<SEC-DOCUMENT>0001752724-20-114274.txt : 20200602
<SEC-HEADER>0001752724-20-114274.hdr.sgml : 20200602
<ACCEPTANCE-DATETIME>20200602093649
ACCESSION NUMBER:		0001752724-20-114274
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200331
FILED AS OF DATE:		20200602
DATE AS OF CHANGE:		20200602
EFFECTIVENESS DATE:		20200602

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Eaton Vance National Municipal Opportunities Trust
		CENTRAL INDEX KEY:			0001454741
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22269
		FILM NUMBER:		20935789

	BUSINESS ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		617-482-8260

	MAIL ADDRESS:	
		STREET 1:		TWO INTERNATIONAL PLACE
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Eaton Vance National Municipal Trust
		DATE OF NAME CHANGE:	20090126
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        <fundType>N/A</fundType>
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        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
          <relyOnRuleType>Rule 12d1-1 (17 CFR 270.12d1-1)</relyOnRuleType>
        </relyOnRuleTypes>
        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Eaton Vance Management</investmentAdviserName>
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            <investmentAdviserCrdNo>000104859</investmentAdviserCrdNo>
            <investmentAdviserLei>549300RJ0CSL5M1B7J96</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-MA" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>American Stock Transfer &amp; Trust Company, LLC</transferAgentName>
            <transferAgentFileNo>084-00416</transferAgentFileNo>
            <transferAgentLei>254900TS5EWP83BEOU02</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NY" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services, Inc.</pricingServiceName>
            <pricingServiceLei>13-3668779</pricingServiceLei>
            <pricingServiceIdNumberDesc>Tax ID</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-MA" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>State Street Bank and Trust Company</custodianName>
            <custodianLei>571474TGEMMWANRLN572</custodianLei>
            <custodianStateCountry custodianState="US-MA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>American Stock Transfer &amp; Trust Company, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>254900TS5EWP83BEOU02</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Eaton Vance Management</adminName>
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            <adminStateCountry adminState="US-MA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
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        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0.00000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Stifel, Nicolaus &amp; Company, Incorporated</principalName>
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          <principalTransaction>
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          <principalTransaction>
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          </principalTransaction>
          <principalTransaction>
            <principalName>Jefferies LLC</principalName>
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            <principalCrdNo>000002347</principalCrdNo>
            <principalLei>58PU97L1C0WSRCWADL48</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>18000000.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co. LLC</principalName>
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            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
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          <principalTransaction>
            <principalName>BNY Mellon Capital Markets, LLC</principalName>
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            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>26497738.45000000</principalTotalPurchaseSale>
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        <principalAggregatePurchase>273128704.35000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>327707398.89000000</mnthlyAvgNetAssets>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <closedEndManagementInvestment>
      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>Eaton Vance National Municipal Opportunities Trust</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="XNYS" commonStockTickerSymbol="EOT"/>
          </commonStocks>
        </securityRelatedItem>
      </securityRelatedItems>
      <isRightsOffering>N</isRightsOffering>
      <isSecondaryOffering>N</isSecondaryOffering>
      <isRepurchaseSecurity>N</isRepurchaseSecurity>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
      <managementFee>0.65000000</managementFee>
      <netOperatingExpenses>0.92000000</netOperatingExpenses>
      <marketPricePerShare>19.50000000</marketPricePerShare>
      <netAssetValuePerShare>20.53000000</netAssetValuePerShare>
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    <signature registrantSignedName="Eaton Vance National Municipal Opportunities Trust" signedDate="2020-05-27" signature="James Kirchner" title="Treasurer"/>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>NCEN_6278817089713509.txt
<TEXT>
REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM

To the Trustees and Shareholders of Eaton Vance National
Municipal Opportunities Trust:

In planning and performing our audit of the financial statements
of Eaton Vance National Municipal Opportunities Trust (the
"Trust") as of and for the year ended March 31, 2020, in
accordance with the standards of the Public Company
Accounting Oversight Board (United States) (PCAOB), we
considered the Trust's internal control over financial reporting,
including controls over safeguarding securities, as a basis for
designing our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-CEN, but not for the purpose of
expressing an opinion on the effectiveness of the Trust's internal
control over financial reporting. Accordingly, we express no such
opinion.

The management of the Trust is responsible for establishing and
maintaining effective internal control over financial reporting. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls. A trust's internal control over financial
reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with
generally accepted accounting principles. A trust's internal
control over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions
and dispositions of the assets of the trust; (2) provide reasonable
assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and
expenditures of the trust are being made only in accordance with
authorizations of management and trustees of the trust; and (3)
provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of a
trust's assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods
are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on a
timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the trust's annual or interim financial
statements will not be prevented or detected on a timely basis.

Our consideration of the Trust's internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control that might be material weaknesses under
standards established by the PCAOB. However, we noted no
deficiencies in the Trust's internal control over financial reporting
and its operation, including controls for safeguarding securities,
that we consider to be a material weakness, as defined above,
as of March 31, 2020.

This report is intended solely for the information and use of
management and the Trustees of Eaton Vance National
Municipal Opportunities Trust and the Securities and Exchange
Commission and is not intended to be and should not be used by
anyone other than these specified parties.




/s/ Deloitte & Touche LLP

Boston, Massachusetts
May 22, 2020






</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>3
<FILENAME>NCEN_5340330781542939.htm
<TEXT>

