<SEC-DOCUMENT>0001752724-25-000261.txt : 20250106
<SEC-HEADER>0001752724-25-000261.hdr.sgml : 20250106
<ACCEPTANCE-DATETIME>20250106143801
ACCESSION NUMBER:		0001752724-25-000261
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20241031
FILED AS OF DATE:		20250106
DATE AS OF CHANGE:		20250106
EFFECTIVENESS DATE:		20250106

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALLSPRING GLOBAL DIVIDEND OPPORTUNITY FUND
		CENTRAL INDEX KEY:			0001386067
		ORGANIZATION NAME:           	
		IRS NUMBER:				208293094
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22005
		FILM NUMBER:		25510558

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WELLS FARGO GLOBAL DIVIDEND OPPORTUNITY FUND
		DATE OF NAME CHANGE:	20151216

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WELLS FARGO ADVANTAGE GLOBAL DIVIDEND OPPORTUNITY FUND
		DATE OF NAME CHANGE:	20100720

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WELLS FARGO ADVANTAGE GLOBAL OPPORTUNITIES FUND
		DATE OF NAME CHANGE:	20100719
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CEN
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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          <crdNumber>N/A</crdNumber>
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          <relyOnRuleType>Rule 18f-4 (17 CFR 270.18f-4)</relyOnRuleType>
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          <custodian>
            <custodianName>Deutsche Bank (Malaysia) Berhad</custodianName>
            <custodianLei>529900DLWFR8HK7DR278</custodianLei>
            <custodianCountry>MY</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Mizuho Bank, Ltd. (Minato ku, Tokyo, JP, Branch)</custodianName>
            <custodianLei>RB0PEZSDGCO3JS6CEU02</custodianLei>
            <custodianCountry>JP</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited (Auckland, Auckland, NZ, Branch)</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>NZ</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited (Sydney, NSW, AU, Branch)</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas (Athens, Attica, GR, Branch)</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>GR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB (Copenhagen, Hovedstaden, DK, Branch)</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>DK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank (Thai) Public Company Limited</custodianName>
            <custodianLei>549300O1LQYCQ7G1IM57</custodianLei>
            <custodianCountry>TH</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>BNP Paribas</custodianName>
            <custodianLei>R0MUWSFPU8MPRO8K5P83</custodianLei>
            <custodianCountry>FR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Nacional de Mexico, S.A., Integrante del Grupo Financiero Banamex</custodianName>
            <custodianLei>2SFFM4FUIE05S37WFU55</custodianLei>
            <custodianCountry>MX</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank (China) Company Limited</custodianName>
            <custodianLei>2CZOJRADNJXBLT55G526</custodianLei>
            <custodianCountry>CN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Clearstream Banking S.A.</custodianName>
            <custodianLei>549300OL514RA0SXJJ44</custodianLei>
            <custodianCountry>LU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank Europe Public Limited Company</custodianName>
            <custodianLei>N1FBEDJ5J41VKZLO2475</custodianLei>
            <custodianCountry>IE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>SE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco de Chile</custodianName>
            <custodianLei>8B4EZFY8IHJC44TT2K84</custodianLei>
            <custodianCountry>CL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB (Oslo, Oslo, NO, Branch)</custodianName>
            <custodianLei>F3JS33DEI6XQ4ZBPTN86</custodianLei>
            <custodianCountry>NO</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank del Peru S.A.</custodianName>
            <custodianLei>MYTK5NHHP1G8TVFGT193</custodianLei>
            <custodianCountry>PE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited (Jung-gu, Seoul, KR, Branch)</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>KR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>UniCredit Bank Austria AG</custodianName>
            <custodianLei>D1HEB8VEU6D9M8ZUXG17</custodianLei>
            <custodianCountry>AT</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Handlowy w Warszawie Spolka Akcyjna</custodianName>
            <custodianLei>XLEZHWWOI4HFQDGL4793</custodianLei>
            <custodianCountry>PL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank (Hong Kong) Limited</custodianName>
            <custodianLei>X5AV1MBDXGRPX5UGMX13</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank Aktiengesellschaft (Jakarta, Jakarta, ID, Branch)</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</custodianLei>
            <custodianCountry>ID</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank, National Association (Cairo, Cairo, EG, Branch)</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</custodianLei>
            <custodianCountry>EG</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <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>
          <custodian>
            <custodianName>State Street Trust Company Canada</custodianName>
            <custodianLei>549300L71XG2CTQ2V827</custodianLei>
            <custodianCountry>CA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank, Anonim Sirketi</custodianName>
            <custodianLei>CWZ8NZDH5SKY12Q4US31</custodianLei>
            <custodianCountry>TR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Hapoalim B.M.</custodianName>
            <custodianLei>B6ARUI4946ST4S7WOU88</custodianLei>
            <custodianCountry>IL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>Y</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Computershare Trust Company, National Association</shareholderServiceAgentName>
            <shareholderServiceAgentLei>2549001YYB62BVMSAO13</shareholderServiceAgentLei>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-MA" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Allspring Funds Management, LLC</adminName>
            <adminLei>549300HDKZE50HZZOG90</adminLei>
            <adminStateCountry adminState="US-NC" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>ASSETMARK BROKERAGE, LLC</brokerDealerName>
            <brokerDealerFileNo>N/A</brokerDealerFileNo>
            <brokerDealerCrdNo>000169804</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-CA" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Allspring Global Investments Luxembourg S.A.</brokerDealerName>
            <brokerDealerFileNo>N/A</brokerDealerFileNo>
            <brokerDealerCrdNo>N/A</brokerDealerCrdNo>
            <brokerDealerLei>549300FKC2W4RW4DGP06</brokerDealerLei>
            <brokerDealerCountry>LU</brokerDealerCountry>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Allspring Global Investments (UK) Limited</brokerDealerName>
            <brokerDealerFileNo>N/A</brokerDealerFileNo>
            <brokerDealerCrdNo>000132377</brokerDealerCrdNo>
            <brokerDealerLei>213800F1BB4S4H554W68</brokerDealerLei>
            <brokerDealerCountry>GB</brokerDealerCountry>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Allspring Funds Distributor, LLC</brokerDealerName>
            <brokerDealerFileNo>8-066716</brokerDealerFileNo>
            <brokerDealerCrdNo>000133366</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NC" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>CapFinancial Securities, LLC</brokerDealerName>
            <brokerDealerFileNo>8-65870</brokerDealerFileNo>
            <brokerDealerCrdNo>000126291</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NC" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Ultimus Fund Distributors, LLC</brokerDealerName>
            <brokerDealerFileNo>8-52643</brokerDealerFileNo>
            <brokerDealerCrdNo>000104177</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-OH" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Allspring Global Investments (Hong Kong) Limited</brokerDealerName>
            <brokerDealerFileNo>N/A</brokerDealerFileNo>
            <brokerDealerCrdNo>N/A</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerCountry>HK</brokerDealerCountry>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Allspring Global Investments (Singapore) Pte. Ltd.</brokerDealerName>
            <brokerDealerFileNo>N/A</brokerDealerFileNo>
            <brokerDealerCrdNo>000324043</brokerDealerCrdNo>
            <brokerDealerLei>254900BVSN13OAH1SL77</brokerDealerLei>
            <brokerDealerCountry>SG</brokerDealerCountry>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>AssuredPartners Investment Advisors, LLC</brokerDealerName>
            <brokerDealerFileNo>N/A</brokerDealerFileNo>
            <brokerDealerCrdNo>000309550</brokerDealerCrdNo>
            <brokerDealerLei>N/A</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-FL" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00000000</brokerDealerCommission>
          </brokerDealer>
        </brokerDealers>
        <brokers>
          <broker>
            <brokerName>XP Investments US, LLC</brokerName>
            <brokerFileNo>8-68817</brokerFileNo>
            <brokerCrdNo>000156691</brokerCrdNo>
            <brokerLei>549300HDFLS7P433PO89</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>3785.16000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Citigroup Global Markets Inc.</brokerName>
            <brokerFileNo>8-8177</brokerFileNo>
            <brokerCrdNo>000007059</brokerCrdNo>
            <brokerLei>MBNUM2BPBDO7JBLYG310</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>33247.30000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Morgan Stanley &amp; Co. LLC</brokerName>
            <brokerFileNo>8-15869</brokerFileNo>
            <brokerCrdNo>000008209</brokerCrdNo>
            <brokerLei>9R7GPTSO7KV3UQJZQ078</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>35484.50000000</grossCommission>
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          <broker>
            <brokerName>J.P. Morgan Securities LLC</brokerName>
            <brokerFileNo>8-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>17091.87000000</grossCommission>
          </broker>
          <broker>
            <brokerName>UBS Securities LLC</brokerName>
            <brokerFileNo>8-22651</brokerFileNo>
            <brokerCrdNo>000007654</brokerCrdNo>
            <brokerLei>T6FIZBDPKLYJKFCRVK44</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>39550.15000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BTIG, LLC</brokerName>
            <brokerFileNo>8-65473</brokerFileNo>
            <brokerCrdNo>000122225</brokerCrdNo>
            <brokerLei>549300GTG9PL6WO3EC51</brokerLei>
            <brokerStateCountry brokerState="US-CA" brokerCountry="US"/>
            <grossCommission>4155.40000000</grossCommission>
          </broker>
          <broker>
            <brokerName>BofA Securities, Inc.</brokerName>
            <brokerFileNo>8-69787</brokerFileNo>
            <brokerCrdNo>000283942</brokerCrdNo>
            <brokerLei>549300HN4UKV1E2R3U73</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>44730.27000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Nomura Securities International, Inc.</brokerName>
            <brokerFileNo>8-15255</brokerFileNo>
            <brokerCrdNo>000004297</brokerCrdNo>
            <brokerLei>OXTKY6Q8X53C9ILVV871</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>77058.83000000</grossCommission>
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          <broker>
            <brokerName>BNY Capital Markets, LLC</brokerName>
            <brokerFileNo>8-35255</brokerFileNo>
            <brokerCrdNo>000017454</brokerCrdNo>
            <brokerLei>VJW2DOOHGDT6PR0ZRO63</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>19522.86000000</grossCommission>
          </broker>
          <broker>
            <brokerName>Jefferies LLC</brokerName>
            <brokerFileNo>8-15074</brokerFileNo>
            <brokerCrdNo>000002347</brokerCrdNo>
            <brokerLei>58PU97L1C0WSRCWADL48</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>7815.45000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>293311.69000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co. LLC</principalName>
            <principalFileNo>8-15869</principalFileNo>
            <principalCrdNo>000008209</principalCrdNo>
            <principalLei>9R7GPTSO7KV3UQJZQ078</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>8397146.30000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BofA Securities, Inc.</principalName>
            <principalFileNo>8-69787</principalFileNo>
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          <principalTransaction>
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          <principalTransaction>
            <principalName>Barclays Capital Inc.</principalName>
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            <principalLei>AC28XWWI3WIBK2824319</principalLei>
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            <principalTotalPurchaseSale>5242865.61000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Citigroup Global Markets Inc.</principalName>
            <principalFileNo>8-8177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>MBNUM2BPBDO7JBLYG310</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>5538121.60000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Jefferies LLC</principalName>
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            <principalTotalPurchaseSale>4675698.94000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs &amp; Co. LLC</principalName>
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            <principalTotalPurchaseSale>8320089.02000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>J.P. Morgan Securities LLC</principalName>
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            <principalTotalPurchaseSale>7696651.93000000</principalTotalPurchaseSale>
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        <principalAggregatePurchase>256507053.20000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>Y</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>229625642.11538461</mnthlyAvgNetAssets>
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      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
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      <managementFee>1.02000000</managementFee>
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      <netAssetValuePerShare>5.53000000</netAssetValuePerShare>
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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>NCEN_811-22005_88693755_1024.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>allspring2lsc_1031ncen.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:113.5pt;margin-right:112.35pt;margin-top:4.7pt;text-align:center;"><b><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">Report of Independent
Registered Public Accounting Firm</font></b></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.75pt;margin-right:3.3in;margin-top:7.9pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:104%;">To the
Shareholders and Board of Trustees Allspring Global Dividend Opportunity Fund:</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:11.8pt;margin-top:.05pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">In planning and
performing our audit of the financial statements of Allspring Global Dividend Opportunity
Fund (the Fund), as of and for the year ended October 31, 2024, in accordance
with the standards of the Public Company Accounting Oversight Board (United
States) (PCAOB), we considered the Fund's internal control over financial
reporting, including controls over safeguarding securities, as a basis for
designing our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-CEN, but
not for the purpose of expressing an opinion on the effectiveness of the Fund's
internal control over financial reporting. Accordingly, we express no such
opinion.</font></p>

