<SEC-DOCUMENT>0001057861-11-000021.txt : 20111128
<SEC-HEADER>0001057861-11-000021.hdr.sgml : 20111128
<ACCEPTANCE-DATETIME>20111128125026
ACCESSION NUMBER:		0001057861-11-000021
CONFORMED SUBMISSION TYPE:	NSAR-A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110930
FILED AS OF DATE:		20111128
DATE AS OF CHANGE:		20111128
EFFECTIVENESS DATE:		20111128

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DREYFUS HIGH YIELD STRATEGIES FUND
		CENTRAL INDEX KEY:			0001057861
		IRS NUMBER:				134001109
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NSAR-A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08703
		FILM NUMBER:		111227669

	BUSINESS ADDRESS:	
		STREET 1:		200 PARK AVENUE, 8TH FLOOR
		STREET 2:		THE DREYFUS CORPORATION
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
		BUSINESS PHONE:		2129226789

	MAIL ADDRESS:	
		STREET 1:		200 PARK AVENUE
		STREET 2:		THE DREYFUS CORPORATION
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10166
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-A
<SEQUENCE>1
<FILENAME>answer.fil
<DESCRIPTION>SEMI-ANNUAL NSAR FORM
<TEXT>
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022 A000001 BANK OF AMERICA NA
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022 A000002 CREDIT SUISSE (USA) INC.
022 B000002 13-1898818
022 C000002     18367
022 D000002      7502
022 A000003 DEUTSCHE BANK SECURITIES INC.
022 B000003 13-2730828
022 C000003      9565
022 D000003     15123
022 A000004 J.P. MORGAN SECURITIES INC.
022 B000004 13-3299429
022 C000004     11114
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022 A000005 BARCLAYS CAPITAL INC.
022 B000005 06-1031656
022 C000005     11213
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022 A000006 CITIGROUP INC.
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022 C000006     13156
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022 A000007 MORGAN STANLEY
022 B000007 36-3145972
022 C000007      5596
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022 A000008 GOLDMAN, SACHS & CO.
022 B000008 13-5108880
022 C000008      6474
022 D000008      9432
022 A000009 WELLS FARGO & CO.
022 B000009 41-0449260
022 C000009      6108
022 D000009      9595
022 A000010 STERNE, AGEE & LEACH, INC.
022 B000010 63-0463600
022 C000010      4484
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SIGNATURE   ROB ROBOL
TITLE       SEN.ACCTG. MANAGER

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>2
<FILENAME>dreyfushighyieldstrategiesfu.htm
<DESCRIPTION>SUB-ITEM 77Q1 BY-LAWS
<TEXT>

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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Sub-Item 77Q1(a)</font></p>



<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>





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

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

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

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">ARTICLE
1<br>
Agreement and Declaration of Trust and Principal Office</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">1.1</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Agreement and Declaration of
Trust</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; These By-Laws shall be
subject to the Agreement and Declaration of Trust, as from time to time in
effect (the &quot;Declaration of Trust&quot;), of the above-captioned
Massachusetts business trust established by the Declaration of Trust (the
&quot;Trust&quot;).</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">1.2</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Principal Office of the Trust</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; The principal office of the Trust shall be located
in New York, New York.&#160; Its resident agent in Massachusetts shall be CT
Corporation System, 2 Oliver Street, Boston, Massachusetts 02109, or such other
person as the Trustees from time to time may select.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">ARTICLE
2<br>
Meetings of Trustees</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">2.1</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Regular Meetings</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; Regular meetings of the Trustees may be held
without call or notice at such places (including for these purposes, by means
of conference telephone circuit, video conferencing or similar communications
equipment by means of which all persons participating in the meeting can hear
each other at the same time) and at such times as the Trustees from time to
time may determine, provided that notice of the first regular meeting following
any such determination shall be given to absent Trustees.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">2.2</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Special Meetings</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; Special meetings of the Trustees may be held at any
time and at any place (including for these purposes, by means of conference
telephone circuit, video conferencing or similar communications equipment by
means of which all persons participating in the meeting can hear each other at
the same time) designated in the call of the meeting when called by the
President or the Treasurer or by two or more Trustees, sufficient notice
thereof being given to each Trustee by the Secretary or an Assistant Secretary
or by the officer or the Trustees calling the meeting.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">2.3</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Notice of Special Meetings</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; It shall be sufficient notice to a Trustee of a
special meeting to send notice by mail at least forty-eight hours or by email
or facsimile at least twenty-four hours before the meeting addressed to the
Trustee at his or her usual or last known business or residence address, email
address or facsimile number, as applicable, or to give notice to him or her in
person or by telephone at least twenty-four hours before the meeting.&#160; Notice
of a meeting need not be given to any Trustee if a written waiver of notice,
executed by him or her before or after the meeting, is filed with the records
of the meeting, or to any Trustee who attends the meeting without protesting
prior thereto or at its commencement the lack of notice to him or her.&#160; Neither
notice of a meeting nor a waiver of a notice need specify the purposes of the
meeting.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">2.4</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Notice of Certain Actions by
Consent</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; If in accordance with the
provisions of the Declaration of Trust any action is taken by the Trustees by a
written consent of less than all of the Trustees, then prompt notice of any
such action shall be furnished to each Trustee who did not execute such written
consent, provided that the effectiveness of such action shall not be impaired
by any delay or failure to furnish such notice.&#160; Any written consents may be
executed and delivered by electronic means.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;">&nbsp;</h2>
<a name="_bclFooter1"></a><DIV>





