<SEC-DOCUMENT>0000928816-20-001068.txt : 20200923
<SEC-HEADER>0000928816-20-001068.hdr.sgml : 20200923
<ACCEPTANCE-DATETIME>20200923171052
ACCESSION NUMBER:		0000928816-20-001068
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200918
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200923
DATE AS OF CHANGE:		20200923

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PUTNAM MASTER INTERMEDIATE INCOME TRUST
		CENTRAL INDEX KEY:			0000830622
		IRS NUMBER:				046584465
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05498
		FILM NUMBER:		201192664

	BUSINESS ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
		BUSINESS PHONE:		6172921562

	MAIL ADDRESS:	
		STREET 1:		ONE POST OFFICE SQ
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a_miit8k.htm
<DESCRIPTION>PUTNAM MASTER INTERMEDIATE INCOME TRUST
<TEXT>

<HTML>
<HEAD>
   <TITLE>a_miit8k.htm</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:95%;">
 <tr>
  <td colspan=7 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:3.0pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:18.0pt;layout-grid-mode:char;text-transform:uppercase;">UNI</font></b><b><font face="Times New Roman" style="font-size:18.0pt;layout-grid-mode:char;letter-spacing:1.0pt;text-transform:uppercase;">T</font></b><b><font face="Times New Roman" style="font-size:18.0pt;layout-grid-mode:char;text-transform:uppercase;">ED STATES</font></b></p>
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:18.0pt;layout-grid-mode:char;text-transform:uppercase;">SECURITIES
  AND EXCHANGE COMMISSION</font></b></p>
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:char;text-transform:uppercase;">WASHINGTON,
  D.C. 20549</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=7 valign=bottom width=100% style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:18.0pt;layout-grid-mode:char;text-transform:uppercase;">FORM 8&#8209;K</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=7 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:12.0pt;layout-grid-mode:char;">CURRENT REPORT<br>
  Pursuant to Section 13 or 15(d)<br>
  of the Securities Exchange Act of 1934</font></b></p>
  <p style="margin-bottom:2.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">Date of Report (Date of
  Earliest Event Reported):&#160; September 18, 2020</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=7 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:24.0pt;layout-grid-mode:char;">Putnam Master Intermediate
  Income Trust</font></b></p>
  <p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">(Exact Name of Registrant
  as Specified in its Charter)</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=34% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:2.0pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">Massachusetts<br>
  </font></b><b><font face="Times New Roman" style="font-size:8.0pt;layout-grid-mode:char;">(State or Other Jurisdiction<br>
  of Incorporation)</font></b></p>
  </td>
 <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:2.0pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></b></p>
  </td>
 <td colspan=2 valign=top width=30% style="padding:0in 0in 0in 0in;">
  <p align=left style="margin-bottom:0in;margin-left:40.5pt;margin-right:0in;margin-top:2.0pt;page-break-after:avoid;text-align:left;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">811-05498<br>
  </font></b><b><font face="Times New Roman" style="font-size:8.0pt;layout-grid-mode:char;">(Commission<br>
  File Number)</font></b></p>
  </td>
 <td valign=top width=8% style="padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:2.0pt;"><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=24% style="padding:0in 0in 0in 0in;">
  <p align=left style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:2.0pt;page-break-after:avoid;text-align:left;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">04-6584465<br>
  </font></b><b><font face="Times New Roman" style="font-size:8.0pt;layout-grid-mode:char;">(IRS Employer<br>
  Identification No.)</font></b></p>
  </td>
 </tr>
<tr style="height:1.0pt;">
  <td valign=top width=9% style="height:1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:6.0pt;"><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=48% style="height:1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">100 Federal Street<br>
  Boston, Massachusetts<br>
  </font></b><b><font face="Times New Roman" style="font-size:8.0pt;layout-grid-mode:char;">(Address of Principal Executive Offices)</font></b></p>
  </td>
 <td valign=top width=11% style="height:1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></b></p>
  </td>
 <td valign=top width=8% style="height:1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></b></p>
  </td>
 <td valign=top width=24% style="height:1.0pt;padding:0in 0in 0in 0in;">
  <p align=left style="margin-bottom:0in;margin-left:13.5pt;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;text-align:left;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">02110<br>
  </font></b><b><font face="Times New Roman" style="font-size:8.0pt;layout-grid-mode:char;">(Zip Code)</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=7 valign=top width=100% style="padding:0in 0in 0in 0in;">
  <p align=left style="margin-bottom:6.0pt;margin-left:81.0pt;margin-right:0in;margin-top:6.0pt;page-break-after:avoid;text-align:left;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">Registrant&#8217;s
  Telephone Number, Including Area Code:&#160; (617) 292-1000</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=7 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:10.0pt;layout-grid-mode:char;">Not Applicable<br>
  </font></b><b><font face="Times New Roman" style="font-size:8.0pt;layout-grid-mode:char;">(Former Name or Former Address, if Changed
  Since Last Report)</font></b></p>
  </td>
 </tr>
<tr height=0>
  <td width=9%>&nbsp;</td>
 <td width=25%>&nbsp;</td>
 <td width=4%>&nbsp;</td>
 <td width=19%>&nbsp;</td>
 <td width=11%>&nbsp;</td>
 <td width=8%>&nbsp;</td>
 <td width=24%>&nbsp;</td>
 </tr>
</table></div>