<p style="margin:0in;margin-top:.55pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:5.85pt;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">Management of the
Fund is responsible for establishing and maintaining effective internal control
over financial reporting. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of controls. A company's internal control over financial
reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting
principles. A company's internal control over financial reporting includes
those policies and procedures that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">dispositions</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">of</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">the</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">assets</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">of</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">the</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">company;</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">(2)</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">provide</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">reasonable</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">assurance</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">that</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">transactions</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">are</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.2pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">recorded as
necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles in the United States of America, and
that receipts and expenditures of the company are being made only in accordance
with authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use, or disposition of the company's assets that could have a material effect
on the financial</font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;letter-spacing:-.85pt;line-height:103%;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">statements.</font></p>

<p style="margin:0in;margin-top:.25pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:10.7pt;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">Because of its
inherent limitations, internal control over financial reporting may not prevent
or detect misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.</font></p>

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

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

<p style="margin:0in;margin-top:.5pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:8.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:5.15pt;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">Our consideration
of the Fund's internal control over financial reporting was for the limited purpose
described in the first paragraph and would not necessarily disclose all
deficiencies in internal control that might be material weaknesses under
standards established by the PCAOB. However, we noted no deficiencies in the
Fund's internal control over financial reporting and its operation, including
controls over safeguarding securities that we consider to be a material
weakness as defined above as of October 31, 2024.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:5.15pt;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">&nbsp;</font></p>

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

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

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

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


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.9pt;margin-right:6.0pt;margin-top:4.7pt;text-align:justify;text-justify:inter-ideograph;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">This report is
intended solely for the information and use of management and the Board of
Trustees of Allspring Global Dividend Opportunity Fund and the Securities and
Exchange Commission and is not intended to be and should not be used by anyone
other than these specified parties.</font></p>

<p style="margin:0in;margin-top:.4pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:7.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-top:.4pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:7.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-right:5.0pt;text-align:justify;text-justify:inter-ideograph;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;line-height:103%;">&#160; /s/KPMG LLP</font></p>

<p style="margin:0in;margin-top:.4pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:7.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:4.8in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Boston,
Massachusetts </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:4.8in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; December 20, 2024</font></p>

<p style="margin:0in;margin-top:.4pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:7.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.5pt;">&nbsp;</font></p>

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




</DIV>
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</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INST DEFINING RIGHTS
<SEQUENCE>3
<FILENAME>NCEN_811-22005_15856160_1024.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>eodby-lawssixthamendedandres.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<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:6.0pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SIXTH AMENDED AND RESTATED BY-LAWS</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-transform:none;">OF</font></b></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ALLSPRING
GLOBAL DIVIDEND OPPORTUNITY FUND</font></b></p>

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

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









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SIXTH AMENDED AND RESTATED BY&#8209;LAWS</font></b></p>

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

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ALLSPRING
GLOBAL DIVIDEND OPPORTUNITY FUND</font></b></p>

<p align=center style="margin:0in;margin-bottom:24.0pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">a
Delaware Statutory Trust</font></b></p>

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

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">A. &#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Agreement and Declaration of Trust</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. These Amended
and Restated By&#8209;Laws (the &#8220;By-Laws&#8221;) shall be subject to the Agreement
and Declaration of Trust, as from time to time in effect (the &#8220;Declaration of
Trust&#8221;), of Allspring Global Dividend Opportunity Fund, a Delaware statutory
trust (the &#8220;Trust&#8221;). In the event of any inconsistency between the terms hereof
and the terms of the Declaration of Trust, the terms of the Declaration of
Trust shall control.</font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><a name="_Toc25759673"></a><a name="_Toc25759823"></a><a name="_Toc25759914"></a><a name="_Toc26932650"></a><a name="_Toc26939621"></a><a name="_Toc26943077"></a><a name="_Toc26944365"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE I </font></p>

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

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

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

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

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><a name="_Toc26932654"></a><a name="_Toc26939625"></a><a name="_Toc26943081"></a><a name="_Toc26944369"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE II </font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><a name="_Toc25759677"></a><a name="_Toc25759827"></a><a name="_Toc25759918"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">MEETINGS
OF SHAREHOLDERS</font></p>

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

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as provided in the next sentence, regular
meetings of the Shareholders for the election of Trustees and the transaction
of such other business as may properly come before the meeting shall be held,
so long as Shares are listed for trading on the New York Stock Exchange, on at
least an annual basis, on such day and at such place within or without the
State of Delaware as shall be designated by the Trustees. In the event that
such a meeting is not held in any annual period if so required, whether the
omission be by oversight or otherwise, a </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">subsequent
special meeting may be called by the Trustees and held in lieu of such meeting
with the same effect as if held within such annual period. </font></p>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; For any matter to be properly before any annual
meeting, the matter must be (i) specified in the notice of meeting given by or
at the direction of a majority of the Trustees, (ii) otherwise brought before
the meeting by or at the direction of a majority of the Continuing Trustees (or
any duly authorized committee thereof), or (iii) brought before the meeting in
the manner specified in Section 14 of this Article II by a Shareholder of
record entitled to vote at the meeting and at the time the notice provided for
in Section 14 of this Article II is delivered to the Secretary.</font></p>