<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>





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

<a name="_bclHeader2"></a><DIV>





<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>





</DIV>
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Members of the Board
of Trustees or any committee designated thereby may participate in a meeting of
the Board or such committee by means of conference telephone circuit, video
conferencing or similar communications equipment by means of which all persons
participating in the meeting can hear each other at the same time.&#160;
Participation by such means shall constitute presence in person at a meeting.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">ARTICLE
3<br>
Officers</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">3.1</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Enumeration; Qualification</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; The officers of the Trust shall be a President, a
Treasurer, a Secretary and a Chief Compliance Officer and such other officers,
if any, as the Trustees from time to time may in their discretion elect.&#160; The
Trust also may have such agents as the Trustees from time to time may in their
discretion appoint.&#160; An officer may be but need not be a Trustee or
shareholder.&#160; Any two or more offices may be held by the same person.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">3.2</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Election</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; The President, the Treasurer and the Secretary
shall be elected by the Trustees upon the occurrence of any vacancy in any such
office.&#160; Other officers, if any, may be elected or appointed by the Trustees at
any time.&#160; Vacancies in any such other office may be filled at any time.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">3.3</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Tenure</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; The President, Treasurer and Secretary shall hold
office in each case until he or she sooner dies, resigns, is removed or becomes
disqualified.&#160; Each other officer shall hold office and each agent shall retain
authority at the pleasure of the Trustees.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">3.4</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Powers</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; Subject to the other provisions of these By-Laws,
each officer shall have, in addition to the duties and powers herein and in the
Declaration of Trust set forth, such duties and powers as commonly are incident
to the office occupied by him or her as if the Trust were organized as a
Massachusetts business corporation or such other duties and powers as the
Trustees may from time to time designate.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">3.5</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">President</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; Unless the Trustees otherwise provide, the
President shall preside at all meetings of the shareholders and of the
Trustees.&#160; Unless the Trustees otherwise provide, the President shall be the
chief executive officer of the Trust.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">3.6</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Treasurer</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; The Treasurer shall be the chief financial and
accounting officer of the Trust, and, subject to the provisions of the
Declaration of Trust and to any arrangement made by the Trustees with a
custodian, investment adviser or manager, or transfer, shareholder servicing or
similar agent, shall be in charge of the valuable papers, books of account and
accounting records of the Trust, and shall have such other duties and powers as
may be designated from time to time by the Trustees or by the President.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">3.7</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Secretary</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; The Secretary shall record all proceedings of the
shareholders and the Trustees in books to be kept therefor, which books or a
copy thereof shall be kept at the principal office of the Trust.&#160; In the
absence of the Secretary from any meeting of the shareholders or Trustees, an
Assistant Secretary, or if there be none or if he or she is absent, a temporary
Secretary chosen at such meeting shall record the proceedings thereof in the
aforesaid books.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">3.8</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Chief Compliance Officer</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; The Chief Compliance Officer shall function as
described in Rule 38a-1 under the Investment Company Act of 1940, as amended.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">3.9</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Resignations and Removals</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; Any Trustee or officer may resign at any time by
written instrument signed by him or her and delivered to the President or
Secretary or to a meeting of the </font></h2>
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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">-2-</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>