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<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">AMENDED
AND RESTATED BY-LAWS</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">OF</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">EATON VANCE NATIONAL
MUNICIPAL OPPORTUNITIES TRUST</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">__________________________</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ARTICLE
I</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Trustees</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 1.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Number of
Trustees</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; The number of Trustees shall be fixed by the Trustees, provided,
however, that such number shall at no time be less than two or exceed fifteen.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 2.&#160; &#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Trustee Qualifications</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; All Trustees
shall satisfy the requirements set forth below in this Section 2 of this
Article I, except that such requirements are subject to waiver by a majority of
Trustees in office at the time of the nomination of such Trustee.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (A)&#160; Only persons
satisfying the following qualification requirements applicable to all Trustees
may be nominated, elected, appointed, qualified or seated (&#8220;nominated or
seated&#8221;) to serve as Trustees:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160; An individual nominated or seated as a Trustee shall be at
least twenty-one years of age and not older than the mandatory retirement age
determined from time to time by the Trustees or a committee of the Trustees, in
each case at the time the individual is nominated or seated;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160; An individual nominated or seated as a Trustee shall, at the
time the individual is nominated or seated, serve as a trustee or director of
no more than 5 issuers (including the Trust) having securities registered under
the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;)
(investment companies or individual series thereof having the same investment
adviser or investment advisers affiliated through a control relationship shall
all be counted as a single company for this purpose);</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as set forth in this Section 2, an individual
nominated or seated as a Trustee shall not be an employee, officer, partner,
member, trustee, director or 5% or greater shareholder in any investment
adviser (other than the Trust&#8217;s investment adviser or any investment adviser
affiliated with the Trust&#8217;s investment adviser), collective investment vehicle
primarily engaged in the business of investing in &#8220;investment securities&#8221; (as
defined in the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;)) (an
&#8220;investment company&#8221;) or entity controlling or controlled by any investment
adviser (other than the Trust&#8217;s investment adviser or any investment adviser
affiliated with the Trust&#8217;s investment adviser) or investment company;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160; An individual nominated or seated as a Trustee shall not be
and shall not have been subject to any censure, order, consent decree
(including consent decrees in which the respondent has neither admitted nor
denied the findings) or adverse final action of any federal, state or foreign
governmental or regulatory authority (including self-regulatory organizations),
barring or suspending such individual from participation in or association with
any investment-related business or restricting such individual&#8217;s activities
with </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">respect to any investment-related business
(collectively, &#8220;Prohibited Conduct&#8221;), nor shall an individual nominated or
seated as a Trustee be the subject of any investigation or proceeding that
could reasonably be expected to result in an individual nominated or seated as
a Trustee failing to satisfy the requirements of this paragraph, nor shall any
individual nominated or seated as a Trustee be or have engaged in any conduct
which has resulted in, or could have reasonably been expected or would reasonably
be expected to result in, the Securities and Exchange Commission (&#8220;SEC&#8221;)
censuring, placing limitations on the activities, functions, or operations of,
suspending, or revoking the registration of any investment adviser under
Section 203(e) or (f) of the Investment Advisers Act of 1940, as amended; and</font></p>
<a name="_bclFooter1"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">- </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></font><font style=""><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">1</font></font><font style=""><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">
-</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160; An
individual nominated or seated as a Trustee shall not be and shall not have
been the subject of any of the ineligibility provisions contained in Section
9(b) of the 1940 Act that would permit, or could reasonably have been expected
or would reasonably be expected to permit the SEC by order to prohibit,
conditionally or unconditionally, either permanently or for a period of time,
such individual from serving or acting as an employee, officer, trustee,
director, member of an advisory board, investment adviser or depositor of, or
principal underwriter for, a registered investment company or affiliated person
(as defined in Section 2(a)(3) of the 1940 Act) of such investment adviser,
depositor, or principal underwriter.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ARTICLE
II</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Officers
and Their Election</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 1.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Officers</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160;
The officers of the Trust shall be a President, a Treasurer, a Secretary, and
such other officers or agents as the Trustees may from time to time elect.&#160; It
shall not be necessary for any Trustee or other officer to be a holder of
shares in the Trust.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 2.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Election of
Officers</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; The Treasurer and Secretary shall be chosen annually by the
Trustees.&#160; The President shall be chosen annually by the Trustees.&#160; Except for
the offices of the President and Secretary, two or more offices may be held by
a single person.&#160; The officers shall hold office until their successors are
chosen and qualified.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 3.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Resignations
and Removals</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; Any officer of the Trust may resign by filing a written
resignation with the President or with the Trustees or with the Secretary,
which shall take effect on being so filed or at such time as may otherwise be
specified therein.&#160; The Trustees may at any meeting remove an officer.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ARTICLE
III</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Powers and
Duties of Trustees and Officers</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 1.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Trustees</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160;
The business and affairs of the Trust shall be managed by the Trustees, and
they shall have all powers necessary and desirable to carry out that
responsibility, so far as such powers are not inconsistent with the laws of the
Commonwealth of Massachusetts, the Declaration of Trust, or these By-Laws.&#160;
Except as may be required by Section 16(a) of the 1940 Act, Trustees shall be
elected by shareholders only at an annual meeting of shareholders or special
meeting in lieu of an annual meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 2.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Executive and
other Committees</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; The Trustees may elect from their own number an
executive committee to consist of not less than three nor more than five
members, which shall have the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">power and duty to conduct
the current and ordinary business of the Trust while the Trustees are not in
session, and such other powers and duties as the Trustees may from time to time
delegate to such committee.&#160; The Trustees may also elect from their own number
other committees from time to time, the number composing such committees and
the powers conferred upon the same to be determined by the Trustees.&#160; Without
limiting the generality of the foregoing, the Trustees may appoint a committee
consisting of less than the whole number of Trustees then in office, which
committee may be empowered to act for and bind the Trustees and the Trust, as if
the acts of such committee were the acts of all the Trustees then in office,
with respect to the institution, prosecution, dismissal, settlement, review,
investigation or other disposition of any dispute, claim, action, suit or
proceeding which shall be pending or threatened to be brought before any court,
administrative agency or other adjudicatory body.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 3.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Chairperson of
the Trustees</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; The Trustees shall appoint from among their number a Chairperson.&#160;
The Chairperson shall preside at the meetings of the Trustees and may call
meetings of the Trustees and of any committee thereof whenever he deems it
necessary or desirable to do so.&#160; The Chairperson may in his discretion preside
at any meeting of the shareholders, and may delegate such authority to another
Trustee or officer of the Trust.&#160; The Chairperson shall exercise and perform
such additional powers and duties as from time to time may be assigned to him
by the Trustees, and shall have the resources and authority appropriate to
discharge the responsibilities of the office.</font><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160; </font></b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">A Trustee elected or
appointed as Chairperson shall not be considered an officer of the Trust by
virtue of such election or appointment.&#160; As used herein, the masculine gender
shall be deemed to denote the feminine or other gender.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 4.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">President</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160;
Subject to such supervisory powers, if any, as may be given by the Trustees to
the Chairperson of the Trustees, the President shall be the chief executive
officer of the Trust and subject to the control of the Trustees, he shall have
general supervision, direction and control of the business of the Trust and of
its employees and shall exercise such general powers of management as are
usually vested in the office of President of a corporation.&#160; In the event that
the Chairperson does not preside at a meeting of shareholders or delegate such
power and authority to another Trustee or officer of the Trust, the President
or his designee shall preside at such meeting.&#160; He shall have the power to
employ attorneys and counsel for the Trust and to employ such subordinate
officers, agents, clerks and employees as he may find necessary to transact the
business of the Trust.&#160; He shall also have the power to grant, issue, execute
or sign such powers of attorney, proxies, contracts, agreements or other
documents as may be deemed advisable or necessary in furtherance of the
interests of the Trust.&#160; The President shall have such other powers and duties
as, from time to time, may be conferred upon or assigned to him by the Trustees.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 5.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Treasurer</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160;
The Treasurer shall be the principal financial and accounting officer of the
Trust.&#160; He shall deliver all funds and securities of the Trust which may come
into his hands to such bank or trust company as the Trustees shall employ as
custodian in accordance with Article III of the Declaration of Trust.&#160; He shall
make annual reports in writing of the business conditions of the Trust, which
reports shall be preserved upon its records, and he shall furnish such other
reports regarding the business and condition as the Trustees may from time to
time require.&#160; The Treasurer shall perform such duties additional to foregoing
as the Trustees may from time to time designate.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 6.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Secretary</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160;
The Secretary shall record in books kept for the purpose all votes and
proceedings of the Trustees and the shareholders at their respective meetings.&#160;
He shall have custody of the seal, if any, of the Trust and shall perform such
duties additional to the foregoing as the Trustees may from time to time
designate.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 7.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Other Officers</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160;
Other officers elected by the Trustees shall perform such duties as the
Trustees may from time to time designate, including executing or signing such
powers of attorney, </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">proxies, contracts, agreements or
other documents as may be deemed advisable or necessary in furtherance of the
interests of the Trust.</font></p>
<a name="_bclFooter3"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">- </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></font><font style=""><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">3</font></font><font style=""><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 8.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Compensation</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160;
The Trustees and officers of the Trust may receive such reasonable compensation
from the Trust for the performance of their duties as the Trustees may from
time to time determine.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ARTICLE
IV</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Meetings
of Shareholders</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 1.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; Meetings of shareholders, at which the shareholders shall
elect Trustees and transact such other business as may properly come before the
meeting, shall be held annually so long as required by NYSE American LLC, New
York Stock Exchange or such other exchange or trading system on which shares of
the Trust are principally traded.&#160; Meetings of the shareholders (or any class
or series) may be called at any time by the President, and shall be called by
the President or the Secretary at the request, in writing or by resolution, of
a majority of the Trustees, or at the written request of the holder or holders
of fifty-one percent or more of the total number of the then issued and
outstanding shares of the Trust entitled to vote at such meeting. Any such
request shall state the purposes of the proposed meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 2.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Place of
Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; Meetings of the shareholders shall be held at the principal
place of business of the Trust in Boston, Massachusetts, unless a different
place within the United States is designated by the Trustees and stated as
specified in the respective notices or waivers of notice with respect thereto;
provided that the Trust may, subject to any applicable law, and upon
designation by a majority of Trustees, hold meetings of shareholders solely by
means of remote communications, or may hold &#8220;hybrid&#8221; meetings where some
participants attend in person and others attend by means of remote
communications. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 3.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Notice of
Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; Notice of all meetings of the shareholders, stating the time,
place and the purposes for which the meetings are called, shall be given by the
Secretary to each shareholder entitled to vote thereat, and to each shareholder
who under the By-Laws is entitled to such notice, by delivering (by electronic,
telephonic, computerized or other alternative means as may be approved by
resolutions adopted by the Trustees, which authorization is received not more
than six months before delivery of such notice) or mailing, postage paid,
addressed to such address as it appears upon the books of the Trust, at least
ten days no more than ninety days before the time fixed for the meeting, and
the person given such notice shall make an affidavit with respect thereto.&#160; If
any shareholder shall have failed to inform the Trust of his address, no notice
need be sent to him.&#160; No notice need be given to any shareholder if a written
waiver of notice, executed before or after the meeting by the shareholder or
his attorney thereunto authorized, is filed with the records of the meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 4.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Quorum</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160;
Except as otherwise provided by law, to constitute a quorum for the transaction
of any business at any meeting of shareholders, there must be present, in
person or by proxy, holders of a majority of the total number of shares of the
then issued and outstanding shares of the Trust entitled to vote at such
meeting; provided that if a class (or series) of shares is entitled to vote as
a separate class (or series) on any matter, then in the case of that matter a
quorum shall consist of the holders of a majority of the total number of shares
of the then issued and outstanding shares of that class (or series) entitled to
vote at the meeting.&#160; Shares owned directly or indirectly by the Trust, if any,
shall not be deemed outstanding for this purpose.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If
a quorum, as above defined, shall not be present for the purpose of any vote
that may properly come before any meeting of shareholders at the time and place
of any meeting, the shareholders present in </font><font face="times new roman" lang=EN-US style="font-size:11.0pt;">person or
by proxy and entitled to vote at such meeting on such matter holding a majority
of the shares present and entitled to vote on such matter may by vote adjourn
the meeting from time to time to be held at the same place without further
notice than by announcement to be given at the meeting until a quorum, as above
defined, entitled to vote on such matter, shall be present, whereupon any such
matter may be voted upon at the meeting as though held when originally
convened.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 5.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Voting</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; At
each meeting of the shareholders every shareholder of the Trust shall be
entitled to one vote in person or by proxy for each of the then issued and
outstanding shares of the Trust then having voting power in respect of the matter
upon which the vote is to be taken, standing in his name on the books of the
Trust at the time of the closing of the transfer books for the meeting, or, if
the books be not closed for any meeting, on the record date fixed as provided
in Section 4 of Article VI of these By-Laws for determining the shareholders
entitled to vote at such meeting, or if the books be not closed and no record
date be fixed, at the time of the meeting.&#160; The record holder of a fraction of
a share shall be entitled in like manner to corresponding fraction of a vote.&#160;
Notwithstanding the foregoing, the Trustees may, in connection with the
establishment of any class (or series) of shares or in proxy materials for any
meeting of shareholders or in other solicitation materials or by vote or other
action duly taken by them, establish conditions under which the several classes
(or series) shall have separate voting rights or no voting rights.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All elections of
Trustees shall be conducted in any manner approved at the meeting of the shareholders
at which said election is held, and shall be by ballot if so requested by any
shareholder entitled to vote thereon.&#160; Subject to any provision of applicable
binding law, the Declaration of Trust, these By-Laws or a resolution of the
Trustees specifying a greater or a lesser vote requirement, for the transaction
of any item of business that properly comes before any meeting of shareholders,
(i) with respect to the election of Trustees, other than a Contested Election,
a nominee receiving the affirmative vote of a plurality of the shares
represented in person or by proxy at any meeting at which a quorum is present
shall be deemed and declared elected, (ii) with respect to a Contested
Election, a nominee receiving the affirmative vote of a majority of the shares
outstanding and entitled to vote with respect to such matter at such meeting
shall be deemed and declared elected and (iii) for all other items of business,
upon the affirmative vote of a majority of the votes cast in person or by proxy
at any meeting at which a quorum is present and entitled to vote on the subject
matter, such matter shall be deemed and declared approved.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">For purposes of
the foregoing paragraph, &#8220;Contested Election&#8221; shall mean any election of
Trustees in which the number of persons nominated for election as Trustees with
respect to a given class of shares of the Trust in accordance with Article IV,
Section 8 hereof exceeds the number of Trustees to be elected with respect to
such class, with the determination that any election of Trustees is a Contested
Election to be made by the Secretary or other officer of the Trust prior to the
time the Trust mails its initial proxy statement in connection with such
election of Trustees. &#160;If, prior to the time the Trust mails its initial proxy
statement in connection with such election of Trustees, one or more persons
nominated for election as a Trustee are withdrawn or deemed to be ineligible
pursuant to these By-Laws, such that the number of persons nominated for
election as Trustee no longer exceeds the number of Trustees to be elected,
such election shall not be considered a Contested Election.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">In the event of
a Contested Election, if one (or more) nominees are elected who were not
Trustees prior to such Contested Election (&#8220;Non-Incumbents&#8221;), then the
Non-Incumbents shall first fill any vacancies and then succeed those Trustees
who served as Trustees prior to such Contested Election and stood for
reelection at such Contested Election with the fewest affirmative votes.&#160; If an
annual meeting (the &#8220;Current Annual Meeting&#8221;) is called for the purpose of
considering the election of a Trustee whose term is expiring at the time of
such annual meeting (an &#8220;Expiring Trustee&#8221;) or such Trustee&#8217;s successor, and
the Expiring Trustee is not elected and such Expiring Trustee&#8217;s successor is
not elected and qualified </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(in either case, because the
required vote or quorum is not obtained, or otherwise), then such Trustee shall
remain a member of the relevant class of Trustees, holding office until the
annual meeting held in the third succeeding year following the year set for the
Current Annual Meeting in the initial notice thereof and until the election and
qualification of such Trustee&#8217;s successor, if any, or until such Trustee sooner
dies, resigns, retires or is removed. </font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 6.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Proxies</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; A</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">ny shareholder entitled
to vote upon any matter at any meeting of the shareholders may so vote by
proxy, provided that such proxy to act is authorized to act by (i) a written
instrument, dated not more than six months before the meeting and executed
either by the shareholder or by his or her duly authorized attorney in fact
(who may be so authorized by a writing or by any non-written means permitted by
the laws of the Commonwealth of Massachusetts) or (ii) such electronic,
telephonic, computerized or other alternative means as may be approved by a
resolution adopted by the Trustees, which authorization is received not more
than six months before the initial session of the meeting.&#160; Proxies shall be delivered
to the Secretary of the Trust or other person responsible for recording the
proceedings before being voted.&#160; A proxy with respect to shares held in the
name of two or more persons shall be valid if executed by one of them unless at
or prior to exercise of such proxy the Trust receives a specific written notice
to the contrary from any one of them.&#160; Unless otherwise specifically limited by
their terms, proxies shall entitle the holder thereof to vote at any
adjournment of a meeting.&#160; A proxy purporting to be exercised by or on behalf
of a shareholder shall be deemed valid unless challenged at or prior to its
exercise and the burden of proving invalidity shall rest on the challenger.&#160; At
all meetings of the shareholders, unless the voting is conducted by inspectors,
all questions relating to the qualifications of voters, the validity of
proxies, and the acceptance or rejection of votes shall be decided by the chairperson
of the meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 7.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Consents</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160;
Any action which may be taken by shareholders may be taken without a meeting if
the holder or holders of fifty-one percent or more of the total number of the
then issued and outstanding shares of the Trust entitled to vote on such matter
(or such higher proportion as would be required by the Declaration of Trust or
these By-Laws with respect to such action at an in-person meeting) consent to
the action in writing and the written consents are filed with the records of
the meetings of shareholders.&#160; Such consents shall be treated for all purposes
as a vote taken at a meeting of shareholders.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 8.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Notice of
Shareholder Business and Nominations</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;text-decoration:none;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (A) </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Annual
Meetings of Shareholders</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; (1) Nominations of persons for election to the
Board of Trustees and the proposal of business to be considered by the
shareholders may be made at an annual meeting of shareholders or special
meeting in lieu of an annual meeting (a) pursuant to the notice of meeting
described in Section 3 of this Article of these By-Laws; (b) by or at the
direction of the Board of Trustees; or (c) by any shareholder of the Trust who
was a shareholder of record at the time of giving of notice provided for in
Section 3 of this Article of these By-Laws, who is entitled to vote at the
meeting, who complied with the notice provisions set forth in this Section 8
and who held at least $2,000 in market value, or 1%, of the Trust&#8217;s securities
entitled to be voted on the nomination or proposal at the meeting for at least
one year by the date such shareholder submitted such nomination or proposal.&#160;
As used in these By-Laws, an &#8220;annual meeting&#8221; is a meeting of the shareholders
of the Trust that is required pursuant to the first sentence of Section 1 of
this Article IV.&#160; As used in these By-Laws, a &#8220;special meeting in lieu of an
annual meeting&#8221; is a meeting held in lieu of an annual meeting that is not held
in a given year if so required, whether the omission be by oversight or
otherwise.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (2)&#160; For
nominations or other business properly to be brought before an annual meeting
or special meeting in lieu of an annual meeting by a shareholder pursuant to
clause (c) of paragraph (A)(1) of this Section 8, the shareholder must have
given timely notice thereof in writing to the Secretary of the Trust and such
other business must be a proper matter for shareholder action.&#160; To be timely, a
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">shareholder&#8217;s notice shall be delivered to the
Secretary at the principal executive offices of the Trust not later than the
close of business on the ninetieth day nor earlier than the close of business
on the one hundred-twentieth day prior to the first anniversary of the
preceding year&#8217;s annual meeting or, as applicable, special meeting in lieu of
an annual meeting; provided, however, that in the event that the date of the
annual meeting or special meeting in lieu of an annual meeting is more than
thirty days before or more than sixty days after such anniversary date, notice
by the shareholder to be timely must be so delivered not earlier than the close
of business on the later of the ninetieth day prior to such annual meeting or special
meeting in lieu of an annual meeting or the tenth day following the day on
which public announcement of the date of such meeting is first made.&#160; In no
event, shall the public announcement of an adjournment of an annual meeting or
special meeting in lieu of an annual meeting commence a new time period for the
giving of a shareholder&#8217;s notice as described above.&#160; Such shareholder&#8217;s notice
shall set forth:</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a) as to each person
whom the shareholder proposes to nominate for election or reelection as a
Trustee:&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (i) &#160;&#160;&#160;&#160;&#160;&#160;&#160; the name, age, business address and residence
address of such proposed nominee &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; and of any Proposed Nominee
Associated Person;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (ii) &#160;&#160;&#160;&#160;&#160;&#160; the principal occupation or employment of such
proposed nominee;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (iii) &#160;&#160;&#160;&#160;&#160; the class or series and number of all shares of
the Trust which are owned &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; beneficially or of record, directly or
indirectly, by such proposed nominee and any &#160; Proposed Nominee Associated
Person, and the name and address of the record &#160;&#160;&#160;&#160;&#160;&#160; holder(s) of such shares
(if different than the beneficial owner(s)) as they appear &#160;&#160;&#160;&#160;&#160; on the records
of the Trust;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (iv) &#160;&#160;&#160;&#160;&#160; the name of each nominee holder of shares owned
beneficially but not of record &#160; by such proposed nominee or any Proposed
Nominee Associated Person, and the &#160;&#160; number of such shares held by each such
nominee holder;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (v) &#160;&#160;&#160;&#160;&#160;&#160; whether and the extent to which any derivative
instrument, swap, option, warrant, &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; short interest, hedge or profit
interest or other transaction has been entered into by &#160;&#160;&#160;&#160;&#160;&#160; or on behalf of
such proposed nominee, or any Proposed Nominee &#160;&#160;&#160;&#160; Associated Person, with
respect to shares of the Trust;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (vi) &#160;&#160;&#160;&#160;&#160; whether and the extent to which any other
transaction, agreement, arrangement or &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; understanding (including any
short position or any borrowing or lending of shares) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; has been made
by or on behalf of such proposed nominee, or any Proposed &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Nominee
Associated Person, the effect or intent of any of the foregoing being to &#160; mitigate
loss to, or to manage risk or benefit of share price changes for, such &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; proposed
nominee, or any Proposed Nominee Associated Person, or to increase or &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; decrease
the voting power or pecuniary or economic interest of such proposed &#160;&#160;&#160; nominee,
or any Proposed Nominee Associated Person, with respect to the shares;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (vii) &#160;&#160;&#160;&#160; a representation as to whether such proposed
nominee is an &#8220;interested person,&#8221; as &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; defined under Section 2(a)(19)
of the 1940 Act and sufficient information about &#160;&#160; the proposed nominee to permit
counsel to the Trust to confirm such &#160;&#160;&#160;&#160;&#160; representation, including
information with respect to each relationship set forth in &#160;&#160;&#160;&#160;&#160;&#160; Section
2(a)(19) of the 1940 Act which may cause such proposed nominee to be </font> <font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">an interested person of the Trust or a representation
that no such relationship exists; </font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (viii) &#160;&#160;&#160;&#160; information to establish to the satisfaction of
the Board of Trustees that the &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; proposed nominee satisfies the trustee
qualifications as set out in these By-Laws; &#160;&#160;&#160; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (ix) &#160;&#160;&#160;&#160;&#160; any other information relating to such proposed
nominee or Proposed Nominee &#160;&#160;&#160; Associated Person that would be required to be
disclosed in a proxy statement or &#160;&#160;&#160;&#160; other filings required to be made in
connection with solicitations of proxies for &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; election of directors in
an election contest pursuant to Section 14 of the Exchange &#160;&#160;&#160;&#160;&#160;&#160; Act (even if
an election contest is not involved); and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b) as to any other
business that the shareholder proposes to bring before the meeting, a brief
description of the business desired to be brought before the meeting, the
reasons for conducting such business at the meeting and any material interest
in such business of such shareholder and the beneficial owner, if any, on whose
behalf the proposal is made; and </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (c) as to the
shareholder giving the notice and the beneficial owner, if any, on whose behalf
the nomination or proposal is made:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (i) &#160;&#160;&#160;&#160;&#160;&#160;&#160; the
name and address of such shareholder, as they appear on the Trust&#8217;s books, and &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; of
such beneficial owner and of any Shareholder Associated Person;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (ii) &#160;&#160;&#160;&#160;&#160;&#160; the class/series and number of shares of the
Trust which are owned beneficially &#160; and of record by such shareholder, such
beneficial owner and any Shareholder &#160;&#160;&#160;&#160;&#160; Associated Person;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;(iii) &#160;&#160;&#160;&#160; whether and the extent to which any derivative
instrument, swap option, warrant,  short interest, hedge or profit interest or
other transaction has been entered into by &#160;&#160;&#160;&#160; or on behalf of such person, or
any Shareholder Associated Person, with respect to &#160; shares of the Trust;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (iv) &#160;&#160;&#160;&#160;&#160; whether and the extent to which any other transaction,
agreement, arrangement or &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; understanding (including any short
position or any borrowing or lending of shares) &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; has been made by or
on behalf of such person, or any Shareholder Associated &#160;&#160;&#160;&#160;&#160;&#160; Person, the
effect or intent of any of the foregoing being to mitigate loss to, or to &#160;&#160;&#160;&#160;&#160;&#160;&#160; manage
risk or benefit of stock price changes for, such person, or any Shareholder &#160;&#160;&#160;&#160;&#160;&#160;&#160; Associated
Person, or to increase or decrease the voting power or pecuniary or &#160;&#160;&#160;&#160;&#160;&#160;&#160; economic
interest of such person, or any Shareholder Associated Person, with &#160;&#160;&#160;&#160; respect
to shares of the Trust;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (v) &#160;&#160;&#160;&#160;&#160;&#160; a description of all agreements, arrangements, or
understandings (whether written &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; or oral) between such person, or
any Shareholder Associated Person and any &#160;&#160;&#160;&#160;&#160; proposed nominee or any other
person or persons (including their names) pursuant &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to which the
proposal(s) or nomination(s) are being made by such person, and any &#160;&#160; material
interest of such person, or any Shareholder Associated Person, in such &#160;&#160;&#160; proposal
or nomination, including any anticipated benefit therefrom to such &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; person,
or any Shareholder Associated Person;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