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

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

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

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Shareholder
Request for Special Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. </font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Any Shareholder of record seeking to have Shareholders request a special
meeting shall, by sending written notice to the Secretary (the &#8220;Record Date
Request Notice&#8221;) by registered mail, return receipt requested, request the
Trustees to fix a record date to determine the Shareholders entitled to request
a special meeting (the &#8220;Requested Record Date&#8221;). The Record Date Request Notice
shall set forth the purpose of the special meeting and the matter(s) proposed
to be acted on at it (which must be a proposal(s) upon which the requesting
Shareholder(s) is entitled to vote), shall be signed by each such Shareholder
of record as of the date of signature (or their duly authorized agent), shall
bear the date of signature of each such Shareholder (or their duly authorized
agent) and shall set forth all information relating to each such Shareholder
that must be disclosed in solicitations of proxies for election of trustees in
an election contest (even if an election contest is not involved), or is
otherwise required, in each case pursuant to Regulation 14A under the
Securities Exchange Act of 1934, as amended (the &#8220;1934 Act&#8221;), and Rule 14a-11
thereunder. Upon receiving the Record Date Request Notice, the Trustees may fix
a Requested Record Date. The Requested Record Date shall not precede and shall
not be more than ten (10) days after the </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">close of
business on the date on which the resolution fixing the Requested Record Date
is adopted by the Trustees. If the Trustees, within thirty (30) days after the
date on which a valid Record Date Request Notice is received, fail to adopt a
resolution fixing the Requested Record Date and make a public announcement of such
Requested Record Date, the Requested Record Date shall be the close of business
on the 30th day after the first date on which the Record Date Request Notice is
received by the Secretary or, if such 30th day is not a Business Day (as
defined below), on the first preceding Business Day.</font></p>
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<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; In order for any Shareholder to request
a special meeting, one or more written requests for a special meeting (the &#8220;Special
Meeting Request&#8221;) signed by one or more Shareholders of record (or their duly
authorized agent(s)) as of the Requested Record Date entitled to cast not less
than a majority of all of the votes entitled to be cast at such meeting (the &#8220;Special
Meeting Percentage&#8221;) shall be delivered to the Secretary. In addition, the
Special Meeting Request shall: (i) set forth the purpose of the special meeting
and the matter(s) proposed to be acted on at it (which must be a proposal(s)
upon which the Shareholder(s) of record requesting the special meeting are
entitled to vote and which shall be limited to the matters set forth in the
Record Date Request Notice received by the Secretary); (ii) bear the date of
signature of each such Shareholder (or their duly authorized agent) signing the
Special Meeting Request; (iii) set forth the name and address, as they appear
in the Trust&#8217;s books, of each Shareholder signing such request (or on whose
behalf the Special Meeting Request is signed), the number of Shares of the
Trust which are owned of record and beneficially by each such Shareholder and
all other information relating to each such Shareholder that must be disclosed
in solicitations of proxies for election of trustees in an election contest
(even if an election contest is not involved), or is otherwise required, in
each case pursuant to Regulation 14A under the 1934 Act and Rule 14a-11
thereunder; (iv) be sent to the Secretary by registered mail, return receipt
requested; (v) include or be accompanied by all additional information required
by Section 14 of this Article II; and (vi) be received by the Secretary within
sixty (60) days after the Requested Record Date. Any requesting Shareholder may
revoke his, her or its Special Meeting Request at any time by written
revocation delivered to the Secretary.</font></h3>

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

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

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;  The Trustees shall
fix a record date for purposes of determining the Shareholders entitled to vote
or act at the Shareholder Requested Meeting (the &#8220;Requested Meeting Record Date&#8221;).
The Requested Meeting Record Date shall not precede and shall not be more than
thirty (30) days after the close of business after the date that a valid
Special Meeting Request is deemed delivered to the Secretary (the </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;Delivery Date&#8221;). If the Trustees fail to fix a Requested
Meeting Record Date that is a date within thirty (30) days after the Delivery
Date, then the close of business on the 30th day after the Delivery Date shall
be the Meeting Record Date or, if such 30th day is not a Business Day, on the
first preceding Business Day.</font></p>
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<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Shareholder
Requested Meeting shall be held at such place, date and time as may be
designated by the Trustees; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">provided</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">, however, that the date of any
Shareholder Requested Meeting shall be not more than ninety (90) days after the
Requested Meeting Record Date; and </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">provided further</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> that if the Trustees
fail to designate, within thirty (30) days after the Delivery Date, a date and
time for a Shareholder Requested Meeting, then such meeting shall be held at
2:00 p.m. Eastern Time on the 90th day after the Delivery Date or, if such 90th
day is not a Business Day, on the first preceding Business Day. In fixing a
date for any Shareholder Requested Meeting, the Trustees may consider such
factors as they deem relevant within the good faith exercise of business
judgment, including, without limitation, the nature of the matters to be
considered, the facts and circumstances surrounding any Special Meeting Request
and any plan of the Trustees to call an annual meeting or a special meeting. In
the event that the Trustees fail to designate a place for a Shareholder
Requested Meeting within thirty (30) days after the Delivery Date, then such
meeting shall be held at the principal executive office of the Trust.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iii) &#160;&#160;&#160;&#160; No business shall be
conducted at a Shareholder Requested Meeting except (A) such matters as set
forth in the Record Date Request Notice and Special Meeting Request, which must
be a proposal(s) upon which the Shareholder(s) of record requesting the special
meeting are entitled to vote, and (B) such other matters as determined by the
Trustees, in each case as set forth in the Trust&#8217;s notice of meeting.</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding
anything to the contrary in these By-Laws, if prior to or within thirty (30)
days after the Delivery Date, the Trust has called an annual meeting of
shareholders or special meeting of shareholders to be held on a date not more
than one-hundred and twenty (120) days after the Delivery Date, the Trustees
may, in their discretion, cause the Trust not to hold the Shareholder Requested
Meeting and cause such matters as set forth in the Special Meeting Request
(which must be a proposal(s) upon which the Shareholder(s) of record requesting
the special meeting are entitled to vote) to be brought before such annual
meeting of shareholders or special meeting of shareholders. </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160; If at any time as a result of written
revocations of one or more Special Meeting Requests, Shareholders of record (or
their duly authorized agents) as of the Request Record Date entitled to cast
less than the Special Meeting Percentage shall have delivered and not revoked Special
Meeting Requests, the Secretary may refrain from mailing the notice of the
special meeting or, if the notice of the special meeting has been mailed, the
Secretary may revoke the notice of the special meeting at any time before ten
(10) days prior to the special meeting if the Secretary has first sent to all
other requesting Shareholders written notice of such revocation of such Special
Meeting Request(s) and of intention to revoke the notice of the special meeting.
Any Special Meeting Request received after a revocation by the Secretary of a
notice of a meeting shall be considered a request for a new special meeting.</font></p>


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

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

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

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

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(i) &#160;&#160;&#160;&#160;&#160;&#160; given either by hand
delivery, first-class mail, telegraphic or other written communication, charges
prepaid, and addressed to the Shareholder at the address of that Shareholder
appearing on the books of the Trust or its transfer agent or given by the Shareholder
to the Trust for the purpose of notice. If no such address appears on the Trust&#8217;s
books or is not given to the Trust, notice shall be deemed to have been given
if sent to that Shareholder by first-class mail or telegraphic or other written
communication to the Trust&#8217;s principal executive office, or if published at
least once in a newspaper of general circulation in the county where that
office is located. Notice shall be deemed to have been given at the time when
delivered personally or deposited in the mail or sent by telegram or other
means of written communication or, where notice is given by publication, on the
date of publication; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(ii) &#160;&#160;&#160;&#160;&#160; given by electronic
transmission in accordance with Section 6 of Article X of these By-Laws. </font></p>

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

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

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

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(c)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">In the event any Shareholder or proxy holder votes or takes other action
at the meeting by means of remote communication, a record of the vote or other
action shall be maintained by the Trust.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 7. &#160;&#160;&#160;&#160;&#160;&#160; <a name="_Toc25759682"></a><a name="_Toc25759832"></a><a name="_Toc25759923"></a><a name="_Toc26932660"></a><a name="_Toc26939631"></a><a name="_Toc26943087"></a><a name="_Toc26944375"></a></font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Adjourned
or Postponed Meeting; Notice</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. Any meeting of Shareholders, whether or not a
quorum is present, may be adjourned to reconvene at another time or place or by
means of remote communications from time to time with respect to one or more or
all matters to be considered at the meeting by the chair of the meeting in his
or her discretion. Any meeting of Shareholders may be postponed prior to
the meeting by the Chair, the Trustees or the officers of the Trust, and
announcement of such postponement may be made by press release or other means
of public communication as permitted or required by applicable law.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">When any meeting of Shareholders is adjourned to reconvene
at another time or place or by means of remote communications, notice need not
be given of the time and place thereof and the means of remote communications,
if any, by which Shareholders and proxy holders may be deemed to be present in
person and vote at such adjourned meeting are announced at the meeting at which
the adjournment is taken, unless a new record date of the adjourned meeting is
fixed. If after an adjournment or postponement a new record date is fixed for
the adjourned or postponed meeting, notice of the adjourned or postponed
meeting in accordance with the requirements of </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Sections
4 and 5 of this Article II shall be given to each Shareholder of record
entitled to vote at the adjourned or postponed meeting. At any adjourned or
postponed meeting, any business may be transacted which might have been
transacted at the original meeting. Any adjourned meeting may be held as
adjourned one or more times.</font></p>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 8. &#160;&#160;&#160;&#160;&#160;&#160; <a name="_Toc25759683"></a><a name="_Toc25759833"></a><a name="_Toc25759924"></a><a name="_Toc26932661"></a><a name="_Toc26939632"></a><a name="_Toc26943088"></a><a name="_Toc26944376"></a></font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Voting</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.
The Shareholders entitled to vote at any meeting of Shareholders shall be
determined in accordance with the provisions of the Declaration of Trust. The
Shareholders&#8217; vote may be by voice vote, electronic means or by ballot,
provided, however, that any election for Trustees must be by ballot if demanded
by any Shareholder before the voting has begun.</font></p>