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<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Trustees.&#160; Such
resignation shall be effective upon receipt unless specified to be effective at
some other time.&#160; The Trustees may remove any officer elected by them with or
without cause.&#160; Except to the extent expressly provided in a written agreement
with the Trust, no Trustee or officer resigning and no officer removed shall
have any right to any compensation for any period following his or her
resignation or removal, or any right to damages on account of such removal.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">ARTICLE
4<br>
Committees; Experts and Advisers</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">4.1</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Appointment</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; The Trustees may appoint from their number an
executive committee and other committees.&#160; Except as the Trustees otherwise may
determine, any such committee may make rules for conduct of its business.&#160; The
chair, if any, and members of any duly appointed committee shall receive such
compensation and/or fees and reimbursement for expenses as from time to time
may be determined by the Trustees.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">4.2</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Quorum; Voting</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; A majority of the members of any Committee of the
Trustees shall constitute a quorum for the transaction of business, and any
action of such a Committee may be taken at a meeting by a vote of a majority of
the members present (a quorum being present).</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">4.3</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Authority to Retain Experts and
Advisers</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; The Trustees who are not
&quot;interested persons&quot; (as that term is defined in the Investment
Company Act of 1940, as amended) of the Trust may, by a vote of a majority of such
Trustees, hire employees and retain experts and advisers, including independent
legal counsel, at the expense of the Trust, to the extent such Trustees deem
necessary to carry out their duties as Trustees, and may execute any
agreements, contracts, instruments or other documents in connection therewith.&#160;
</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">ARTICLE
5<br>
Reports</font></h1>

<p style="margin-bottom:24.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The Trustees and officers
shall render reports at the time and in the manner required by the Declaration
of Trust or any applicable law.&#160; Officers and Committees shall render such
additional reports as they may deem desirable or as may from time to time be
required by the Trustees.</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">ARTICLE
6<br>
Fiscal Year</font></h1>

<p style="margin-bottom:24.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The fiscal year of the
Trust shall be fixed, and shall be subject to change, by the Board of Trustees.</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">ARTICLE
7<br>
Seal</font></h1>

<p style="margin-bottom:24.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The seal of the Trust shall
consist of a flat-faced die with the word &quot;Massachusetts,&quot; together
with the name of the Trust and the year of its organization cut or engraved
thereon but, unless otherwise required by the Trustees, the seal shall not be
necessary to be placed on, and in 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>

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<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">ARTICLE 8<br>
Execution of Papers</font></h1>

<p style="margin-bottom:24.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Except as the Trustees
generally or in particular cases may authorize the execution thereof in some
other manner, all deeds, leases, contracts, notes and other obligations made by
the Trustees shall be signed by the President, any Vice President, or by the
Treasurer and need not bear the seal of the Trust.</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">ARTICLE
9<br>
Issuance of Share Certificates</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">9.1</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Sale of Shares</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; Except as otherwise determined by the Trustees, the
Trust will issue and sell for cash or securities from time to time, full and
fractional shares of its shares of beneficial interest, such shares to be
issued and sold at a price of not less than net asset value per share, as from
time to time determined in accordance with the Declaration of Trust and these
By-Laws and, in the case of fractional shares, at a proportionate reduction in
such price.&#160; In the case of shares sold for securities, such securities shall
be valued in accordance with the provisions for determining value of assets of
the Trust as stated in the Declaration of Trust and these By-Laws.&#160; The
officers of the Trust are severally authorized to take all such actions as may
be necessary or desirable to carry out this Section 9.1.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">9.2</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Share Certificates</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; In lieu of issuing certificates for shares, the
Trustees or the transfer agent either may issue receipts therefor or may keep
accounts upon the books of the Trust for the record holders of such shares, who
shall in either case, for all purposes hereunder, be deemed to be the holders
of certificates for such shares as if they had accepted such certificates and
shall be held to have expressly assented and agreed to the terms hereof.</font></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The
Trustees at any time may authorize the issuance of share certificates.&#160; In that
event, each shareholder shall be entitled to a certificate stating the number
of shares owned by him or her, in such form as shall be prescribed from time to
time by the Trustees.&#160; Such certificate shall be signed by the President or
Vice President and by the Treasurer or Assistant Treasurer.&#160; Such signatures
may be facsimile if the certificate is signed by a transfer agent, or by a
registrar, other than a Trustee, officer or employee of the Trust.&#160; In case any
officer who has signed or whose facsimile signature has been placed on such
certificate shall cease to be such officer before such certificate is issued,
it may be issued by the Trust with the same effect as if he or she were such
officer at the time of its issue.</font></p>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">9.3</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Loss of Certificates</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; The Trust, or if any transfer agent is appointed
for the Trust, the transfer agent with the approval of any two officers of the
Trust, is authorized to issue and countersign replacement certificates for the
shares of the Trust which have been lost, stolen or destroyed subject to the
deposit of a bond or other indemnity in such form and with such security, if any,
as the Trustees may require; provided, however, if such shares have ceased to
be certificated, no new certificate shall be issued unless requested in writing
by such shareholder and the Trustees have determined that such certificates may
be issued.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">9.4</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Discontinuance of Issuance of
Certificates</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; The Trustees at any
time may discontinue the issuance of share certificates and by written notice
to each shareholder, may require the surrender of share certificates to the
Trust for cancellation.&#160; Such surrender and cancellation shall not affect the
ownership of shares in the Trust.</font></h2>