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

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

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

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

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

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

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

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

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

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

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





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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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





</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_3"></a><a name="_bclPageBorder3"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-transform:uppercase;">&nbsp;</font></b></p>

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

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

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

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





</DIV>
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.03
<SEQUENCE>2
<FILENAME>b_exbylaws.htm
<DESCRIPTION>EX-5.03
<TEXT>

<HTML>
<HEAD>
   <TITLE>b_exbylaws.htm</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;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">AMENDED
AND RESTATED BYLAWS</font></b></p>

<h1 align=center style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" style="font-size:12.0pt;">OF</font></b></h1>

<p align=center style="margin:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">PUTNAM MASTER
INTERMEDIATE INCOME TRUST AND</font></b></p>

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

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

<p align=center style="margin:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(Dated as of
September 18, 2020)</font></b></p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style="margin:0in;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">2.5&#160; Telephone Meeting; Action
Without a Meeting.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; Except as otherwise provided in the Declaration of
Trust and these Bylaws, any action to be taken by the Trustees may be taken by
a majority of the Trustees present at the meeting of the Trustees (a quorum
being present), including any meeting held by means of a conference telephone
or other communications equipment by means of which all persons participating
in the meeting can hear each other at the same time and participation by such
means shall constitute presence in person at a meeting. Any action to be taken
by the Trustees may also be taken without a meeting if one or more written
consents thereto are signed by a majority of the Trustees.&#160; Any written consent
may be given by mail, courier, e-mail, facsimile or other electronic means.&#160;
Copies of such written consents shall be filed with the minutes of the
proceedings of the Trustees.&#160; Such consents shall be treated for all purposes
as a vote taken at a meeting of the Trustees. &#160;If in accordance with the
provisions of the Declaration of Trust and these Bylaws any action is taken by
the Trustees by written consents of less than all of the Trustees, then prompt
notice of any such action shall be furnished to each Trustee who did not
execute such written consent, provided that the effectiveness of such action
shall not be impaired by any delay or failure to furnish such notice. </font></p>

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

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

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

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

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

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

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

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


<a name="_bclFooter2"></a><DIV>


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

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


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_3"></a><a name="_bclPageBorder3"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">3.3&#160;
Tenure.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; The Chair of the Trustees, the President, the Treasurer and the
Clerk shall hold office in each case until he or she dies, resigns, is removed
or becomes disqualified.&#160; Each other officer shall hold office, and each agent
shall retain authority, at the pleasure of the Trustees.&#160; Notwithstanding the
foregoing, the tenure of any officer of the Trust who is an employee or officer
of the Trust&#8217;s investment adviser or its affiliates shall automatically
terminate contemporaneously with the termination of such person&#8217;s employment
with, or service as officer of, the Trust&#8217;s investment adviser and all of its
affiliates.</font></p>

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

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

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

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

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

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

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

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

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

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

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


<a name="_bclFooter3"></a><DIV>


<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">3</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

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


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_4"></a><a name="_bclPageBorder4"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">3.9&#160;
Resignations and Removals.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; Any Trustee or officer may resign at any time
by written instrument signed by him or her and delivered to the Chair of the
Trustees, the President or the Clerk or to a meeting of the Trustees.&#160; Such
resignation shall be effective upon receipt unless specified to be effective at
some other time.&#160; The Trustees may remove any officer elected or appointed by
them with or without cause.&#160; Except to the extent expressly provided in a
written agreement with the Trust, no Trustee or officer resigning and no
officer removed shall have any right to any compensation for any period
following his or her resignation or removal, or any right to damages on account
of such removal.</font></p>