<a name="_bclFooter8"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">- </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></font><font style=""><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">8</font></font><font style=""><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (vi)&#160;&#160;&#160;&#160;&#160;&#160; a representation that the
shareholder, or group of shareholders, giving notice &#160;&#160;&#160;&#160;&#160;&#160;&#160; intends to appear
in person at the annual meeting or special meeting in lieu of an &#160;&#160;&#160;&#160;&#160;&#160;&#160; annual
meeting to make the proposals or nominate the persons named in its notice; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (vii) &#160;&#160;&#160;&#160; any other information relating to such person
that would be required to be disclosed &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; in a proxy statement or other
filings required to be made in connection with the &#160;&#160;&#160;&#160;&#160;&#160;&#160; solicitation of
proxies for election of directors in an election contest pursuant to &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section
14 of the Exchange Act (even if an election contest is not involved).&#160;&#160;&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For purposes of the
foregoing, a &#8220;Proposed Nominee Associated Person&#8221; of any proposed nominee shall
mean (A) any person acting in concert with such proposed nominee and (B) any
direct or indirect beneficial owner of shares owned of record or beneficially
by such proposed nominee or person acting in concert with the proposed
nominee.&#160; A &#8220;Shareholder Associated Person&#8221; of any beneficial or record
shareholder shall mean (A) any person acting in concert with such shareholder,
(B) any direct or indirect beneficial owner of shares owned of record or beneficially
by such shareholder or any person acting in concert with such shareholder, (C)
any person controlling, controlled by or under common control with such
shareholder or a Shareholder Associated Person and (D) any member of the
immediate family of such shareholder or Shareholder Associated Person.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (3)&#160; A
shareholder of record, or group of shareholders of record, providing notice of
any proposal or nomination proposed to be made at an annual meeting or special
meeting in lieu of an annual meeting shall further update and supplement such
notice, if necessary, so that:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (i)&#160;&#160;&#160; &#160;&#160;&#160;&#160; the information provided or required to be
provided in such notice pursuant to &#160;&#160;&#160;&#160;&#160;&#160; paragraph (A)(2) of this Article IV,
Section 8 shall be true and correct as of the &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; record date for
determining the shareholders entitled to receive notice of the annual &#160;&#160; meeting
or special meeting in lieu of an annual meeting, and such update and &#160;&#160;&#160;&#160;&#160;&#160; supplement
shall be delivered to or be mailed and received by the Secretary at the &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; principal
executive offices of the Trust not later than five business days after the  record
date for determining the shareholders entitled to receive notice of such &#160;&#160;&#160;&#160; annual
meeting or special meeting in lieu of an annual meeting; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;(ii)&#160;&#160;&#160; &#160;&#160; any subsequent information reasonably requested
by the Board of Trustees to &#160;&#160;&#160;&#160;&#160; determine that any proposed nominee has met
the trustee qualifications as set out &#160;&#160;&#160;&#160; in these By-Laws is provided, and
such update and supplement shall be delivered &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to or be mailed and
received by the Secretary at the principal executive offices of &#160;&#160;&#160;&#160;&#160; the Trust
not later than five business days after the request by the Board of Trustees &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; for
subsequent information regarding trustee qualifications has been delivered to &#160; or
mailed and received by such shareholder of record, or group of shareholders of &#160;&#160;&#160;&#160;&#160;&#160;&#160; record,
providing notice of any nomination.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (4)&#160;
Notwithstanding anything in the second sentence of paragraph (A)(2) of this
Section 8 to the contrary, in the event that the number of Trustees to be
elected by shareholders of the Trust to the Board of Trustees is increased and
there is no public announcement naming all of the nominees for Trustee or
specifying the size of the increased Board of Trustees made by the Trust at
least one hundred days prior to the first anniversary of the preceding year&#8217;s
annual meeting, a shareholder&#8217;s notice required by this Section 8 shall also be
considered timely, but only with respect to nominees for any new positions
created by such increase, if it shall be delivered to the Secretary at the
principal executive offices of the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Trust not later than
the close of business on the tenth day following the day on which such public
announcement is first made by the Trust.</font></p>
<a name="_bclFooter9"></a><DIV>