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<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">ARTICLE 10<br>
Indemnification</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">10.1</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Trustees, Officers, etc</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; The Trust shall indemnify each of its Trustees and
officers (including persons who serve at the Trust's request as directors,
officers or trustees of another organization in which the Trust has any
interest as a shareholder, creditor or otherwise) (hereinafter referred to as a
&quot;Covered Person&quot;) against all liabilities and expenses, including but
not limited to amounts paid in satisfaction of judgments, in compromise or as
fines and penalties, and counsel fees reasonably incurred by any Covered Person
in connection with the defense or disposition of any action, suit or other
proceeding, whether civil or criminal, before any court or administrative or
legislative body, in which such Covered Person may be or may have been involved
as a party or otherwise or with which such person may be or may have been
threatened, while in office or thereafter, by reason of being or having been
such a Trustee or officer, except with respect to any matter as to which such
Covered Person shall have been finally adjudicated in a decision on the merits
in any such action, suit or other proceeding not to have acted in good faith in
the reasonable belief that such Covered Person's action was in the best
interests of the Trust and except that no Covered Person shall be indemnified
against any liability to the Trust or its Shareholders to which such Covered
Person would otherwise be subject by reason of willful misfeasance, bad faith,
gross negligence or reckless disregard of the duties involved in the conduct of
such Covered Person's office.&#160; Expenses, including counsel fees so incurred by
any such Covered Person (but excluding amounts paid in satisfaction of
judgments, in compromise or as fines or penalties), may be paid from time to
time by the Trust in advance of the final disposition or any such action, suit
or proceeding upon receipt of an undertaking by or on behalf of such Covered
Person to repay amounts so paid to the Trust if it is ultimately determined
that indemnification of such expenses is not authorized under this Article, </font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">provided
that</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;"> (a) such Covered Person shall provide security for his or her
undertaking, (b) the Trust shall be insured against losses arising by reason of
such Covered Person's failure to fulfill his or her undertaking, or (c) a
majority of the Trustees who are disinterested persons and who are not
&quot;interested persons&quot; (as that term is defined in the Investment
Company Act of 1940, as amended) (provided that a majority of such Trustees
then in office act on the matter), or independent legal counsel in a written
opinion, shall determine, based on a review of readily available facts (but not
a full trial-type inquiry), that there is reason to believe such Covered Person
ultimately will be entitled to indemnification.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">10.2</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Compromise Payment</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; As to any matter disposed of (whether by a
compromise payment, pursuant to a consent decree or otherwise) without an
adjudication in a decision on the merits by a court, or by any other body
before which the proceeding was brought, that such Covered Person either (a)
did not act in good faith in the reasonable belief that such Covered Person's
action was in the best interests of the Trust or (b) is liable to the Trust or
its Shareholders by reason of willful misfeasance, bad faith, gross negligence
or reckless disregard of the duties involved in the conduct of such Covered
Person's office, indemnification shall be provided if (a) approved as in the
best interest of the Trust, after notice that it involves such indemnification,
by at least a majority of the Trustees who are disinterested persons and are
not Interested Persons (provided that a majority of such Trustees then in
office act on the matter), upon a determination, based upon a review of readily
available facts (but not a full trial-type inquiry) that such Covered Person
acted in good faith in the reasonable belief that such Covered Person's action
was in the best interests of the Trust and is not liable to the Trust or its
Shareholders by reason of willful misfeasance, bad faith, gross negligence or
reckless disregard of the duties involved in the conduct of such Covered
Person's office, or (b) there has been obtained an opinion in writing of
independent legal counsel, based upon a review of readily available facts (but
not a full trial-type inquiry) to the effect that such Covered Person appears
to have acted in good faith in the reasonable belief that such Covered Person's
action was in the best interests of the Trust and that such indemnification
would not protect such Covered Person against any liability to the Trust to
which such Covered Person would otherwise be subject by reason of willful
misfeasance, bad faith, gross negligence or reckless disregard of the duties
involved in the conduct of his office.&#160; Any approval pursuant to this Section
shall not prevent the recovery </font></h2>
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<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">from any Covered Person
of any amount paid to such Covered Person in accordance with this Section as
indemnification if such Covered Person is subsequently adjudicated by a court
of competent jurisdiction not to have acted in good faith in the reasonable
belief that such Covered Person's action was in the best interests of the Trust
or to have been liable to the Trust or its shareholders by reason of willful
misfeasance, bad faith, gross negligence or reckless disregard of the duties
involved in the conduct of such Covered Person's office.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">10.3</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Indemnification Not Exclusive</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; The right of indemnification hereby provided shall
not be exclusive of or affect any other rights to which any such Covered Person
may be entitled.&#160; As used in this Article&nbsp;10, the term &quot;Covered
Person&quot; shall include such person's heirs, executors and administrators,
and a &quot;disinterested person&quot; is a person against whom none of the
actions, suits or other proceedings in question or another action, suit, or
other proceeding on the same or similar grounds is then or has been pending.&#160;
Nothing contained in this Article shall affect any rights to indemnification to
which personnel of the Trust, other than Trustees and officers, and other
persons may be entitled by contract or otherwise under law, nor the power of
the Trust to purchase and maintain liability insurance on behalf of such
person.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">10.4</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Limitation</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; Notwithstanding any provisions in the Declaration
of Trust and these By-Laws pertaining to indemnification, all such provisions
are limited by the following undertaking set forth in the rules promulgated by
the Securities and Exchange Commission:</font></h2>