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

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Attendance by a Shareholder at a meeting of Shareholders
shall constitute a waiver of notice of that meeting, except if the Shareholder
objects at the beginning of the meeting to the transaction of any business
because the meeting is not lawfully called or convened and except that
attendance at a meeting of Shareholders is not a waiver of any right to object
to the consideration of matters not included in the notice of the meeting of
Shareholders if that objection is expressly made at the beginning of the meeting.</font></p>

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

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


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

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

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

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

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 12. &#160;&#160;&#160;&#160; <a name="_Toc25759687"></a><a name="_Toc25759837"></a><a name="_Toc25759928"></a><a name="_Toc26932665"></a><a name="_Toc26939636"></a><a name="_Toc26943092"></a><a name="_Toc26944380"></a></font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Proxies</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.
Subject to the provisions of the Declaration of Trust, every Person entitled to
vote for Trustees or on any other matter shall have the right to do so either
in person or by proxy, provided that either (i) an instrument authorizing such
a proxy to act is executed by the Shareholder and dated not more than eleven
(11) months before the meeting, unless the instrument specifically provides for
a longer period, or (ii) an electronic, telephonic, computerized or other
alternative to the execution of a written instrument authorizing the proxy to
act, obtained pursuant to procedures reasonably designed to verify that such
instructions have been authorized by such Shareholder, is received not more
than eleven (11) months before the meeting. A proxy shall be deemed executed by
a Shareholder if the Shareholder&#8217;s name is placed on the proxy (whether by
manual signature, typewriting, telegraphic transmission or by electronic,
telephonic, computerized or other alternative to the execution of a written
instrument or otherwise) by the Shareholder or the Shareholder&#8217;s attorney&#8209;in&#8209;fact.
A valid proxy which does not state that it is irrevocable shall continue in
full force and effect unless (i) revoked by the Person executing it before the
vote pursuant to that proxy is taken, (a) by a writing delivered to the Trust
stating that the proxy is revoked, (b) by a subsequent proxy executed by such
Person, (c) by the Person executing that proxy attending the meeting and voting
in person, or (d) pursuant to telephonically or electronically transmitted revocation
instructions obtained pursuant to procedures reasonably designed to verify that
such instructions have been authorized by such Person; or (ii) written notice
of the death or incapacity of the Person executing that proxy is </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">received by the Trust before the vote pursuant to that
proxy is counted. A proxy with respect to Shares held in the name of two or
more Persons shall be valid if executed by any one of them unless at or prior
to exercise of the proxy the Trust receives a specific written notice to the
contrary from any one of the two or more Persons. A proxy purporting to be
executed by or on behalf of a Shareholder shall be deemed valid unless
challenged at or prior to its exercise, and the burden of proving invalidity
shall rest on the challenger.</font></p>
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<p style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-indent:.6in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 13. &#160;&#160; <a name="_Toc25759688"></a><a name="_Toc25759838"></a><a name="_Toc25759929"></a><a name="_Toc26932666"></a><a name="_Toc26939637"></a><a name="_Toc26943093"></a><a name="_Toc26944381"></a></font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Inspectors of Election</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. </font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-indent:43.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(a)&#160;&#160;&#160;&#160; Before
any meeting of Shareholders, the Trustees may appoint any person other than a
nominee for office to act as inspector of election at the meeting or its
adjournments or postponements. If no inspector of election is so appointed, the
chair of the meeting may appoint an inspector of election at the meeting. There
shall be one (1) inspector of election. If the person appointed as inspector of
election fails to appear or fails or refuses to act, the chair of the meeting
may appoint another person to fill the vacancy.</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
inspector of election shall:</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; determine the number
of Shares outstanding and the voting power of each, the Shares represented at
the meeting, the existence of a quorum and the authenticity, validity and
effect of proxies;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; receive votes, ballots or
consents;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; hear and determine all
challenges and questions in any way arising in connection with the right to
vote;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160; count and tabulate all votes or
consents;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160; determine when the polls shall
close;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160; determine the result; and</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(vii)&#160;&#160;&#160;&#160;&#160; do any other acts that may be
proper to conduct the election or vote with fairness to all Shareholders.</font></p>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc26932667"></a><a name="_Toc26939638"></a><a name="_Toc26943094"></a><a name="_Toc26944382"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 14. &#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Requirements
for Matters to be Considered; Advance Notice of Shareholder Nominees for
Trustees and Other Shareholder Proposals</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h2>

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

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

<p style="margin:0in;margin-left:0pt;text-indent:40.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; In
addition to any other requirements under applicable law and the Declaration of
Trust and these By-laws, persons nominated by Shareholders for election as
Trustees and any other proposals by Shareholders may be properly brought before
an annual meeting only pursuant to timely notice (the &#8220;Shareholder Notice&#8221;) in
writing to the Secretary. To be timely, a Shareholder Notice must be delivered
to the Secretary at the principal executive office of the Trust by not later
than the close of business on the 90th day prior to the first anniversary of
the date of mailing of the notice for the preceding year&#8217;s annual meeting nor
earlier than the close of business on the 120th day prior to the first
anniversary of the date of mailing of the notice for the preceding year&#8217;s
annual meeting; provided, however, that in the event that the date of the
mailing of the notice for the annual meeting is advanced or delayed by more
than thirty (30) days from the anniversary date of the mailing of the notice
for the preceding year&#8217;s annual meeting, notice by the Shareholder to be timely
must be so delivered not earlier than the close of business on the 120th day
prior to the date of mailing of the notice for such annual meeting and not
later than the close of business on the later of the 90th day prior to the date
of mailing of the notice for such annual meeting or the 10th day following the
day on which public announcement of the date of mailing of the notice for such
meeting is first made by the Trust. Notwithstanding anything in the second
sentence of this paragraph to the contrary, in the event that the number of Trustees
to be elected to the Board of Trustees is increased and there is no public
announcement by the Trust of such action or specifying the size of the
increased Board of Trustees at least one hundred (100) days prior to the first
anniversary of the date of mailing of the notice for the preceding year&#8217;s
annual meeting, a Shareholder&#8217;s notice required by this Section 14 shall also
be considered timely, but only with respect to nominees for any new positions
created by such increase, if the notice is delivered to the Secretary at the
principal executive office of the Trust not later than the close of business on
the 10th day immediately following the day on which such public announcement is
first made by the Trust.</font></p>

<p style="margin:0in;margin-left:0pt;text-indent:40.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-left:0pt;text-indent:40.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">Trustees shall be elected only at an annual
meeting of Shareholders.</font></p>

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

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

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

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


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

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

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

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

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

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

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

<p style="margin:0in;margin-left:1.0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(D) &#160;&#160;&#160;&#160;&#160; any
other information regarding the Proposed Nominee that would be required to be
disclosed in a proxy statement or other filings required to be made in
connection with solicitation of proxies for election of Trustees pursuant to
Section 14 of the 1934 Act and the rules and regulations promulgated
thereunder; </font></p>

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

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

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

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

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

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

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


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_13"></a><a name="_bclPageBorder13"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-left:1.0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(H) &#160;&#160;&#160;&#160;&#160; a description of all agreements, arrangements
or understandings (whether written or oral) between such Proposed Nominee or
each Proposed Nominee Associate of such Proposed Nominee and the nominating
Shareholder or any Shareholder Associate of such nominating Shareholder related
to such nomination, including with respect to the voting of any matters to come
before the Trustees or any anticipated benefit therefrom to such Proposed
Nominee and each Proposed Nominee Associate of such Proposed Nominee; </font></p>

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

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

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

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

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

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

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

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

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

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


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

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

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

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160; In addition, without limiting the
requirements of Sections 14(e) and (f) of this Article II:</font></h3>

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

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&nbsp;</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each Proposed Nominee
shall, as required by the Trustees, complete and duly execute a questionnaire
(which questionnaire shall be provided by the Trust and designed to obtain
information relating to the Proposed Nominee that would be required to be
disclosed in connection with the solicitation of proxies for the election of
the Proposed Nominee as a Trustee in an election contest (even if an election
contest is not involved), or would otherwise be required in connection with
such solicitation, in each </font></h3>
</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%">
<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">case pursuant to Regulation
14A (or any successor provision) under the 1934 Act, would be required pursuant
to the rules of any national securities exchange on which any Shares of the
Trust are listed or over-the-counter market on which any Shares of the Trust
are traded, would be necessary to establish that the Proposed Nominee satisfies
the qualifications of persons nominated or seated as Trustees set forth in
Article V of these By-Laws or would be necessary to comply with legal and
regulatory requirements applicable to the Trust) (the &#8220;Questionnaire&#8221;). A
Questionnaire that is not completed in a reasonably complete, diligent,
accurate and good faith manner, or that is not duly executed and received by
the Secretary of the Trust at the principal executive office of the Trust not
later than seven (7) calendar days after the Trustees or its designee first
sends the Questionnaire to such Proposed Nominee, will render the nomination
ineffective for failure to satisfy the requirements of these By-Laws. </font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; Each Proposed Nominee
shall, as required by the Trustees, sit for an interview with one or more
Trustees or their representatives, which interview may, in the discretion of
the Trustees be conducted by means of remote communication. Refusal by a
Proposed Nominee to participate in such interview will render the nomination
ineffective for failure to satisfy the requirements of these By-Laws.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(iv)&#160;&#160;&#160;&#160;&#160;&#160; Each Proposed Nominee
shall, as required by the Trustees, consent to and cooperate with a background
screening conducted by a background screening company with experience in
conducting background screenings of public company directors selected by the
Trustees. Refusal by a Proposed Nominee to cooperate with such a background
screening will render the nomination ineffective for failure to satisfy the
requirements of these By-Laws. </font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160; If information submitted pursuant to
this Section 14 by a Shareholder providing notice of any nomination or other
business proposed to be brought before a meeting of Shareholders or a Proposed
Nominee shall be incomplete or inaccurate, the Shareholder Notice shall be
ineffective for failure to satisfy the requirements of these By-Laws.</font></h3>