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</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (B)&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Special
Meetings of Shareholders</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; As used in these By-Laws, &#8220;special meeting&#8221;
refers to any meeting of the Trust&#8217;s shareholders other than an annual meeting
or special meeting in lieu of an annual meeting.&#160; Only such business shall be
conducted by a special meeting of shareholders as shall have been brought
before the meeting pursuant to the Trust&#8217;s notice of meeting given by or at the
direction of a majority of the Trustees.&#160; Except as may be required by Section
16(a) of the 1940 Act, Trustees shall be elected only at an annual meeting of
shareholders or special meeting in lieu of an annual meeting and not at a
special meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (C)&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">General</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160;
(1) Only such persons who are nominated in accordance with the procedures set
forth in this Section 8 shall be eligible to serve as Trustees and only such
business shall be conducted at a meeting of shareholders as shall have been
brought before the meeting in accordance with the procedures set forth in this
Section 8.&#160; Except as otherwise provided by law, the Declaration of Trust or
these By-Laws, the Chairperson (or such officer of the Trust or its investment
adviser presiding at the meeting) shall have the power and duty to determine
whether a nomination or any business proposed to be brought before the meeting
was made, or proposed, as the case may be, in accordance with the procedures
set forth in this Section 8 and, if any proposed nomination or business is not
in compliance with this Section 8, to declare that such defective proposal or
nomination shall be disregarded.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (2)&#160; For
purposes of this Section 8, &#8220;public announcement&#8221; shall mean disclosure in a
press release reported by the Dow Jones News Service, Associated Press or
comparable national news service or in a document publicly filed by the Trust
with the SEC pursuant to Section 13, 14 or 15(d) of the Exchange Act.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (3)&#160;
Notwithstanding the foregoing provisions of this Section 8, a shareholder shall
also comply with all applicable requirements of the Exchange Act and the rules
and regulations thereunder with respect to the matters set forth in this
Section 8.&#160; Nothing in this Section 8 shall be deemed to affect any rights of
(a) shareholders to request inclusion of proposals in the Trust&#8217;s proxy
statement pursuant to Rule 14a-8 under the Exchange Act or (b) the holders of
any class of preferred shares of beneficial interest to elect Trustees under
specified circumstances.</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ARTICLE V</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Trustees
Meetings</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 1.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160;
The Trustees may in their discretion provide for regular or stated meetings of
the Trustees.&#160; Meetings of the Trustees other than regular or stated meetings
shall be held whenever called by the Chairperson and at least one other Trustee
at the time being in office, or by a majority of the Trustees at the time being
in office.&#160; Any or all of the Trustees may participate in a meeting by means of
a conference telephone or similar 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.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 2.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Notices</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160;
Notice of regular or stated meetings need not be given.&#160; Notice of the time and
place of each meeting other than regular or stated meeting shall be given by
the Secretary or by one of the Trustee(s) calling the meeting and shall be
mailed to each Trustee at his or her business address for delivery at least two
days before the meeting, or shall be transmitted electronically to each Trustee
at his or her electronic delivery address or personally delivered to him at
least one day before the meeting.&#160; Such notice may, however, be waived by all
the Trustees.&#160; Notice of a meeting need not be given to any </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Trustee
if a written waiver of notice, executed by him before or after the meeting, is
filed with the records of the meeting, or to any Trustee who attends the
meeting without protesting prior thereto or at its commencement the lack of
notice to him.&#160; A notice or waiver of notice need not specify the purpose of
any special meeting.</font></p>
<a name="_bclFooter10"></a><DIV>