<p style="margin-bottom:.0001pt;margin-left:1.0in;margin-right:1.6in;margin-top:0in;text-indent:36.4pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">In the event that a claim for indemnification is
asserted by a Trustee, officer or controlling person of the Trust in connection
with the registered securities of the Trust, the Trust will not make such
indemnification unless (i)&nbsp;the Trust has submitted, before a court or
other body, the question of whether the person to be indemnified was liable by
reason of willful misfeasance, bad faith, gross negligence, or reckless
disregard of duties, and has obtained a final decision on the merits that such
person was not liable by reason of such conduct or (ii)&nbsp;in the absence of
such decision, the Trust shall have obtained a reasonable determination, based
upon a review of the facts, that such person was not liable by virtue of such
conduct, by (a)&nbsp;the vote of a majority of Trustees who are neither
interested persons as such term is defined in the Investment Company Act of
1940, nor parties to the proceeding or (b)&nbsp;an independent legal counsel in
a written opinion.<br>
<br>
</font></p>

<p style="margin-bottom:24.0pt;margin-left:1.0in;margin-right:1.6in;margin-top:0in;text-indent:36.4pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">The
Trust will not advance attorneys' fees or other expenses incurred by the person
to be indemnified unless (i) the Trust shall have received an undertaking by or
on behalf of such person to repay the advance unless it is ultimately
determined that such person is entitled to indemnification and (ii) one of the
following conditions shall have occurred:&#160; (x)&nbsp;such person shall provide
security for his undertaking, (y)&nbsp;the Trust shall be insured against
losses arising by reason of any lawful advances or (z)&nbsp;a majority of the
disinterested, non-party Trustees of the Trust, or an independent legal counsel
in a written opinion, shall have determined that based on a review </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">of readily available facts there is reason to believe that
such person ultimately will be found entitled to indemnification.</font></p>
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<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">ARTICLE
11<br>
Shareholders</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">11.1</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Meetings</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; A meeting of the shareholders of the Trust or of
any series or class shall be called by the Secretary whenever ordered by the
Trustees, or requested in writing by the holder or holders of at least 30% of
the outstanding shares entitled to vote at such meeting.&#160; If the meeting is a
meeting of the shareholders of one or more series or class of shares, but not a
meeting of all shareholders of the Trust, then only the shareholders of such
one or more series or classes shall be entitled to notice of and to vote at the
meeting.&#160; If the Secretary, when so ordered or requested, refuses or neglects
for more than five days to call such meeting, the Trustees, or the shareholders
so requesting may, in the name of the Secretary, call the meeting by giving
notice thereof in the manner required when notice is given by the Secretary.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">11.2</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Access to Shareholder List</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; Shareholders of record may apply to the Trustees for
assistance in communicating with other shareholders for the purpose of calling
a meeting in order to vote upon the question of removal of a Trustee.&#160; When ten
or more shareholders of record who have been such for at least six months
preceding the date of application and who hold in the aggregate shares having a
net asset value of at least $25,000 or at least 1% of the outstanding shares,
whichever is less, so apply, the Trustees shall within five business days
either:</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.5in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(i)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">afford to such applicants access
to a list of names and addresses of all shareholders as recorded on the books
of the Trust; or</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.5in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">(ii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">inform such applicants of the
approximate number of shareholders of record and the approximate cost of
mailing material to them and, within a reasonable time thereafter, mail
materials submitted by the applicants to all such shareholders of record.&#160; The
Trustees shall not be obligated to mail materials which they believe to be
misleading or in violation of applicable law.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">11.3</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Record Dates</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; For the purpose of determining the shareholders of
any series or class who are entitled to vote or act at any meeting or any
adjournment thereof, or who are entitled to receive payment of any dividend or
of any other distribution, the Trustees from time to time may fix a time, which