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

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(j) &#160;&#160;&#160;&#160;&#160;&#160; Upon written request by the Secretary of the
Trust or the Trustees, a Shareholder providing notice of any nomination or
other business proposed to be brought before a meeting of Shareholders or a Proposed
Nominee shall provide, within seven (7) calendar days of the sending of such
request, a written certification of the accuracy of all information submitted
by the Shareholder or Proposed Nominee pursuant to this Section 14 (as updated
or supplemented </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">pursuant to paragraph (i)) as of the
date of such written request. Failure to provide such written certificate in a
timely manner will render the Shareholder Notice ineffective for failure to
satisfy the requirements of these By-Laws.</font></p>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_16"></a><a name="_bclPageBorder16"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


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

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For purposes of this Section 14, a &#8220;public
announcement&#8221; shall mean disclosure (i) in a press release either transmitted
to the principal securities exchange on which the Trust&#8217;s Shares are traded or
reported by a recognized news service or (ii) in a document publicly filed by
the Trust with the Commission.</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc26932668"></a><a name="_Toc26939639"></a><a name="_Toc26943095"></a><a name="_Toc26944383"></a><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(m)&#160;&#160;&#160;&#160;&#160;&#160; In no event shall an
adjournment or postponement (or a public announcement thereof) of a meeting of
Shareholders commence a new time period (or extend any time period) for the
giving of notice as provided in this Section 14.</font></h3>

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

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

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

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Board of Trustees may adopt by resolution
such rules and regulations for the conduct of any meeting of the Shareholders
as it shall deem appropriate. Except to the extent inconsistent with such rules
and regulations as adopted by the Board of Trustees, the chair of any meeting
of Shareholders shall have the right and authority to prescribe such rules,
regulations and procedures and to do all such acts as, in the judgment of such
chair, are appropriate for the proper conduct of the meeting. Such rules, regulations
or procedures, whether adopted by the Board of Trustees or prescribed by the
chair of the meeting, may include, without limitation, the following: (i) the
establishment of an agenda or order of business for the meeting; (ii) the </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">determination of when the polls shall open and close for
any given matter to be voted on at the meeting; (iii) rules and procedures for
maintaining order at the meeting and the safety of those present; (iv) limitations
on attendance at and participation in the meeting to Shareholders, their duly
authorized and constituted proxies or such other Persons as the chair of the
meeting shall determine; (v) restrictions on entry to the meeting after the
time fixed for the commencement thereof; (vi) limitations on the time allotted
to questions or comments by Shareholders; and (vii)&nbsp;the extent to which,
if any, other participants are permitted to speak.</font></p>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_17"></a><a name="_bclPageBorder17"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The chair of any meeting of Shareholders, in
addition to making any other determinations that may be appropriate to the
conduct of the meeting, shall have the power and duty to (i) determine whether
a nomination or proposal of other matters to be brought before a meeting and
notice thereof have been duly made and given in the manner provided in this
Section 14 of this Article II and elsewhere in these By-laws and the
Declaration of Trust and (ii)&nbsp;if not so made or given, to direct and
declare at the meeting that such nomination and/or such other matters shall be
disregarded and shall not be considered; provided, however, that a nomination
or proposal of other matters to be brought before a meeting shall not be
presumed to be valid in the absence of such a declaration. Any determination by
the chair of any meeting of Shareholders shall be binding on all parties absent
manifest error.</font></p>

<h3 align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">ARTICLE III</font></h3>

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

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

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Declaration of Trust provides that </font><font color=black face=timesnewroman lang=X-NONE style="font-size:12.0pt;">a majority of the
Shares voted shall decide any questions and a plurality of the Shares voted
shall elect a Trustee</font><font color=black face=timesnewroman lang=EN-US style="font-size:12.0pt;">,
</font><font color=black face=timesnewroman lang=X-NONE style="font-size:12.0pt;">except
when a larger vote is required by any provision of th</font><font color=black face=timesnewroman lang=EN-US style="font-size:12.0pt;">e</font><font color=black face=timesnewroman lang=X-NONE style="font-size:12.0pt;"> Declaration of Trust or the
By-Laws</font><font color=black face=timesnewroman lang=EN-US style="font-size:12.0pt;">. </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Accordingly,
(i) with respect to an election of Trustees other than a Contested Election,
the affirmative vote of a plurality of all votes cast with respect to such
matter at a meeting of Shareholders shall be required to elect a Trustee, and
(ii) with respect to a Contested Election, the affirmative vote of a majority
of the Shares outstanding and entitled to vote with respect to such matter at a
meeting of Shareholders shall be required to elect a Trustee, in each case at
any meeting at which a quorum is present.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8220;Contested Election&#8221; shall mean any election of
Trustees in which the number of persons nominated for election as Trustees by
Shares entitled to vote for such Trustees in accordance with Article IV,
Section 3 of the Declaration of Trust and Section 2 of this Article III exceeds
the number of Trustees to be elected by Shares entitled to vote for such
Trustees, with the determination that any election of Trustees is a Contested
Election to be made by the Secretary or other officer of the Trust prior to the
time the Trust mails its definitive proxy statement in connection with such
election of Trustees. If, prior to the time the Trust mails its definitive
proxy statement in connection with such election of Trustees, one or more
persons nominated for election as a Trustee by Shares entitled to vote for such
Trustee are withdrawn such that the number of persons nominated for election as
Trustees by Shares entitled to vote for such Trustees no longer exceeds the
number of Trustees to be elected by Shares entitled to vote for such Trustees,
such election shall not be considered a Contested Election. The determination </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">of whether an election is a Contested Election shall be
made on a proposal-by-proposal basis and it is expressly acknowledged that, in
the event different classes or series of Shares are entitled to vote for
different Trustees, a Contested Election may occur for some Trustee seats but
not others at the same meeting of Shareholders.</font></p>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2.&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Voting Powers</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. The Declaration of
Trust provides that the Shareholders shall have power to vote only: (i) for the
election or removal of Trustees as provided in Article IV, Section 3 of the
Declaration of Trust, and (ii) with respect to such additional matters relating
to the Trust, including the calling of a meeting of Shareholders, as may be
required by applicable law, the Declaration of Trust, these By-Laws or any
registration statement of the Trust with the Commission (or any successor
agency) or as the Trustees may consider necessary or desirable. For the
avoidance of doubt, the Shareholders shall not have power to vote on an
advisory (or &#8220;precatory&#8221;) proposal unless the Trustees determine that such vote
is necessary or desirable, even if the implementation of the course of action
recommended by the advisory proposal would require a vote of Shareholders
pursuant to the Declaration of Trust, these By-Laws or applicable law. </font></p>