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-</font></font></p>


</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 3.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Consents</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160;
Any action required or permitted to be taken at any meeting of the Trustees may
be taken by the Trustees without a meeting if a written consent thereto is
signed by a majority of the Trustees (or such higher proportion as would be
required by the Declaration of Trust or these By-Laws with respect to such
action at an in-person meeting) and filed with the records of the Trustees'
meetings. A Trustee may deliver his consent to the Trust by facsimile machine
or other electronic communication equipment. Such consent shall be treated as a
vote at a meeting for all purposes.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 4.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Place of In-Person
Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; The Trustees may hold their meetings within or without the
Commonwealth of Massachusetts.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 5.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Quorum and
Manner of Acting</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; Except as otherwise required by the Declaration of
Trust, these By-Laws or by statute, a majority of the Trustees in office shall
be present in person at any regular or stated meeting or special meeting of the
Trustees in order to constitute a quorum for the transaction of business at
such meeting and the act of a majority of the Trustees present at any such
meeting, at which a quorum is present, shall be the act of the Trustees.&#160; In
the event that action is to be taken with respect to the death, declination,
resignation, retirement, removal or incapacity of one or more Trustees, a
quorum for the transaction of such business and any other business conducted at
such meeting and (except as otherwise required by the Declaration of Trust, by
these By-Laws or by statute) shall be a majority of the remaining Trustees then
in office.&#160; In the absence of a quorum, a majority of the Trustees present may
adjourn the meeting from time to time until a quorum shall be present.&#160; Notice
of any adjourned meeting need not be given.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ARTICLE VI</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Shares
of Beneficial Interest</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 1.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Certificates
for Shares of Beneficial Interest</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; Certificates for shares of beneficial
interest of any class of shares of the Trust, if issued, shall be in such form
as shall be approved by the Trustees. They shall be signed by, or in the name
of, the Trust by the President and by the Treasurer and may, but need not be,
sealed with seal of the Trust; provided, however, that where such certificate
is signed by a transfer agent or a transfer clerk acting on behalf of the Trust
or a registrar other than a Trustee, officer or employee of the Trust, the
signature of the President or Treasurer and the seal may be facsimile.&#160; In case
any officer or officers who shall have signed, or whose facsimile signature or
signatures shall have been used on any such certificate or certificates, shall
cease to be such officer or officers of the Trust whether because of death,
resignation or otherwise, before such certificate or certificates shall have
been delivered by the Trust, such certificate or certificates may nevertheless
be adopted by the Trust and be issued and delivered as though the person or
persons who signed such certificate or certificates or whose facsimile
signatures shall have been used thereon had not ceased to be such officer or
officers of the Trust.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 2.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Transfer of
Shares</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; Transfers of shares of beneficial interest of any shares of the
Trust shall be made only on the books of the Trust by the owner thereof or by
his attorney thereunto authorized by a power of attorney duly executed and
filed with the Secretary or a transfer agent, and only upon the surrender of
any certificate or certificates for such shares.&#160; The Trust shall not impose
any restrictions upon the transfer of the shares of the Trust, but this
requirement shall not prevent the charging of customary transfer agent fees.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