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

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

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

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

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

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

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

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

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

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





<a name="_bclFooter4"></a><DIV>


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

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


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_5"></a><a name="_bclPageBorder5"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">ARTICLE
5</font></b></p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


<a name="_bclFooter5"></a><DIV>


<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">5</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

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


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_6"></a><a name="_bclPageBorder6"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

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

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

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">The Trustees may at any time
authorize the issuance of Share certificates.&#160; In that event, each Shareholder
shall be entitled to a certificate stating the number of Shares owned by him or
her, in such form as shall be prescribed from time to time by the Trustees.&#160;
Such certificate shall be signed by the President or a Vice President and by
the Treasurer or an Assistant Treasurer.&#160; Such signatures may be facsimile if
the certificate is signed by a transfer agent or by a registrar.&#160; In case any
officer who has signed or whose facsimile signature has been placed on such
certificate shall cease to be such officer before such certificate is issued,
it may be issued by the Trust with the same effect as if he or she were such
officer at the time of its issue.</font></p>

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

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

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

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

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

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

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

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

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

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

<p style="margin:0in;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">10.1&#160; Annual Meeting.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; The
annual meeting of the Shareholders of the Trust shall be held on the last Friday
in April in each year or on such other day as may be fixed by the Trustees.&#160;
The meeting shall be held at such time as the Trustees may fix in the notice of
the meeting or otherwise.&#160; Purposes for which an annual meeting is to be held,
additional to those prescribed by law or these Bylaws, may be specified by the
Trustees.&#160; Any previously scheduled annual </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">meeting of
Shareholders may be postponed or cancelled by the Trustees upon public notice
given prior to the time previously scheduled for such meeting, in accordance
with these Bylaws.</font></p>
<a name="_bclFooter6"></a><DIV>


<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">6</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

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


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_7"></a><a name="_bclPageBorder7"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


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

<p style="margin:0in;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">10.2 &#160;Adjournment.&#160; </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Any
meeting of Shareholders may, by action of the chair of the meeting, be
adjourned from time to time without notice other than announcement at the
meeting at which the adjournment is taken with respect to one or more matters
to be considered at such meeting to a designated date which may be more than
120 days after the date initially set for the meeting, time and place, whether
or not a quorum is present with respect to such matter.&#160; Upon motion of the
chair of the meeting, the question of adjournment may be (but is not required
by these Bylaws to be) submitted to a vote of the Shareholders, and in that
case, any adjournment with respect to one or more matters must be approved by
the vote of holders of a majority of the Shares present and entitled to vote
with respect to the matter or matters adjourned and, if approved, such
adjournment shall take place without further notice other than announcement at
the meeting at which the adjournment is taken.&#160; Unless a proxy is otherwise
limited in this regard, any Shares present and entitled to vote at a meeting,
including any Shares that are represented by broker non-votes, may, at the
discretion of the proxies named therein, be voted in favor of such an adjournment.&#160;
Any proposal for which sufficient favorable votes have been received may (but
need not) be acted upon and considered final and effective regardless of
whether the meeting is adjourned to permit additional solicitation with respect
to any other proposal that is properly before the meeting.</font></p>

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

<p style="margin:0in;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">10.3&#160; Conduct of Meetings.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">
Meetings of the Shareholders shall be presided over by the Chair of the
Trustees, or, if the Chair is not present at the meeting, then by a Trustee or
officer designated by the Chair or authorized by the Trustees, or if there is
no such person present at the meeting, then by any officer of the Trust present
at the meeting, and such person shall be deemed for all purposes the chair of
the meeting.&#160; The chair of the meeting shall have the right and authority to
prescribe such rules, regulations and procedures and to do all such acts as, in
the judgment of such chair, are necessary, appropriate or convenient for the
proper conduct of the meeting, including, without limitation, establishing: an agenda
or order of business for the meeting; rules and procedures for maintaining
order at the meeting and the safety of those present; conditions on the
recording of the meeting; limitations on participation in such meeting to
Shareholders of record of the Trust and their duly authorized and constituted
proxies, and such other persons as the chair shall permit; restrictions on
entry to the meeting after the time fixed for the commencement thereof;
limitations on the time allotted to questions or comments by participants;
conditions for the removal of any Shareholder or any other person who refuses
to comply with meeting procedures, rules or guidelines as set forth by the
chair of the meeting; and regulations for the opening and closing of the polls
for balloting on matters which are to be voted on by ballot.&#160; With the
exception of proposals submitted in accordance with, and otherwise meeting the
requirements of, Rule 14a-8 under the Securities Exchange Act of 1934, as
amended, or any successor provisions, only matters proposed by the Trustees may
be included in the Trust&#8217;s proxy materials.&#160; At all meetings of Shareholders,
unless voting is conducted by inspectors, all questions relating to the
qualification of voters and the validity of proxies and the acceptance or
rejection of votes shall be decided by the chair of the meeting.&#160; The chair of
the meeting shall determine, in the chair&#8217;s sole discretion, whether to appoint
an inspector for any </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">meeting.&#160; Unless otherwise
determined by the chair of the meeting, meetings shall not be required to be
held in accordance with any rules of parliamentary procedure.</font></p>
<a name="_bclFooter7"></a><DIV>