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

<p align=center style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:center;"><a name="_Toc25759689"></a><a name="_Toc25759839"></a><a name="_Toc25759930"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">TRUSTEES</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 1. &#160;&#160;&#160;&#160;&#160;&#160; <a name="_Toc25759690"></a><a name="_Toc25759840"></a><a name="_Toc25759931"></a><a name="_Toc26932669"></a><a name="_Toc26939640"></a><a name="_Toc26943096"></a><a name="_Toc26944384"></a></font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Powers</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.
Subject to the applicable provisions of the 1940 Act, the Declaration of Trust
and these By&#8209;Laws relating to action required to be approved by the
Shareholders, the business and affairs of the Trust shall be managed and all
powers shall be exercised by or under the direction of the Trustees.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2. &#160;&#160;&#160;&#160;&#160;&#160; <a name="_Toc25759691"></a><a name="_Toc25759841"></a><a name="_Toc25759932"></a><a name="_Toc26932670"></a><a name="_Toc26939641"></a><a name="_Toc26943097"></a><a name="_Toc26944385"></a></font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Number
of Trustees</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. The exact number of Trustees within the limits specified in
the Declaration of Trust shall be fixed from time to time by a resolution of
the Trustees.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 3. &#160;&#160;&#160;&#160;&#160;&#160; <a name="_Toc25759692"></a><a name="_Toc25759842"></a><a name="_Toc25759933"></a><a name="_Toc26932671"></a><a name="_Toc26939642"></a><a name="_Toc26943098"></a><a name="_Toc26944386"></a></font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Vacancies</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.
Vacancies in the authorized number of Trustees may be filled as provided in the
Declaration of Trust. </font><font color=black face="Times New Roman" lang=X-NONE style="font-size:12.0pt;">A</font><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ny</font><font color=black face="Times New Roman" lang=X-NONE style="font-size:12.0pt;"> Trustee
elected by the Board of Trustees to fill any vacancy occurring in the Board of
Trustees shall serve until the next annual meeting of Shareholders and until
his or her successor shall be elected and shall qualify, subject, however, to
prior death, resignation, retirement, or removal from office.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 4. &#160;&#160;&#160;&#160;&#160;&#160; <a name="_Toc25759693"></a><a name="_Toc25759843"></a><a name="_Toc25759934"></a><a name="_Toc26932672"></a><a name="_Toc26939643"></a><a name="_Toc26943099"></a><a name="_Toc26944387"></a></font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Chair</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.
The Trustees shall have the power to appoint a Chair from among the members of
the Board of Trustees. Such appointment shall be by majority vote of the
Trustees. Such Chair shall serve until his or her successor is appointed or
until his or her earlier death, resignation or removal. The Chair shall preside
at and determine all procedural matters at meetings of the Trustees and shall,
subject to the control of the Trustees, perform such other powers and duties as
may be from time to time assigned to him or her by the Trustees or prescribed
by the Declaration of Trust or these By&#8209;Laws, consistent with his or her
position. The Chair need not be a Shareholder.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 5. &#160;&#160;&#160;&#160;&#160;&#160; <a name="_Toc25759694"></a><a name="_Toc25759844"></a><a name="_Toc25759935"></a><a name="_Toc26932673"></a><a name="_Toc26939644"></a><a name="_Toc26943100"></a><a name="_Toc26944388"></a></font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Place
of Meetings and Meetings by Means of Remote Communications</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. </font></p>


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

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

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Section 6. &#160;&#160;&#160;&#160;&#160;&#160; <a name="_Toc25759695"></a><a name="_Toc25759845"></a><a name="_Toc25759936"></a><a name="_Toc26932674"></a><a name="_Toc26939645"></a><a name="_Toc26943101"></a><a name="_Toc26944389"></a></font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Regular
Meetings</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Regular meetings of the Trustees shall be held at such times as
shall from time to time be fixed by the Trustees, notice thereof being given to
each Trustee by the Secretary or an Assistant Secretary or by the officer or
the Trustees calling the meeting. Notice of the time and place of regular
meetings shall be delivered personally or by telephone to each Trustee or sent
by first-class mail, by telegram or telecopy (or similar electronic means) or,
by overnight courier, charges prepaid, addressed to each Trustee at that
Trustee&#8217;s address as it is shown on the records of the Trust. If the notice is
mailed, it shall be deposited in the United States mail at least seven (7)
calendar days before the time of the holding of the meeting. If the notice is
delivered personally or by telephone or by telegram, telecopy (or similar
electronic means), or overnight courier, it shall be given at least forty eight
(48) hours before the time of the holding of the meeting. Any oral notice given
personally or by telephone must be communicated only to the Trustee. The notice
need not specify the purpose of the meeting or the place of the meeting, if the
meeting is to be held at the principal executive office of the Trust. </font></h2>

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

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


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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 9.&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Emergencies</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.
Notwithstanding any other provision in the Declaration of Trust or these
By-Laws, this Section 9 shall apply during the existence of any catastrophe, or
other similar emergency condition, as a result of which a quorum of the
Trustees under Section 8 of this Article IV cannot readily be obtained (an &#8220;Emergency&#8221;).
During any Emergency, unless otherwise provided by the Trustees, (i) a meeting
of the Trustees or a committee of the Trustees may be called by any Trustee or
officer by any means feasible under the circumstances; (ii) notice of any
meeting of the Trustees during such an Emergency may be given upon less than
the time period otherwise required by these By-Laws to as many Trustees and by
such means as may be feasible at the time; and (iii) the number of Trustees
necessary to constitute a quorum shall be twenty-five percent (25%) of the
Trustees. </font></p>

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

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

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

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

<p style="margin:0in;margin-bottom:12.0pt;text-indent:43.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 14. &#160;&#160; <a name="_Toc25759702"></a><a name="_Toc25759852"></a><a name="_Toc25759943"></a><a name="_Toc26932681"></a><a name="_Toc26939652"></a><a name="_Toc26943108"></a><a name="_Toc26944396"></a></font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Fees and Compensation of Trustees</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. Trustees and
members of committees may receive such compensation, if any, for their services
and such reimbursement of expenses as may be fixed or determined by resolution
of the Trustees. This Section 14 shall not be construed to preclude any Trustee
from serving the Trust in any other capacity as an officer, agent, employee, or
otherwise and receiving compensation for those services.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 15. &#160;&#160;&#160;&#160; <a name="_Toc25759703"></a><a name="_Toc25759853"></a><a name="_Toc25759944"></a><a name="_Toc26932682"></a><a name="_Toc26939653"></a><a name="_Toc26943109"></a><a name="_Toc26944397"></a></font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Delegation
of Power to Other Trustees</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. Any Trustee may, by power of attorney, delegate
his or her power for a period not exceeding one (1) month at any one time to
any other Trustee. Except where applicable law may require a Trustee to be
present in person, a </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Trustee represented by
another Trustee, pursuant to such power of attorney, shall be deemed to be
present for purpose of establishing a quorum and satisfying the required
majority vote.</font></p>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 16.&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Board Conduct Policies</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. The
Trustees may from time to time require all Trustees (and any nominee or Proposed
Nominee) to agree in writing as to matters of corporate governance, business
ethics and confidentiality (&#8220;Board Conduct Policies&#8221;) while such person serves
as a Trustee, such agreement to be on the terms and in a form determined
satisfactory by the Trustees, as amended and supplemented from time to time in
the discretion of the Trustees. Such Board Conduct Policies may provide that
the Trustees may determine that willful violations by a Trustee of such Board
Conduct Policies shall constitute willful misconduct by such Trustee.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 18.&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Ratification</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. The Trustees may
ratify any act, omission, failure to act or determination made not to act (an &#8220;Act&#8221;)
by the Trust or its officers to the extent that the Trustees could have
originally authorized the Act and, if so ratified, such Act shall have the same
force and effect as if originally duly authorized, and such ratification shall
be binding upon the Trust and its Shareholders. Any Act questioned in any
proceeding on the ground of lack of authority, defective or irregular
execution, adverse interest of a Trustee, officer or Shareholder,
non-disclosure, miscomputation, the application of improper principles or
practices of accounting or otherwise, may be ratified, before or after
judgment, by the Trustees, and such ratification shall constitute a bar to any
claim or execution of any judgment in respect of such questioned Act.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 19.&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Interpretation of Governing Instruments</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.
The interpretations of the Declaration of Trust and these By-Laws by the
Trustees and any actions taken pursuant thereto shall be conclusive and binding
on all Shareholders.</font></p>

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

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

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

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

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


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

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

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

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

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(g)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">An individual nominated or seated as a Trustee shall not have been
charged, convicted, have pled guilty or </font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">nolo contendere</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">, been subject to
any censure, order, consent decree (including consent decrees in which the
individual has neither admitted nor denied the findings) or final action or
finding of any federal, state or foreign governmental or regulatory authority
(including self-regulatory organizations) with respect to any conduct that
pursuant to Section 9(b) of the 1940 Act could constitute a basis for the
Commission to by order prohibit, conditionally or unconditionally, such
individual from serving or acting as an employee, officer, director, member of
an advisory board, investment adviser or depositor of, or principal underwriter
for a registered investment company, regardless of whether or not any such
prohibition has been ordered.</font></p>

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

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

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(j)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">An individual nominated or seated as a Trustee shall not serve as a
trustee or director (or person performing similar functions) of more than three
(3) companies having securities registered under the 1934 Act or treated as
public reporting companies under any comparable regulatory regime (the Trust
and all other investment companies having the same </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">investment
adviser or investment advisers in a control relationship with each other shall
all be counted as a single company for this purpose).</font></p>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(k)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">An individual nominated or seated as a Trustee shall not, during the
year of the election or nomination of such individual and during the
immediately preceding calendar year, be, have been, or have been nominated or
seated as, officer, general partner, manager, managing member, member of an
advisory board, trustee or director (or person performing similar functions) of
any investment company registered under the 1940 Act (other than the Trust and
other investment companies having the same investment adviser as the Trust or
an investment adviser in a control relationship with the investment adviser of
the Trust).</font></p>

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

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

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

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

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

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

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

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

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

<p align=center style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;text-align:center;"><a name="_Toc26932683"></a><a name="_Toc26939654"></a><a name="_Toc26943110"></a><a name="_Toc26944398"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE
VI</font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><a name="_Toc25759704"></a><a name="_Toc25759854"></a><a name="_Toc25759945"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">COMMITTEES</font></p>

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

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

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the approval of any
action which under applicable law requires approval by a majority of the
Trustees or certain Trustees;</font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the filling of vacancies of
Trustees;</font></p>