<a name="_bclFooter11"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">- </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></font><font style=""><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">11</font></font><font style=""><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">
-</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_12"></a><a name="_bclPageBorder12"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 3.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Transfer Agent and Registrar; Regulations</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; The Trust shall, if and
whenever the Trustees shall so determine, maintain one or more transfer offices
or agencies, each in the charge of a transfer agent designated by the Trustees,
where the shares of beneficial interest of the Trust shall be directly
transferable.&#160; The Trust shall, if and whenever the Trustees shall so determine,
maintain one or more registry offices, each in the charge of a registrar
designated by the Trustees, where such shares shall be registered, and no
certificate for shares of the Trust in respect of which a transfer agent and/or
registrar shall have been designated shall be valid unless countersigned by
such transfer agent and/or registered by such registrar.&#160; The principal
transfer agent may be located within or without the Commonwealth of
Massachusetts and shall have charge of the stock transfer books, lists and
records, which shall be kept within or without Massachusetts in an office which
shall be deemed to be the stock transfer office of the Trust.&#160; The Trustees may
also make such additional rules and regulations as it may deem expedient
concerning the issue, transfer and registration of certificates for shares of
the Trust.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 4.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Closing of
Transfer Books and Fixing Record Date</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; The Trustees may fix in advance a
time which shall be not more than seventy-five days before the date of any
meeting of shareholders, or the date for the payment of any dividend or the
making or any distribution to shareholders or the last day on which the consent
or dissent of shareholders may be effectively expressed for any purpose, as the
record date for determining the shareholders 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 or the right to give such consent or dissent, 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.&#160; The Trustees may, without fixing such record date, close the
transfer books for all or any part of such period for any of the foregoing
purposes.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 5.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Lost, Destroyed
or Mutilated Certificates</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; The holder of any shares of the Trust shall
immediately notify the Trust of any loss, destruction or mutilation of the
certificate therefor, and the Trustees may, in their discretion, cause a new
certificate or certificates to be issued to him, in case of mutilation of the
certificate, upon the surrender of the mutilated certificate, or, in case of
loss or destruction of the certificate, upon satisfactory proof of such loss or
destruction and, in any case, if the Trustees shall so determine, upon the
delivery of a bond in such form and in such sum and with such surety or
sureties as the Trustees may direct, to indemnify the Trust against any claim
that may be made against it on account of the alleged loss or destruction of
any such certificate.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 6.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Record Owner of
Shares</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; The Trust shall be entitled to treat the person in whose name any
share of the Trust is registered on the books of the Trust as the owner
thereof, and shall not be bound to recognize any equitable or other claim to or
interest in such share or shares on the part of any other person.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ARTICLE
VII</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Fiscal
Year</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 1.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Fiscal Year</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160;
The fiscal year of the Trust shall end on such date as the Trustees may, from
time to time, determine.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ARTICLE VIII</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Seal</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 1.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Seal</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; The
Trustees may adopt a seal of the Trust which shall be in such form and shall
have such inscription thereon as the Trustees may from time to time prescribe.</font></p>


<a name="_bclFooter12"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">- </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></font><font style=""><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">12</font></font><font style=""><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">
-</font></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 align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ARTICLE IX</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Inspection
of Books</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 1.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Inspection of
Books by Shareholders</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; The Trustees shall from time to time determine
whether and to what extent, and at what times and places, and under what
conditions and regulations the accounts and books of the Trust or any of them
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 authorized by the Trustees or by resolution of the
shareholders.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 2.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Inspection
of Books by Trustees</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; The results of all actions taken at a meeting of the
Trustees, or by written consent of the Trustees, shall be recorded by the
Secretary of the meeting appointed by the Board of Trustees.&#160; Each Trustee
shall be entitled to examine the Declaration of Trust and these By-Laws.&#160;
Subject to such policies and procedures as may be adopted by the Board of
Trustees, a Trustee shall also be entitled to access the Trust&#8217;s other records
and to receive such other information about the Trust as is reasonably
necessary for the Trustee to perform his or her duties to the Trust and its
shareholders and otherwise only to the extent required by applicable law.&#160;
Subject to such policies and procedures, a majority of Trustees shall determine
in good faith whether any request for such access to records or such other
information is reasonably necessary for the Trustees to perform such duties,
and such determination shall be binding upon the requesting Trustee and all
other parties.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ARTICLE
X</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Principal
Custodian and Sub&#8209;custodians</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 1.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Principal
Custodian</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; The following provisions shall apply to the employment of the
principal Custodian pursuant to the Declaration of Trust:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (A)&#160; The Trust may
employ the principal Custodian:</font></p>

<p style="margin-bottom:0in;margin-left:1.5in;margin-right:.5in;margin-top:0in;text-align:justify;text-indent:-1.0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:1.5in;margin-right:.5in;margin-top:0in;text-align:justify;text-indent:-1.0in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (1)&#160;&#160;&#160;&#160;&#160;&#160;&#160; To
hold securities owned by the Trust and deliver the same upon written order or oral
order, if confirmed in writing, or by such electro-mechanical or electronic
devices as are agreed to by the Trust and such Custodian;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.5in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:1.5in;margin-right:.5in;margin-top:0in;text-align:justify;text-indent:-1.5in;"><font face="times new roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (2)&#160;&#160;&#160;&#160;&#160;&#160;&#160; To
receive and receipt for any moneys due to the Trust and deposit the same in its
own banking department or, as the Trustees may direct, in any bank, trust
company or banking institution approved by such Custodian, provided that all
such deposits shall be subject only to the draft or order of such Custodian;
and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.5in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;margin-right:.5in;margin-top:0in;text-align:justify;text-indent:-1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (3)&#160;&#160;&#160;&#160;&#160;&#160;&#160; To
disburse such funds upon orders or vouchers.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.5in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:.5in;margin-top:0in;text-align:justify;text-indent:-1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (B)&#160;&#160;&#160;&#160;&#160;&#160; The
Trust may also employ such Custodian as its agent:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.5in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;margin-right:.5in;margin-top:0in;text-align:justify;text-indent:-1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (1)&#160;&#160;&#160;&#160;&#160;&#160;&#160; To
keep the books and accounts of the Trust and furnish clerical and accounting
services; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.5in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;margin-right:.5in;margin-top:0in;text-align:justify;text-indent:-1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (2)&#160;&#160;&#160;&#160;&#160;&#160;&#160; To
compute the net asset value per share in the manner approved by the Trust.</font></p>