shall be not more than 90 days before the date of any meeting of shareholders
or the date of payment of any dividend or of any other distribution, as the
record date for determining the shareholders of such series or class having the
right to notice of and to vote at such meeting and any adjournment thereof or
the right to receive such dividend or distribution, and in such case only
shareholders of record on such record date shall have such right
notwithstanding any transfer of shares on the books of the Trust after the
record date; or without fixing such record date the Trustees may for any such
purposes close the register or transfer books for all or part of such period.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">11.4</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Place of Meetings</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; All meetings of the shareholders shall be held at
the principal office of the Trust or at such other place within the United
States as shall be designated by the Trustees or the President of the Trust.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">11.5</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Notice of Meetings</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; A written notice of each meeting of shareholders,
stating the place, date and hour and the purposes of the meeting, shall be
given at least ten days before the meeting to each shareholder entitled to vote
thereat at his or her address as it appears in the records of the Trust or the
address (including for these purposes email address or facsimile number, as
applicable) supplied by </font></h2>
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<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">the shareholder for the purpose
of notice.&#160; Such notice shall be given by the Secretary or an Assistant
Secretary or by an officer designated by the Trustees.&#160; No notice of any
meeting of shareholders need be given to a shareholder if a written waiver of
notice, executed before or after the meeting by such shareholder or his
attorney thereunto duly authorized, is filed with the records of the meeting.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">11.6</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Communications with
Shareholders</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; Any notices, reports,
statements or other communications with shareholders of any kind required under
the Declaration of Trust, these By-Laws or applicable law may be sent,
delivered or made available in any reasonable manner as may be determined by
the Trustees if not otherwise prohibited by applicable law, including, without
limitation, by email or other electronic means or by posting on a website; and
such communications may be sent, delivered or otherwise made available to shareholders
in accordance with householding or other similar rules under which a single
copy of such notice or report may be sent to shareholders who reside at the
same address.&#160; No communication need by given to any shareholder who shall have
failed to inform the Trust of the shareholder's current address and the Trustees
may from time to time adopt, or may authorize the officers or agents of the
Trust to adopt, procedures or policies with respect to communications to shareholders
that are returned to the Trust or its agents as undeliverable and similar
matters.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">11.7</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Ballots</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; No ballot shall be required for any election unless
requested by a shareholder present or represented at the meeting and entitled
to vote in the election.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">11.8</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">Proxies</font></u><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">.&#160; Shareholders entitled to vote may vote either in
person or by proxy in writing dated not more than six months before the meeting
named therein, which proxies shall be filed with the Secretary or other person
responsible to record the proceedings of the meeting before being voted.&#160;
Unless otherwise specifically limited by their terms, such proxies shall
entitle the holders thereof to vote at any adjournment of such meeting but
shall not be valid after the final adjournment of such meeting.&#160; The placing of
a shareholder's name on a proxy pursuant to telephonic or electronically
transmitted instructions obtained pursuant to procedures reasonably designed to
verify that such instructions have been authorized by such shareholder shall
constitute execution of such proxy by or on behalf of such shareholder.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;text-indent:0in;"><font face="Times New Roman" style="font-size:11.0pt;font-weight:normal;">ARTICLE
12<br>
Amendments to the By-Laws</font></h1>

<p style="margin-bottom:24.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">These By-Laws may be amended
or repealed, in whole or in part, by a majority of the Trustees then in office
at any meeting of the Trustees, or by one or more writings signed by such a
majority.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Amended and Restated:&#160; July 1,
2011</font></p>

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