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<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; the
fixing of compensation of the Trustees for services generally or as a member of
any committee;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160; the amendment or
termination of the Declaration of Trust or the amendment of the By&#8209;Laws
or the adoption of new By&#8209;Laws;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160; the amendment or repeal
of any resolution of the Trustees which by its express terms is not so
amendable or repealable;</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160; a distribution to the
Shareholders of the Trust, except at a rate or in a periodic amount or within a
designated range determined by the Trustees; or</font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(vii)&#160;&#160;&#160;&#160;&#160; the appointment of any
other committees of the Trustees or the members of such new committees.</font></p>

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

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2. &#160;&#160;&#160;&#160;&#160;&#160; <a name="_Toc25759706"></a><a name="_Toc25759856"></a><a name="_Toc25759947"></a><a name="_Toc26932685"></a><a name="_Toc26939656"></a><a name="_Toc26943112"></a><a name="_Toc26944400"></a></font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Meetings
and Action of Committees</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. Meetings and action of committees shall be
governed by, held and taken in accordance with the provisions of Article IV of
these By-Laws, with such changes in the context thereof as are necessary to
substitute the committee and its members for the Trustees generally, except
that the time of regular meetings of committees may be determined either by
resolution of the Trustees or by resolution of the committee. Special meetings
of committees may also be called by resolution of the committee. Alternate
members shall be given notice of meetings of committees and shall have the
right to attend all meetings of committees. The Trustees may adopt rules for
the governance of any committee not inconsistent with the provisions of these
By&#8209;Laws.</font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><a name="_Toc26932686"></a><a name="_Toc26939657"></a><a name="_Toc26943113"></a><a name="_Toc26944401"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE VII </font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><a name="_Toc25759707"></a><a name="_Toc25759857"></a><a name="_Toc25759948"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">OFFICERS</font></p>

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

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

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


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_26"></a><a name="_bclPageBorder26"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b) &#160;&#160;&#160;&#160;&#160; If required by the 1940
Act, the Chief Compliance Officer shall be elected or appointed by a majority
of the Trustees, as well as a majority of the Trustees who are not &#8220;interested
persons&#8221; of the Trust (as defined in the 1940 Act) or in any other manner
prescribed by Rule 38a-1 (or any successor rule) under the 1940 Act, as such
rule may be amended from time to time (&#8220;Rule 38a-1&#8221;). </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 3. &#160;&#160;&#160;&#160;&#160;&#160; <a name="_Toc25759710"></a><a name="_Toc25759860"></a><a name="_Toc25759951"></a><a name="_Toc26932689"></a><a name="_Toc26939660"></a><a name="_Toc26943116"></a><a name="_Toc26944404"></a></font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Subordinate
Officers</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. The Trustees may appoint and may empower the President to appoint
such other officers as he or she may deem appropriate, each of whom shall hold
office for such period, have such authority and perform such duties as are
provided in these By&#8209;Laws or as the Trustees may from time to time
determine.</font></p>

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

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

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

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

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 5. &#160;&#160;&#160;&#160;&#160;&#160; <a name="_Toc25759712"></a><a name="_Toc25759862"></a><a name="_Toc25759953"></a><a name="_Toc26932691"></a><a name="_Toc26939662"></a><a name="_Toc26943118"></a><a name="_Toc26944406"></a></font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Vacancies
in Offices</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. A vacancy in any office because of death, resignation, removal,
disqualification or other cause shall be filled in the manner prescribed in
these By&#8209;Laws for regular appointment to that office. The President may
make temporary appointments to a vacant office pending action by the Trustees.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 6. &#160;&#160;&#160;&#160;&#160;&#160; <a name="_Toc25759713"></a><a name="_Toc25759863"></a><a name="_Toc25759954"></a><a name="_Toc26932692"></a><a name="_Toc26939663"></a><a name="_Toc26943119"></a><a name="_Toc26944407"></a></font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">President</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.
The President shall be the chief executive officer of the Trust and shall,
subject to the control of the Trustees, have general supervision, direction and
control of the business and the officers of the Trust. He or she or his or her
designee shall preside at all meetings of the Shareholders. He or she shall
have the general powers and duties of a president of a corporation and shall
have such other powers and duties as may be prescribed by the Trustees, the
Declaration of Trust or these By&#8209;Laws. In the absence or disability
of the President, the Trustees shall delegate authority to another officer of
the Trust to perform all of the duties of the President, and when so acting
shall have all the powers of and be subject to all of the restrictions upon the
President.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 7. &#160;&#160;&#160;&#160;&#160;&#160; <a name="_Toc25759714"></a><a name="_Toc25759864"></a><a name="_Toc25759955"></a><a name="_Toc26932693"></a><a name="_Toc26939664"></a><a name="_Toc26943120"></a><a name="_Toc26944408"></a></font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Vice
Presidents</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. The Executive Vice President or Vice Presidents, whichever the
case may be, shall have such other powers and shall perform such other duties
as from time to time may be prescribed for them respectively by the Trustees or
the President or by these By&#8209;Laws.</font></p>


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_27"></a><a name="_bclPageBorder27"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 8. &#160;&#160;&#160;&#160;&#160;&#160; <a name="_Toc25759715"></a><a name="_Toc25759865"></a><a name="_Toc25759956"></a><a name="_Toc26932694"></a><a name="_Toc26939665"></a><a name="_Toc26943121"></a><a name="_Toc26944409"></a></font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Secretary</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. The Secretary shall keep or cause to be
kept at the principal executive office of the Trust, or such other place as the
Trustees may direct, a book of minutes of all meetings and actions of Trustees,
committees of Trustees and Shareholders with the time and place of holding,
whether regular or special, and if special, how authorized, the notice given,
the names of those present at meetings of the Trustees or committee meetings,
the number of Shares present or represented at meetings of Shareholders and the
proceedings of the meetings. The Secretary shall keep or cause to be kept
at the principal executive office of the Trust or at the office of the Trust&#8217;s
transfer agent or registrar, a share register or a duplicate share register
showing the names of all Shareholders and their addresses, the number of Shares
held by each, the number and date of certificates issued for the same and the
number and date of cancellation of every certificate surrendered for
cancellation. The Secretary shall give or cause to be given notice of all
meetings of the Shareholders and of the Trustees (or committees thereof)
required to be given by these By&#8209;Laws or by applicable law and shall have
such other powers and perform such other duties as may be prescribed by the
Trustees or by these By&#8209;Laws.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 9. &#160;&#160;&#160;&#160;&#160;&#160; <a name="_Toc25759716"></a><a name="_Toc25759866"></a><a name="_Toc25759957"></a><a name="_Toc26932695"></a><a name="_Toc26939666"></a><a name="_Toc26943122"></a><a name="_Toc26944410"></a></font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Treasurer</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.
The Treasurer shall be the chief financial officer and chief accounting officer
of the Trust and shall keep and maintain or cause to be kept and maintained
adequate and correct books and records of accounts of the properties and
business transactions of the Trust, including accounts of the assets,
liabilities, receipts, disbursements, gains, losses, capital and retained
earnings of the Shares. The books of account shall at all reasonable times be
open to inspection by any Trustee. The Treasurer shall deposit all monies
and other valuables in the name and to the credit of the Trust with such depositaries
as may be designated by the Board of Trustees. He or she shall disburse the
funds of the Trust as may be ordered by the Trustees, shall render to the
President and Trustees, whenever they request it, an account of all of his or
her transactions as chief financial officer and of the financial condition of
the Trust and shall have other powers and perform such other duties as may be
prescribed by the Trustees or these By&#8209;Laws. Notwithstanding anything to
the contrary herein contained, the Trustees may authorize, or direct the
Treasurer to authorize, any adviser, administrator, manager or transfer agent
to maintain bank accounts and deposit and disburse funds of the Trust.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><a name="_Toc25759717"></a><a name="_Toc25759867"></a><a name="_Toc25759958"></a><a name="_Toc26932696"></a><a name="_Toc26939667"></a><a name="_Toc26943123"></a><a name="_Toc26944411"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 10.&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Chief
Compliance Officer</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. The Chief Compliance Officer shall perform the duties
and have the responsibilities of the chief compliance officer of the Trust,
including if required by the 1940 Act any such duties and responsibilities
imposed by Rule 38a-1, and shall have such other duties and powers as may be
conferred from time to time by the Trustees.</font></p>

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


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_28"></a><a name="_bclPageBorder28"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE VIII</font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">INSPECTION OF RECORDS AND REPORTS</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 1. &#160;&#160;&#160;&#160;&#160;&#160; <a name="_Toc25759718"></a><a name="_Toc25759868"></a><a name="_Toc25759959"></a><a name="_Toc26932697"></a><a name="_Toc26939668"></a><a name="_Toc26943124"></a><a name="_Toc26944412"></a></font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Inspection by Shareholders</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

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

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

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

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

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

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160; a list of the names and
business addresses of the current Trustees and officers.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; Upon at least five (5) Business Days advance
written notice to the Trust, a Shareholder is entitled to inspect and copy,
during regular business hours at the office where they are maintained, copies
of any of the following records of the Trust, only to the extent that the
written notice describes with reasonable particularity the purpose of the
demand and the records the Shareholder desires to inspect, the demand is made
in good faith and for a proper purpose, the records requested are directly
connected with such purpose, and the Trustees or any officer designated for such
purpose by the Trustees shall not have determined in good faith that disclosure
of the records sought would adversely affect the Trust in the conduct of its
business or constitute material non-public information at the time when the
Shareholder&#8217;s notice of demand to inspect and copy is received by the Trust:</font></p>