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


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">- </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></font><font style=""><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">13</font></font><font style=""><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">
-</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_14"></a><a name="_bclPageBorder14"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;margin-right:.5in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:.5in;margin-top:0in;text-align:justify;text-indent:-1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (C)&#160;&#160;&#160;&#160;&#160;&#160; All
of the foregoing services shall be performed upon such basis of compensation as
may be agreed upon between the Trust and the principal Custodian.&#160; If so
directed by vote of the holders of a majority of the outstanding shares of
Trust, the principal Custodian shall deliver and pay over all property of the
Trust held by it as specified in such vote.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:.5in;margin-top:0in;text-align:justify;text-indent:-1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.0in;margin-right:.5in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">(D)&#160;&#160;&#160;&#160;&#160;&#160; In
case of the resignation, removal or inability to serve of any such Custodian,
the Trustees shall promptly appoint another bank or trust company meeting the
requirements of the Declaration of Trust as successor principal Custodian.&#160; The
agreement with the principal Custodian shall provide that the retiring
principal Custodian shall, upon receipt of notice of such appointment, deliver
the funds and property of the Trust in its possession to and only to such
successor, and that pending appointment of a successor principal Custodian, or
a vote of the shareholders to function without a principal Custodian, the
principal Custodian shall not deliver funds and property of the Trust to the
Trustees, but may deliver them to a bank or trust company doing business in
Boston, Massachusetts, of its own selection, having an aggregate capital,
surplus and undivided profits, as shown by its last published report, of not
less than $2,000,000, as the property of the Trust to be held under terms
similar to those on which they were held by the retiring principal Custodian.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 2.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Sub-Custodian</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160;
The Trust may also authorize the principal Custodian to employ one or more sub&#8209;custodians
from time to time to perform such of the acts and services of the Custodian and
upon such terms and conditions as may be agreed upon between the Custodian and
sub&#8209;custodian. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 3.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Securities
Depositories, etc.</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160; Subject to such rules, regulations and orders as the SEC
may adopt, the Trust may authorize or direct the principal Custodian or any sub&#8209;custodian
to deposit all or any part of the securities in or with one or more
depositories or clearing agencies or systems for the central handling of
securities or other book&#8209;entry systems approved by the Trust, or in or
with such other persons or systems as may be permitted by the SEC, or otherwise
in accordance with the Act, pursuant to which all securities of any particular
class or series of any issuer deposited within the system are treated as
fungible and may be transferred or pledged by bookkeeping entry without
physical delivery of such securities, provided that all such deposits shall be
subject to withdrawal only upon the order of the Trust or the principal
Custodian or the sub&#8209;custodian.&#160; The Trust may also authorize the deposit
in or with one or more eligible foreign custodians (or in or with one or more
foreign depositories, clearing agencies or systems for the central handling of
securities) of all or part of the Trust&#8217;s foreign assets, securities, cash and
cash equivalents in amounts reasonably necessary to effect the Trust&#8217;s foreign
investment transactions, in accordance with such rules, regulations and orders
as the SEC may adopt.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ARTICLE
XI</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Limitation
of Liability and Indemnification</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 1.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Limitation of
Liability</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; Provided they have exercised reasonable care and have acted
under the reasonable belief that their actions are in the best interest of the
Trust, the Trustees shall not be responsible for or liable in any event for
neglect or wrongdoing of them or any officer, agent, employee or investment
adviser of the Trust, but nothing contained in the Declaration of Trust or
herein shall protect any Trustee against any liability to which he would
otherwise be subject by reason of willful misfeasance, bad faith, gross
negligence or reckless disregard of the duties involved in the conduct of his
office.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


<a name="_bclFooter14"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">- </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></font><font style=""><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">14</font></font><font style=""><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">
-</font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_15"></a><a name="_bclPageBorder15"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 2.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Indemnification
of Trustees and Officers</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; Subject to the exceptions and limitations
contained in this section, every person who is, or has been, a Trustee or
officer of the Trust or, at the Trust&#8217;s request, serves, or has served, as a&#160;
director, trustee or officer of another organization in which the Trust has an
interest as a shareholder, creditor or otherwise (hereinafter referred to as a
&#8220;Covered Person&#8221;), shall be indemnified by the Trust to the fullest extent
permitted by applicable law, as in effect from time to time (&#8220;Applicable Law&#8221;),
against any and all liabilities and expenses, including amounts paid in
satisfaction of judgments, in compromise or settlement, or as fines and
penalties, and counsel fees, incurred by or for such Covered Person in
connection with the preparation for, defense or disposition of, any claim,&#160;
demand, action, suit, investigation, inquiry or proceeding of any and every
kind, whether actual or threatened (collectively, a &#8220;Claim&#8221;), in which such
Covered Person becomes involved as a party or otherwise by virtue of being or
having been a Covered Person.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No indemnification shall be provided hereunder
to a Covered Person to the extent such indemnification is prohibited by
Applicable Law.&#160; In no event shall the Trust be obligated to indemnify a
Covered Person against liabilities to the Trust or any shareholder to which
such Covered Person would otherwise be subject by reason of the willful
misfeasance, bad faith, gross negligence or reckless disregard of the duties
involved in the conduct of such Covered Person&#8217;s office (collectively,
&#8220;Disabling Conduct&#8221;). </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The rights of indemnification herein provided
may be insured against by policies maintained by the Trust, shall be severable,
shall not affect any other rights to which any Covered Person may now or
hereafter be entitled and shall inure to the benefit of the heirs, executors
and administrators of such Covered Person. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To the maximum extent permitted by Applicable
Law, the Trust shall make advances for the payment of expenses reasonably
incurred by or for a Covered Person in connection with any Claim for which the
Covered Person is entitled to indemnification by the Trust prior to final
disposition thereof upon receipt of an undertaking by or on behalf of the
Covered Person to repay such amount if it is ultimately determined that such
Covered Person is not entitled to indemnification by the Trust.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The obligation of the Trust to indemnify a
Covered Person and/or make advances for the payment of expenses incurred by or
for such Covered Person under this section may be made subject to conditions
and procedures as the Trustees determine are necessary or appropriate to
protect the Trust from the risk that a Covered Person will ultimately be
determined to be not entitled to indemnification hereunder.&#160; Except as
otherwise provided in such conditions and procedures, the Covered Person shall
be entitled to the benefit of a rebuttable presumption that the Covered Person
has not engaged in Disabling Conduct and that the Covered Person is entitled to
indemnification hereunder. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Nothing contained in
this section shall affect any rights to indemnification to which any Covered
Person or other person may be entitled by contract or otherwise under law or
prevent the Trust from entering into any contract to provide indemnification to
any Covered Person or other person. Without limiting the foregoing, the Trust
may, in connection with the acquisition of assets subject to liabilities or a
merger or consolidation, assume the obligation to indemnify any person
including a Covered Person or otherwise contract to provide such indemnification,
and such indemnification shall not be subject to the terms of this section.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 3.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Indemnification
of Shareholders</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; In case any shareholder or former shareholder shall be
held to be personally liable solely by reason of his being or having been a
shareholder and not because of his acts or omissions or for some other reason,
the shareholder or former shareholder (or his heirs, executors, administrators
or other legal representatives, or in the case of a corporation or other
entity, its corporate or other general successor) shall be entitled out of the
Trust estate to be held harmless from and </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">indemnified
against all loss and expense arising from such liability.&#160; The Trust shall,
upon request by the shareholder, assume the defense of any claim made against
any shareholder for any act or obligation of the Trust and satisfy any judgment
thereon.&#160; A holder of shares of a series shall be entitled to indemnification
hereunder only out of assets allocated to that series.</font></p>
<a name="_bclFooter15"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">- </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></font><font style=""><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">15</font></font><font style=""><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">
-</font></font></p>