<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">7</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

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


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_8"></a><a name="_bclPageBorder8"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


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

<p style="margin:0in;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">10.4&#160; Record Dates.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; For the
purpose of determining the Shareholders of any class or series of Shares of the
Trust who are entitled to vote or act at any meeting or any adjournment
thereof, or who are entitled to receive payment of any dividend or of any other
distribution, the Trustees (or their designees) may from time to time fix a
time, which shall be not more than 90 days before the date of any meeting of
Shareholders or more than 60 days before the date of payment of any dividend or
of any other distribution, as the record date for determining the Shareholders
of such class or series having the right to notice of and to vote at such
meeting and any adjournment thereof or the right to receive such dividend or
distribution, and in such case only Shareholders of record on such record date
shall have such right notwithstanding any transfer of Shares on the books of
the Trust after the record date; or without fixing such record date the
Trustees may for any such purposes close the register or transfer books for all
or part of such period.</font></p>

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

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

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

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

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

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

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

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

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


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


<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">8</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

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


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_9"></a><a name="_bclPageBorder9"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

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

<p align=center style="margin:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">ARTICLE 12</font></b></p>

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

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

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">12.1</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Advance Notice of Shareholder
Nominations of Trustees and Other Shareholder Proposals</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">. &#160;Except as
otherwise provided in Article 15 of these Bylaws, the matters to be considered
and brought before any meeting of Shareholders shall be limited to only such
matters, including the nomination and election of Trustees, as shall be brought
properly before such meeting in compliance with the procedures set forth in
this Section 12.1.&#160; Only persons who are nominated in accordance with the
following procedures, other than persons nominated by the Board of Trustees,
shall be eligible for election as Trustees, and no proposal to fix the number
of Trustees shall be considered at or brought before a meeting of Shareholders
or otherwise transacted unless notice is provided in accordance with the
following procedures.</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;">(a)&#160; </font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Shareholder Nominations for Trustee and Other
Shareholder Proposals for Meetings of Shareholders.</font></i></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(1)&#160; For any matter to be properly brought before a
meeting of Shareholders, the matter must be (i) specified in the notice of
meeting given by or at the direction of the Trustees pursuant to Article V,
Section 2 of the Declaration of Trust, (ii) brought before the meeting by or at
the direction of the Trustees (or any duly authorized committee thereof) or the
Chair of the Trustees or (iii) brought before the meeting by any Shareholder of
the Trust who was a Shareholder of record (1) at the time the notice provided
for in this Section 12.1 is delivered to the Clerk of the Trust, (2) at the
record date for the meeting and (3) at the time of the meeting, who is entitled
to vote at the meeting on the nomination or proposal for which the Shareholder
has provided notice prior to such meeting in accordance with this Article 12,
and who complies with the notice procedures set forth in subparagraph (2) of
this paragraph (a) of this Section 12.1 and the other requirements of this
Article 12.&#160; If the Shareholder ceases to be a holder of record of Shares, or
if the beneficial owner ceases to be the beneficial owner of Shares to the
extent the record owner and beneficial owner are not the same person, entitled
to vote at such meeting on the nomination or proposal for which the Shareholder
has provided notice prior to such meeting in accordance with this Article 12,
the Shareholder&#8217;s proposal shall automatically be withdrawn from consideration
at the meeting.</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;">(2)&#160; For such matter to be properly brought before a
meeting by a Shareholder pursuant to clause (iii) of subparagraph (1) of
paragraph (a) of this Section 12.1, the Shareholder must have given timely
notice thereof in writing to the Clerk of the Trust in accordance with
paragraph (b) of this Section 12.1.&#160; The Shareholder&#8217;s notice shall contain, at
a minimum, the required information set forth in paragraph (c) of this Section
12.1.</font></p>


