rating or ratings
on the Exchange Date and (ii) all shares of RP subject to such exchange that
were tendered (or deemed tendered) on the Tender Date preceding such Exchange
Date shall have been remarketed by the Remarketing Agents on the related
Dividend Reset Date at a price of $100,000 per share (in the case of Series A
and B shares of RP) or $50,000 per share (in the case of Series C shares of
RP).&#160; Holders of outstanding shares of RP will receive shares of Serial RP
based on the aggregate liquidation preference of their existing shares of RP
and such Serial RP as of the Exchange Date.&quot;</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; 12.&#160;&#160;&#160;&#160;&#160;&#160; Article 12,
Section 12.1, Part I, paragraph 12(b) 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 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; &quot;The Trust will
cause the publication of an exchange notice in an Authorized Newspaper, and
cause the Paying Agent to mail an exchange notice to each Holder of RP, not
less than 10 nor more than 30 days prior to the Exchange Date therefor.&#160; Such
notice will state: (i) the Exchange Date, (ii) that on such Exchange Date all
shares of RP will be exchanged </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">automatically, and
without any action or choice on the part of the Holders thereof based on the
aggregate liquidation preference of their existing shares of RP and the Serial
RP as of the Exchange Date, (iii) that the Initial Dividend Period for the
Serial RP issuable in exchange for the shares of RP will be a 28-day Dividend
Period commencing on such Exchange Date, (iv) that dividends on shares of RP
will cease to accumulate on such Exchange Date and (v) whether the Serial RP
will be rated by Moody's and S&amp;P or by a Substitute Rating Agency or
Substitute Rating Agencies.&quot;</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;">108</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>
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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;"><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; 13.&#160;&#160;&#160;&#160;&#160;&#160; Article 12,
Section 12.1, Part II, paragraph 2(a) 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 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; &quot;Each share of RP is
subject to Tender and Dividend Reset at the end of each Dividend Period and may
be tendered in the Remarketing which commences on the Tender Date immediately
prior to the end of the current Dividend Period.&#160; By 12:00 noon, New York City </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;">time, on each such Tender Date, the Remarketing
Agents shall, after canvassing the market and considering prevailing market </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">conditions
at the time for shares of RP and similar </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;">securities,
provide Beneficial Owners non-binding indications </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of the Applicable
Dividend Rate for the next succeeding </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;">Dividend
Period or, if applicable, a Special Dividend Period; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">provided that, if
the Board of Trustees has designated the next Dividend Period 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;">Dividend
Rate for such Dividend Period may be greater than or </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">less than the rate
per annum indicated in such non-binding</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-2.15pt;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">indications
(but not greater than the applicable Maximum Dividend Rate).&#160; By 1:00 p.m., New
York City time, on such Tender Date, each Beneficial Owner of shares of RP must
</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;">notify a Remarketing Agent of its desire,
on a share-by-share </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;">basis, either to
tender such share of RP at a price of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">$100,000 per share (in the case of
Series A and B shares of RP) or $50,000 per share (in the case of Series C
shares of RP) or to continue to hold such share for the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;">next Dividend Period or, if applicable, to accept a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">designated
Special Dividend Period.&#160; Any notice given to a Remarketing Agent to tender or
hold shares for a particular </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;">Dividend
Period shall be irrevocable and shall not be </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">conditioned upon the level
at which the Applicable Dividend Rate is established.&#160; Any such notice may not
be waived by the Remarketing Agents, except that prior to 4:00 p.m., New </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;">York City time, on a Dividend Reset Date, a
Remarketing Agent </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;">may, in its sole
discretion, (i) at the request of a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.55pt;">Beneficial
Owner that has tendered one or more shares to such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Remarketing Agent,
waive such Beneficial Owner's tender, and thereby enable such Beneficial Owner
to continue to hold the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.45pt;">share or shares for
the next Dividend Period or, if </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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</font></p>

<p style="background:white;margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.5pt;">to remarket all shares of RP tendered in such
Remarketing, and (ii) at the request of a Beneficial Owner that has </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.55pt;">elected to hold one or more of its
shares of RP, waive such Beneficial Owner's election with respect
thereto.&quot;</font></p>

<p style="background:white;margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.55pt;">&nbsp;</font></p>

<p style="background:white;margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.55pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">14.&#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="background:white;margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.55pt;">&nbsp;</font></p>


<a name="_bclFooter107"></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;">109</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_108"></a><a name="_bclPageBorder108"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="background:white;margin:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &quot;Between 1:00
p.m., New York City time, on each Tender Date </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.65pt;">and- 4:00 p.m., New York City time, on the succeeding
Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.5pt;">Reset Date, the
Remarketing Agents shall determine the Applicable Dividend Rate to the nearest
one-thousandth </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.55pt;">(0.001)
of one percent per annum for the next Dividend </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.5pt;">Period, 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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.45pt;">their
sole judgment, to be the lowest rate that will enable them to remarket on
behalf of the Beneficial Owners thereof</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.55pt;">all shares of RP subject to Tender and Dividend
Reset in such </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.5pt;">Remarketing and
tendered to them on such Tender Date at a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">price of $100,000 per share
(in the case of Series A and B shares of RP) or $50,000 per share (in the case
of Series C shares of RP).&quot;</font></p>