</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ARTICLE
XII</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Litigation,
Limitation of Liability, Applicable Law and Conflicts of Law</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 1.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Litigation</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; To the maximum extent
permitted by law, any exercise of power described in Section 2.18 of the
Declaration of Trust shall be final, and binding on all persons (including
shareholders of the Trust).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 2.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Derivative Actions</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (A)&#160; The purpose of
this Article XII, Section 2 is to protect the interests of the Trust and the
shareholders of the Trust by establishing a process that will permit legitimate
inquiries and claims to be made and considered while avoiding the time,
expense, distraction and other harm that can be caused to the Trust and
shareholders as a result of spurious shareholder demands and derivative
actions.&#160; In addition to any requirements applicable to shareholders of a
Massachusetts business corporation that are not inconsistent with the terms of
this Declaration of Trust, a shareholder or shareholders may bring a derivative
action on behalf of the Trust only in accordance with the terms of this Article
XII, Section 2. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (B)&#160; Except to the
extent explicitly permitted under the federal securities laws, no shareholder
or group of shareholders shall have the right to bring or maintain any court
action, proceeding or claim on behalf of the Trust or any series or class of
shares of the Trust without first making demand on the Trustees requesting the
Trustees to bring or maintain such action, proceeding or claim.&#160; Such demand shall
not be excused under any circumstances, including claims of alleged interest on
the part of the Trustees, unless the&#160; demanding shareholder(s) make a specific
showing that irreparable nonmonetary injury to the Trust or series or class of
shares of the Trust that the shareholder(s) could not reasonably have prevented
would otherwise result.&#160; Such demand shall be mailed to the Secretary of the
Trust at the Trust&#8217;s principal office and shall set forth with particularity
the nature of the proposed court action, proceeding or claim and the essential
facts relied upon by the shareholder(s) to support the allegations made in the
demand.&#160; Within 90 days of receipt of any such demand, the Trustees shall
consider the merits of the claim and determine whether commencing or
maintaining a suit would be in the best interests of the Trust or the affected
series or class, as applicable.&nbsp; If, during this 90-day period, the
Trustees conclude that a determination as to the maintenance of a suit cannot
reasonably be made within the 90-day period, the Trustees may extend the 90-day
period by a period of time that the Trustees consider will be sufficient to
permit them to make such a determination, not to exceed 60 calendar days from
the end of the initial 90-day period.&#160; In their sole discretion, the Trustees
may submit the question of whether to proceed with the claim to a vote of
shareholders of the Trust or a series or class of shares, as appropriate.&#160; To
the maximum extent permitted by law, any decision by the Trustees to bring,
maintain or settle (or not to bring, maintain or settle) such court action,
proceeding or claim, or to submit the matter to a vote of shareholders, shall
be final and binding upon the shareholders.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (C)&#160; Any Trustee
acting in connection with any demand or any proceeding relating to a claim on
behalf of or for the benefit of the Trust or any series or class thereof who is
not an &#8220;interested person&#8221; of the Trust within the meaning of Section 2(a)(19)
of the 1940 Act shall be deemed to be independent and disinterested with
respect to any actions taken in connection with any such demand, proceeding, or
claim.&#160; Without limiting the foregoing, a Trustee otherwise independent for
purposes of considering the demand shall not be considered not to be independent
and disinterested by virtue of (i) the fact that such Trustee </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">receives remuneration for his service as a Trustee of the
Trust or as a trustee or director of one or more investment companies with the
same or an affiliated investment adviser or underwriter, (ii) the amount of
such remuneration, (iii) the fact that such Trustee was identified in the
demand as a potential defendant or witness or was named as a defendant in any
derivative action, or (iv) the fact that the Trustee approved or participated in
the act being challenged in the demand if the act resulted in no material
personal benefit to the Trustee or, if the Trustee is also a shareholder, no
material personal benefit that is not shared pro rata with other shareholders
of the series or class of which the Trustee is a shareholder.</font></p>
<a name="_bclFooter16"></a><DIV>


<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font style=""><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">- </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font></font><font style=""><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">16</font></font><font style=""><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">
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</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (D)&#160; For purposes of
this Article XII, Section 2, the Trustees may designate a committee to consider
a demand by shareholders.&#160; Such committee (or the Trustees in the absence of a
committee) shall be entitled to retain counsel or other advisers in considering
the merits of the demand.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 3.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Exclusive Right
of Action</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; To the maximum extent permitted by law, each shareholder of the
Trust acknowledges and agrees that any alleged injury to the Trust&#8217;s property,
any diminution in the value of the shareholder&#8217;s shares, or any other claim
arising out of or relating to an allegation regarding the actions, inaction, or
omissions of or by the Trustees, the Trust&#8217;s officers or the investment adviser
of the Trust is a legal claim belonging only to the Trust and not to the
shareholders individually. Accordingly, all shareholders shall be bound to
bring any and all such claims pursuant only to the provisions of Article XII,
Section 2.&#160; The shareholders acknowledge that, for these purposes, the Trust is
deemed to be a separate and distinct legal entity.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 4.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Direct Claims</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160;
No group of shareholders shall have the right to bring or maintain a direct
action or claim for monetary damages against the Trust or the Trustees predicated
upon an express or implied right of action under the Declaration of Trust or
the 1940 Act, nor shall any single shareholder, who is similarly situated to
one or more other shareholders with respect to the alleged injury, have the
right to bring such an action, unless such group of shareholders or shareholder
has obtained authorization from the Trustees to bring the action.&#160; The
requirement of authorization shall not be excused under any circumstances,
including claims of alleged interest on the part of the Trustees.&#160; A request
for authorization shall be mailed to the Secretary of the Trust at the Trust&#8217;s
principal office and shall set forth with particularity the nature of the
proposed court action, proceeding or claim and the essential facts relied upon
by the group of shareholders or shareholder to support the allegations made in
the request.&#160; The Trustees shall consider such request within 90 days of its
receipt by the Trust.&#160; In their sole discretion, the Trustees may submit the
matter to a vote of shareholders of the Trust or series or class of shares, as
appropriate.&#160; Any decision by the Trustees to settle or to authorize (or not to
settle or to authorize) such court action, proceeding or claim, or to submit
the matter to a vote of shareholders, shall be made in their business judgment
and shall be binding on all shareholders.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 5. &#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">No Implied
Duties or Liabilities</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; Except to the extent required by applicable law or
expressly stated herein, nothing in the Declaration of Trust or these By-Laws
shall be deemed to create any fiduciary duty or other legal obligation (a) on
the part of the Trustees or Trust officers to the Trust, the shareholders or
any other Person; or (b) on the part of the Trust to any person.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 6.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Applicable Law</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160;
The Trust is governed by and construed and administered according to the laws
of the Commonwealth of Massachusetts.&#160; The Trust is of the type commonly called
a Massachusetts business trust, and without limiting the provisions hereof, the
Trust may exercise all powers which are ordinarily exercised by such a trust.&#160;
Any suit, action or proceeding brought by or in the right of any shareholder of
the Trust or any person claiming any interest in any shares of the Trust
seeking to enforce any provision of, or based on any matter arising out of,
related to, or in connection with, the Declaration of Trust or the Trust, any
series or class or any shares of the Trust, including without limitation any
claim (whether direct, derivative or otherwise) of any nature against or on
behalf of the Trust, any series or class, the Trustees or officers of the Trust
or the investment adviser of the Trust, shall </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">be
brought exclusively in the United States District Court for the District of
Massachusetts, or to the extent such court does not have jurisdiction than such
actions and/or claims, shall be brought in the Superior Court of Suffolk County
for the Commonwealth of Massachusetts.&#160; If a shareholder or group of
shareholders bring a claim in a jurisdiction other than as specified above, and
venue for such claim is subsequently changed through legal process to the
United States District Court for the District of Massachusetts or the Superior
Court of Suffolk County for the Commonwealth of Massachusetts, such
shareholder(s) shall reimburse all expenses incurred by the Trust or any other
person in effecting such change of venue.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 7.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Provisions in
Conflict with Law or Regulations</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (A) The provisions of
the Declaration of Trust and By-Laws are severable, and if the Trustees shall
determine, with the advice of legal counsel, that any of such provisions is in
conflict with the 1940 Act, the Internal Revenue code of 1986 or with other
applicable laws and regulations, the conflicting provision shall be deemed
never to have constituted a part of the Declaration of Trust or By-Laws, as
applicable; provided, however, that such determination shall not affect any of
the remaining provisions of the Declaration of Trust or By-Laws or render
invalid or improper any action taken or omitted prior to such determination.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (B)&#160; If any provision
of the Declaration of Trust or By-Laws shall be held invalid or unenforceable
in any jurisdiction, such invalidity or unenforceability shall attach only to
such provision in such jurisdiction and shall not in any manner affect such
provisions in any other jurisdiction or any other provision of the Declaration
of Trust or By-Laws in any jurisdiction.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ARTICLE XIII</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Report to
Shareholders</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 1.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Reports to
Shareholders</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; The Trustees shall at least semi-annually transmit by
written, electronic, computerized or other alternative means to the
shareholders a written report of the financial statements of the Trust, which
shall at least annually be certified by independent public accountants.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">ARTICLE XIV</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Amendments</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 1.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Amendments</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160;
These By-Laws may be amended at any meeting of the Trustees by a vote of a
majority of the Trustees then in office; provided, however, that any provision
of Article XI may be amended only by a two-thirds vote of such Trustees.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Dated:&#160; March 23, 2020</font></p>




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