<a name="_bclFooter9"></a><DIV>


<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">9</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

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


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_10"></a><a name="_bclPageBorder10"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b)&#160; </font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Timely Notice</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(1)&#160; Annual Meeting.&#160; To be timely, a Shareholder&#8217;s
notice required by subparagraph (2) of paragraph (a) of this Section 12.1 in
respect of an annual meeting or a special meeting in lieu of an annual meeting
(each, an &#8220;Annual Meeting&#8221;) shall be delivered to the Clerk at the principal
executive offices of the Trust not less than sixty (60) nor more than ninety
(90) days prior to the anniversary date of the immediately preceding Annual
Meeting; provided, however, if and only if the Annual Meeting is not scheduled
to be held on a date that is within thirty (30) days before or after such
anniversary date, notice by the Shareholder in order to be timely must be so
received no later than the close of business on the tenth (10th) day following
the earlier of the date on which notice of the date of the annual meeting was
first mailed to Shareholders and the date on which the date of the Annual
Meeting was publicly announced or disclosed.</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(2) &#160;Special Meeting (Other than Special Meeting in
Lieu of Annual Meeting).&#160; To be timely, a Shareholder&#8217;s notice required by
subparagraph (2) of paragraph (a) of this Section 12.1 in respect of a special
meeting shall be delivered to the Clerk at the principal executive offices of
the Trust not later than the close of business on the tenth (10th) day
following the earlier of the date on which notice of the date of the special
meeting was first mailed to Shareholders and the date on which the date of the
special meeting was publicly announced or disclosed.</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(3)&#160; General.&#160; In no event shall one or more
adjournments or postponements (or public announcements thereof) of a meeting of
Shareholders commence a new time period (or extend any time period) for the
giving of a Shareholder&#8217;s notice as described in this paragraph (b) of this
Section 12.1.</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;">(4)&#160; Publicly Announced or Disclosed.&#160; For purposes of
this Section 12.1, a matter shall be deemed to have been &#8220;publicly announced or
disclosed&#8221; if such matter is disclosed in a press release reported by the Dow
Jones News Service, Associated Press or comparable national news service, in a
document publicly filed by the Trust with the Securities Exchange Commission,
or on a website accessible to the public maintained by the Trust or its
investment adviser or an affiliate of such investment adviser with respect to
the Trust. </font></p>

<p style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(c)&#160; </font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Content of Shareholder&#8217;s Notice</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(1)&#160; Shareholder Nominations and Proposals to Fix the
Number of Trustees.&#160; Any Shareholder desiring to nominate any person or persons
(as the case may be) for election as a Trustee or Trustees of the Trust shall
set forth in the Shareholder&#8217;s notice required by this Section 12.1 as to each
person, if any, whom the Shareholder proposes to nominate for election or
re-election as a Trustee (i) the person&#8217;s name, age, date of birth, business
address, residence address and </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">nationality; (ii) any
other information regarding the person required by each of paragraphs (a), (d),
(e) and (f) of Item 401 of Regulation S-K and paragraph (b) of Item 22 of Rule
14a-101 (Schedule 14A) under the Exchange Act; (iii) any other information
regarding the person that would be required to be disclosed in a proxy
statement or other filings required to be made in connection with solicitation
of proxies for election of Trustees or directors pursuant to Section 14 of the
Exchange Act and the rules and regulations promulgated thereunder; (iv) whether
the Shareholder believes the person is or will be an &#8220;interested person&#8221; of the
Trust (as defined in the 1940 Act) and, if not an &#8220;interested person,&#8221;
information regarding the person that will be sufficient for the Trust to make
such determination; (v) the written consent of the person to being named as a
nominee and to serve as a Trustee if elected; and (vi) the class or series and
number of all Shares owned beneficially and of record by the person.&#160; Any
Shareholder&#8217;s notice required by this Section 12.1 in respect of a proposal to
fix the number of Trustees shall also set forth a description and the text of
the proposal, which description and text shall state a fixed number of Trustees
that otherwise complies with the Bylaws and the Declaration of Trust, and shall
be accompanied by a written statement as to why the Shareholder believes that
the proposal to fix the number of Trustees at the specified number is in the
best interests of Shareholders.</font></p>
<a name="_bclFooter10"></a><DIV>