<p style="background:white;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="background:white;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; 15.&#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="background:white;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="background:white;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; &quot;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.55pt;">If no Applicable Dividend Rate shall have been
established on a Dividend Reset Date in a Remarketing for the next Dividend
Period, or Special Dividend Period, if any, for </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.55pt;">Agreement
or the Remarketing Agents are unable to remarket on </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.5pt;">the Dividend Reset Date all shares of RP tendered
(or deemed </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.55pt;">tendered) to them at a
price of $100,000 per share (in the case of Series A and B shares of RP) or
$50,000 per share (in the case of Series C shares of RP)), then the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.5pt;">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 </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.55pt;">prevailing yields on fixed and variable rate taxable and tax-</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.5pt;">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 Dividend Reset Date, assuming in
each case a </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.55pt;">comparable dividend
period, issuer and security.&#160; If there is no Remarketing because there are no
Remarketing Agents or the </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.5pt;">Remarketing
Agents are not required to conduct a Remarketing pursuant to the Remarketing
Agreement or if the Remarketing</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"> </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.5pt;">Agents
are unable to remarket on the Dividend Reset Date all </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.55pt;">shares of RP tendered (or deemed tendered) to
them at a price </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.5pt;">of $100,000 per share
(in the case of Series A and B shares of RP) or $50,000 per share (in the case
of Series C shares of RP), then, except during a Non-Payment Period, the
Applicable Dividend Rate for the subsequent Dividend Period and for each
subsequent Dividend Period for which no Remarketing takes place because of the
foregoing shall be the applicable Maximum Dividend Rate for a 28-day </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.55pt;">Dividend Period (in the case of Series A and B
shares of RP) </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.5pt;">or for a 7-day Dividend
Period (in the case of Series C shares of RP) and the next succeeding Dividend
Period shall be a 28-day Dividend Period (in the case of Series A and B shares
of RP) and a 7-day Dividend Period (in the case of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Series C shares of
RP).&quot;</font></p>

<p style="background:white;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="background:white;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;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 16.&#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="background:white;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="background:white;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; &quot;If
the Remarketing Agents are unable to remarket by 4:00 p.m., New York City time,
on a Dividend Reset Date all shares of RP tendered to them in the related
Remarketing at a price of $100,000 per share (in the case of Series A and B
shares of RP) or $50,000 per share (in the case of Series C shares 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, </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">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, which shall be a 28-day Dividend Period (in the case of
Series A and B shares of RP) or a 7-day Dividend Period (in the case of Series
C shares of </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.45pt;">RP), shall be the Maximum
Dividend Rate for such 28-day </font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;letter-spacing:-.55pt;">Dividend
Period or 7-day Dividend Period, as the case may be.&quot;</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;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">This Amendment is effective as of
February 15, 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 MANAGED MUNICIPAL INCOME 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
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 Bylaws (the &#8220;Bylaws&#8221;) of Putnam
Managed Municipal Income 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 12.2, PART I, concerning the right to nominate preferred share
trustees.&#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;">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;">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;">&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 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 further notice to
the extent permitted by Article V, Section 2 of the Declaration of Trust.&#160;
Unless </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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;">&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 12.2, 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 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 face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">General</font></u><font 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 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 RP,
represented in person or 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 nominate and elect two trustees of the Trust,
each Preferred Share, including RP, entitling the holder thereof to one vote.
Subject to paragraph 6(b) hereof, the holders of outstanding Common Shares and
Preferred Shares, including 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 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 face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Right
to Elect Majority of Board of Trustees</font></u><font 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
constituting the Board 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, would constitute a majority of the Board of
Trustees as so increased by such smallest number; and the holders of Preferred
Shares 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 nominate and 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 face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if at
the close of business on any Dividend Payment Date 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 RP
equal to at least two full years' dividends shall be due and unpaid and
sufficient cash or specified 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 face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; if at
any time holders of any other Preferred Shares are entitled to elect a majority
of the trustees of the Trust. </font></p>

<p style="margin:0in;margin-top:6.0pt;page-break-after:avoid;"><font 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).</font></p>

<p style="margin:0in;margin-top:6.0pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</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 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">This Amendment is
effective as of November 11, 2011.&#160; </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;</font></b></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 MANAGED MUNICIPAL INCOME 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 13, Section 13.1, ARTICLE 12, Section
12.1, Part I, paragraph 6(c) and ARTICLE 12, Section 12.2, Part I, paragraph
6(c) of the Amended and Restated Bylaws (the &#8220;Bylaws&#8221;) of Putnam Managed
Municipal Income Trust (the &#8220;Trust&#8221;), as last amended by an Amendment effective
as of November 11, 2011, 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 and ARTICLE 12, Section 12.2,
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 &quot;S&amp;P Eligible
Asset&quot; in ARTICLE 12, Section 12.1, PART I, paragraph 1 and ARTICLE 12,
Section 12.2, 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>


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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 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;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;">115</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;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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;">&#160;&#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>


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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;">116</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;">This Amendment is effective
as of March 21, 2014.&#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;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">117</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 align=center style="margin:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">PUTNAM
MANAGED MUNICIPAL INCOME 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;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 Managed Municipal Income 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) and Article 12, Section 12.2,
Part I, paragraph 6(c) provide 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 certain provisions of
Article 12, Section 12.1 and Article 12, Section 12.2 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,
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; Each of Article 12, Section 12.1, Part
I, paragraph 1 and Article 12, Section 12.2, 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 8(e) and Article 12, Section 12.1, Part I, 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) and Article 12, Section 12.2, Part I,
paragraphs 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>

<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 text of each of Article 12, Section
12.2, 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>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;text-indent:.5in;text-justify:inter-ideograph;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">6.&#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>


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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;">This
Amendment is effective as of June 24, 2016.</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>

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