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

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

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160; a list of the names
and addresses of all Shareholders of record, in alphabetical order, showing the
number of Shares held by each Shareholder of record. A </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Shareholder
shall not have any right to inspect and copy any information the Trust may have
regarding beneficial owners of Shares. </font></p>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_29"></a><a name="_bclPageBorder29"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


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

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

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

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trust may impose reasonable restrictions on
the use or distribution of records by the demanding Shareholder, including by
requiring the Shareholder to enter into a confidentiality agreement on terms
acceptable to the Trustees in its sole discretion.</font></p>

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

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160; No Shareholder shall have any right to inspect
any records, accounts, books or documents of the Trust except as provided for
by this Article VIII or otherwise authorized by the Trustees.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 3. &#160;&#160;&#160;&#160;&#160;&#160; <a name="_Toc25759719"></a><a name="_Toc25759869"></a><a name="_Toc25759960"></a><a name="_Toc26932698"></a><a name="_Toc26939669"></a><a name="_Toc26943125"></a><a name="_Toc26944413"></a></font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Inspection
by Trustees</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. Every Trustee shall have the absolute right at any reasonable
time to inspect all books, records, and documents of every kind and the
physical properties of the Trust. This inspection by a Trustee may be made in
person or by an agent or attorney and the right of inspection includes the
right to copy and make extracts of documents.</font></p>

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

<p align=center style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=FR style="font-size:12.0pt;">EXCLUSIVE FORUM</font></p>

<p style="margin:0in;margin-bottom:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=FR style="font-size:12.0pt;">Section
1.&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Exclusive Forum for Certain Litigation</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. In accordance
with Section 3804(e) of the Delaware Statutory Trust Act, unless the Trust
consents in writing to the selection of an alternative forum, the Court of
Chancery of the State of Delaware shall be the sole and exclusive forum for (a)
any derivative action or proceeding brought on behalf of the Trust; (b) any
action asserting a claim of breach of a fiduciary duty owed by any Trustee,
officer, or </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">employee of the Trust to the Trust or the
Shareholders; (c) any action asserting a claim against the Trust or any
Trustee, officer, or employee of the Trust arising pursuant to any provision of
the Delaware Statutory Trust Act, the Declaration of Trust or these By-Laws; or
(d) any action asserting a claim against the Trust or any Trustee, officer, or
employee of the Trust governed by the internal affairs doctrine of the State of
Delaware; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">provided</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">, </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">however</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">, that, in the event that the Court of
Chancery of the State of Delaware lacks jurisdiction over any such action or proceeding,
the sole and exclusive forum for such action or proceeding shall be another
state or federal court located within the State of Delaware. Failure to enforce
the foregoing provisions would cause the Trust irreparable harm and the Trust
shall be entitled to equitable relief, including injunctive relief and specific
performance, to enforce the foregoing provisions. This Article VIX does not
apply to any claim under the U.S. federal securities laws.<a name="_Toc26932699"></a><a name="_Toc26939670"></a><a name="_Toc26943126"></a><a name="_Toc26944414"></a></font></p>
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<p align=center style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE X</font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-align:center;"><a name="_Toc25759720"></a><a name="_Toc25759870"></a><a name="_Toc25759961"></a><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">GENERAL MATTERS</font></p>

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

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 2. &#160;&#160;&#160;&#160;&#160;&#160; <a name="_Toc25759722"></a><a name="_Toc25759872"></a><a name="_Toc25759963"></a><a name="_Toc26932701"></a><a name="_Toc26939672"></a><a name="_Toc26943128"></a><a name="_Toc26944416"></a></font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Contracts
and Instruments: How Executed</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. The Trustees, except as otherwise provided
in these By&#8209;Laws, may authorize any officer or officers, agent or agents,
to enter into any contract or execute any instrument in the name of and on
behalf of the Trust and this authority may be general or confined to specific
instances; and unless so authorized or ratified by the Trustees or within the
agency power of an officer, no officer, agent, or employee shall have any power
or authority to bind the Trust by any contract or engagement or to pledge its
credit or to render it liable for any purpose or for any amount.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 3. &#160;&#160;&#160;&#160;&#160;&#160; <a name="_Toc25759723"></a><a name="_Toc25759873"></a><a name="_Toc25759964"></a><a name="_Toc26932702"></a><a name="_Toc26939673"></a><a name="_Toc26943129"></a><a name="_Toc26944417"></a></font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Fiscal
Year</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. The fiscal year of the Trust shall be fixed and refixed or changed
from time to time by the Trustees.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section 4. &#160;&#160;&#160;&#160;&#160;&#160; <a name="_Toc25759724"></a><a name="_Toc25759874"></a><a name="_Toc25759965"></a><a name="_Toc26932703"></a><a name="_Toc26939674"></a><a name="_Toc26943130"></a><a name="_Toc26944418"></a></font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Seal</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.
The seal of the Trust shall consist of a flat&#8209;faced dye with the name of
the Trust cut or engraved thereon. However, unless otherwise required by the
Trustees, the seal shall not be necessary to be placed on, and its absence
shall not impair the validity of, any document, instrument or other paper
executed and delivered by or on behalf of the Trust.</font></p>

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

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

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

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

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

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

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

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

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

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

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

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

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">12(d) Holder</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; shall mean any investment fund (as defined
herein), but excluding any investment fund managed by the Trust&#8217;s investment
adviser or an investment adviser in a control relationship with the Trust&#8217;s
investment adviser, and any company or companies controlled by such investment
fund in the aggregate owning beneficially or of record (A) more than three
percent (3%) of the outstanding voting Shares of the Trust, (B) securities
issued by the Trust having an aggregate value in excess of five percent (5%) of
the total assets of such investment fund and any company or companies
controlled by such investment fund, (C) securities issued by the Trust and by
all other investment funds having an aggregate value in excess of ten percent
(10%) of the total assets of the investment fund making such investment and any
company or companies controlled by the investment fund making such investment,
or (D) together with other investment funds having the same investment adviser,
investment manager, general partner or managing member (or investment advisers,
investment managers, </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">general partners or managing
members in a control relationship) and companies controlled by such investment
funds, more than ten percent (10%) of the total outstanding Shares of the
Trust.</font></p>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">beneficial owner</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; of a security shall mean any Person who,
directly or indirectly, through any contract, arrangement, understanding,
relationship or otherwise (A) has or shares: (1) voting power which includes
the power to vote, or to direct the voting of, such security; and/or, (2)
investment power which includes the power to dispose, or to direct the
disposition, of such security or (B) owns, controls or holds with power to vote
such security. A Person shall be deemed to be the beneficial owner of security if
that Person has the right to acquire beneficial ownership of such security at
any time, whether or not within sixty days of the date of such determination. &#8220;Beneficially
own,&#8221; &#8220;own beneficially&#8221; and related terms shall have correlative meaning.</font></p>

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

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

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

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

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

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

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

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Shareholder Associate</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221; of any
Shareholder shall mean (i) any person acting in concert with such Shareholder,
(ii) any beneficial owner of Shares of the Trust owned of record or
beneficially by such Shareholder (other than a Shareholder that is a
depositary) and (iii) any person that directly, or indirectly through one or
more intermediaries, controls, or is controlled by, or is under common control
with, such Shareholder or such Shareholder Associate.</font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;text-align:center;"><a name="_Toc26932704"></a><a name="_Toc26939675"></a><a name="_Toc26943131"></a><a name="_Toc26944419"></a></p>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_33"></a><a name="_bclPageBorder33"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;text-align:center;"><font face="Times New Roman" lang=FR style="font-size:12.0pt;">ARTICLE XI </font></p>

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><a name="_Toc25759725"></a><a name="_Toc25759875"></a><a name="_Toc25759966"></a><font face="Times New Roman" lang=FR style="font-size:12.0pt;">AMENDMENTS</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=FR style="font-size:12.0pt;">Section 1. &#160;&#160;&#160;&#160;&#160;&#160; <a name="_Toc25759726"></a><a name="_Toc25759876"></a><a name="_Toc25759967"></a><a name="_Toc26932705"></a><a name="_Toc26939676"></a><a name="_Toc26943132"></a><a name="_Toc26944420"></a></font><u><font face="Times New Roman" lang=FR style="font-size:12.0pt;">Amendment</font></u><font face="Times New Roman" lang=FR style="font-size:12.0pt;">.
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Except as otherwise provided by applicable law or by the Declaration
of Trust, these By&#8209;Laws may be restated, amended, supplemented or
repealed by a majority vote of the Trustees; </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">provided</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">, </font><u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">however</font></u><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">, that the approval of a majority of the
Board of Trustees and seventy-five percent (75%) of the Continuing Trustees
shall be required for (i) any amendment, alteration, change or repeal of
Article II of the By-laws and (ii) any amendment, alteration, change or repeal
of any other Section or provision of the By-laws designated from time to time
by resolution of a majority of the Board of Trustees and seventy-five percent
(75%) of the Continuing Trustees to require such approval</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. These By-Laws
may not be amended or repealed and new By-Laws may not be adopted by the
Shareholders.</font></p>

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

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

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

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




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</SEC-DOCUMENT>