<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">10</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

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


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_11"></a><a name="_bclPageBorder11"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(2)&#160; Other Proposals.&#160; Any Shareholder desiring to
propose any matter at a Shareholders&#8217; meeting, other than the nomination of one
or more persons for the election of Trustee or Trustees or a proposal to fix
the number of Trustees (which shall be subject to the provisions of
subparagraph (1) of paragraph (c) of this Section 12.1) shall set forth in the
Shareholder&#8217;s notice required by this Section 12.1 (i) the exact text of the
proposal to be presented; (ii) a brief written statement of the reasons why
such Shareholder favors the proposal; and (iii) a brief written statement why
the proposal is in the best interests of Shareholders.</font></p>

<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;">(3)&#160; General Requirements.&#160; Without limiting the
foregoing, any Shareholder who gives a Shareholder&#8217;s notice of any matter
proposed to be brought before a Shareholder meeting (whether or not involving nominees
for Trustees) as required by this Section 12.1 shall set forth in such
Shareholder&#8217;s notice, (i) the name and address of the Shareholder, as it
appears on the Trust&#8217;s books; (ii) the class or series and number of all Shares
owned beneficially and of record by the Shareholder (or by each of the record
owner and beneficial owner if not the same person, identifying the name and
address of each); (iii) any material interest of such Shareholder in the matter
proposed (other than as a Shareholder); (iv) if the proposal involves
nominee(s) for Trustees, a description of all arrangements or understandings
between the Shareholder and each proposed nominee and any other person or
persons (including their names) pursuant to which the nomination(s) are to be made
by the Shareholder; (v) a representation that the Shareholder intends to appear
in person or by proxy at the meeting to act on the matter(s) proposed; (vi) any
other information relating to the Shareholder that would be required to be
disclosed in a proxy statement or other filings </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">required
to be made in connection with solicitation of proxies with respect to the
matter(s) proposed pursuant to Section 14 of the Exchange Act and the rules and
regulations promulgated thereunder; (vii) to the extent known by the
Shareholder giving notice, the name and address of any other Shareholder
supporting the proposed nominee or other proposal; and (viii) in the case of a
beneficial owner, evidence establishing such beneficial owner&#8217;s indirect
ownership of, and entitlement to vote, Shares at the meeting of Shareholders.
As used in this Section 12.1, Shares &#8220;beneficially owned&#8221; shall mean all Shares
which such person is deemed to beneficially own pursuant to Rules 13d-3 and
13d-5 under the Exchange Act.&#160; The Shareholder shall also provide such other
information as the Board of Trustees may reasonably request in order to assess
whether the matter is a proper matter for Shareholder consideration and
determine a position with respect to such proposal.</font></p>
<a name="_bclFooter11"></a><DIV>


<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">11</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

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


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_12"></a><a name="_bclPageBorder12"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(4)&#160; Beneficial Owner.&#160;&#160; If the record owner and the
beneficial owner of the Shares are not the same person, the Shareholder shall
also provide the information called for by clauses (iii), (iv), (v), (vi) and
(vii) of subparagraph (3) of paragraph (c) of this Section 12.1 in respect of
the beneficial owner of such Shares. </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;">(d)&#160; </font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Attendance at Meeting</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Notwithstanding the
foregoing provisions of this Article 12, unless otherwise required by the
Declaration or Trust or applicable law, if the Shareholder who has provided the
notice prescribed in paragraph (b) of this Section 12.1 does not appear at the
meeting to present in person the nominations or other proposals that were the
subject of such notice, any such nomination or nominations shall not be acted
on and any proposal or proposals shall not be transacted.</font></p>

<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;">(e)&#160; </font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Authority to Determine Compliance with
Procedures</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; The person presiding at any meeting of Shareholders, in
addition to making any other determinations that may be appropriate to the
conduct of the meeting, shall have the power and duty to (i) determine whether
a nomination or proposal was made in compliance with the procedures set forth
in this Article 12 and elsewhere in the Bylaws and in the Declaration of Trust
and (ii) if any nomination or proposal is not so in compliance to declare that
such nomination or proposal shall be disregarded.</font></p>

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

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

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

<p style="margin:0in;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">13.1&#160; General.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; These Bylaws
may be amended or repealed, in whole or in part, by a majority of the Trustees
then in office.&#160; These Bylaws may not be amended by Shareholders.</font></p>

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


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


<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">12</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

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


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_13"></a><a name="_bclPageBorder13"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin:0in;page-break-after:avoid;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">ARTICLE 14</font></b></p>

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

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

<p style="margin:0in;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">14.1&#160; Shareholder Claims.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;
As used herein, a &#8220;direct Shareholder claim&quot; shall refer to (i) a claim
based upon alleged violations of a Shareholder&#8217;s individual rights independent
of any harm to the Trust, including a Shareholder&#8217;s voting rights under Article
10, rights to receive a dividend payment as may be declared from time to time,
rights to inspect books and records, or other similar rights personal to the
Shareholder and independent of any harm to the Trust; and (ii) a claim for
which a direct shareholder action is expressly provided under the U.S. federal
securities laws. Any claim asserted by a Shareholder that is not a direct
Shareholder claim, including without limitation any claims purporting to be
brought on behalf of the Trust or involving any alleged harm to the Trust,
shall be considered a &#8220;derivative claim&quot; as used herein.</font></p>

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

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

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

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

<p style="margin:0in;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">15.1</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Certain Definitions</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">.
As used in this Article 15, the following terms have the meanings specified
below:</font></p>

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

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

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

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(b)&#160;
&#8220;Beneficial Ownership&#8221; or &#8220;Beneficially Owned&#8221; means the sole or shared power
to dispose or direct the disposition of Shares or the sole or shared power to
vote or to direct the voting of Shares, whether such power is direct or
indirect or through any contract, arrangement, understanding, relationship or
otherwise.&#160; A Person shall not be deemed to be a Beneficial Owner of Shares as
to which such Person may exercise voting power solely by virtue of a revocable
proxy conferring the right to vote. A member of a national securities exchange
shall not be deemed to be a Beneficial Owner of Shares held directly or
indirectly by it on behalf of another Person solely because such member is the
record holder of such securities and, pursuant to the rules of such exchange,
may direct </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the vote of such Shares, without
instruction, on other than contested matters or matters that may affect
substantially the rights or privileges of the holders of the Shares to be voted
but is otherwise precluded by the rules of such exchange from voting without
instructions.</font></p>
<a name="_bclFooter13"></a><DIV>


<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">13</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

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


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_14"></a><a name="_bclPageBorder14"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


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

<p style="margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:.05pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">(c)(1)
&#8220;Control Share Acquisition&#8221; means the acquisition by any Person of Beneficial
Ownership of Shares which, but for the provisions of this Article 15, would
have voting rights and which, when added to all other Shares Beneficially Owned
by such Person (including Shares otherwise included in the categories
enumerated in Section 15.1(c)(2)(i) through (vi) below), would entitle such
Person, upon acquisition of such Shares, to vote or direct the voting of Shares
having voting power in the election of Trustees within any of the following
ranges of such voting power:</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(i) One-tenth or more, but less than
one-fifth of all voting power; </font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(ii) One-fifth or more, but less than
one-third of all voting power;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(ii) One-third or more, but less than a
majority of all voting power; or </font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(iv) A majority or more of all voting power.</font></p>

<p style="margin:0in;margin-left:.5in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Subject to Section
15.1(c)(2) below, with respect to any Control Share Acquisition by a Person,
the following Shares shall be deemed to have been acquired in the same Control
Share Acquisition for purposes of this Article 15:&#160; (a) all Shares the
Beneficial Ownership of which is acquired by such Person within ninety (90)
days before the date on which such Person makes an acquisition of Beneficial Ownership
of Shares that results in such Control Share Acquisition and all Shares the
Beneficial Ownership of which was acquired by such Person pursuant to a plan to
make a Control Share Acquisition; and (b) all Shares the Beneficial Ownership
of which is acquired by such Person within the range of voting power (specified
in this Section 15.1(c)(1)) to which the Control Share Acquisition is subject
at any time after the date on which such Person makes an acquisition of
Beneficial Ownership of Shares that results in such Control Share Acquisition
but prior to the authorization by Shareholders of such Person&#8217;s voting rights
with respect to such Control Share Acquisition in accordance with Section 15.4
of this Article 15.&#160; </font></p>

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(2) A Control Share Acquisition shall not
include the acquisition of Beneficial Ownership of Shares acquired:</font></p>

<p style="margin:0in;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(i) before September 18, 2020, provided, for the avoidance
of doubt, that Shares acquired before September 18, 2020 shall, pursuant to
Section 15.1(c)(1) above, be added to Shares the Beneficial Ownership of which
is acquired after September 18, 2020 for purposes of determining whether a
Control Share Acquisition has taken place or will take place following
September 18, 2020;</font></p>

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

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


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


<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">14</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

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


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_15"></a><a name="_bclPageBorder15"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(iv) pursuant to the satisfaction
of a pledge or other security interest created in good faith and not for the
purpose of circumventing the provisions of this Article 15;</font></p>

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

<p style="margin:0in;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(vi) through any other transaction that is declared to be
exempt from the provisions of this Article 15 by vote of a majority of the
Board of Trustees, whether such vote is taken before, at the time of or after
such transaction.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:.05pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(3) The acquisition of
Beneficial Ownership of Shares does not constitute a Control Share Acquisition
if the acquisition is made by a Person whose voting rights with respect to
Shares were previously authorized by the Shareholders of the Trust in
compliance with this Article 15, unless such acquisition, when added to all
other Shares Beneficially Owned by the Person making such acquisition would
entitle such acquiring Person to vote or direct the voting of Shares having
voting power in the election of Trustees in excess of the range of voting power
within which all Shares Beneficially Owned by such Person whose voting rights
were previously so authorized had voting power immediately following such authorization.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:.05pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

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

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

<p style="margin:0in;margin-bottom:6.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(e) &#8220;Interested Shares&#8221; means Shares that
are Beneficially Owned by:</font></p>

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

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

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

<p style="margin:0in;margin-left:.5in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">For the avoidance
of doubt, any Person whose voting rights in connection with a Control Share
Acquisition are subject to a Shareholder vote at a meeting of Shareholders
pursuant to Section 15.3 shall be deemed to hold Interested Shares with respect
to any Shareholder vote at such meeting on voting rights in connection with a
Control Share Acquisition by any other Person.</font></p>

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

<p style="margin:0in;margin-left:.5in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(f) &#8220;Person&#8221; means
any individual, corporation, partnership, unincorporated association or other
entity, and includes any Associate of such Person.</font></p>

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

<p style="margin:0in;margin-bottom:6.0pt;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">15.2</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Delivery
of Control Share Acquisition Statement.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; Any Person who has made a Control
Share Acquisition or has made a bona fide written offer to make a Control Share
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Acquisition may deliver a Control Share Acquisition
Statement to the Clerk of the Trust at the principal executive offices of the
Trust personally or by certified mail.&#160; The Control Share Acquisition Statement
shall set forth all of the following:</font></p>
<a name="_bclFooter15"></a><DIV>


<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">15</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

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


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_16"></a><a name="_bclPageBorder16"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


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

<p style="margin:0in;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(ii) a statement that such Control Share Acquisition
Statement is being made and delivered pursuant to the provisions of this
Article 15;</font></p>

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

<p style="margin:0in;margin-bottom:6.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(iv) the number and class or series of Shares acquired or
proposed to be acquired by such Person pursuant to the Control Share
Acquisition and the range of voting power to which the Control Share
Acquisition is or, if consummated, would be subject pursuant to the provisions
of Section 15.1(c)(1) above;</font></p>

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

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

<p style="margin:0in;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">15.3&#160; Meeting of Shareholders.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;
(a) If the Person delivering a Control Share Acquisition Statement so demands
in writing contemporaneously with the delivery of such Control Share
Acquisition Statement, consideration of the voting rights to be authorized for
the Shares acquired or proposed to be acquired in the Control Share Acquisition
shall be presented at the next meeting of the Trust&#8217;s Shareholders notice of
which has not been given prior to the receipt by the Trust of the Control Share
Acquisition Statement, whether such meeting is an annual meeting, special
meeting in lieu of an annual meeting or special meeting (and provided that the
Board of Trustees shall have no obligation to call such a meeting for the sole
purpose of considering the voting rights in connection with a Control Share
Acquisition).&#160; A demand delivered pursuant to the preceding sentence shall not
be considered a notice of Shareholder proposal for purposes of Article 12,
Section 12.1 of these Bylaws and shall not be subject to the associated
informational requirements or deadlines.&#160; Such demand shall not be effective
unless accompanied by an undertaking by the Person making such demand to pay,
if requested by the Trust, the reasonable expenses incurred by the Trust
arising from or relating to the consideration of the voting rights of such
Person at a Shareholder meeting, but not including the expenses of the Trust
incurred in opposing a vote to authorize voting rights for the Shares acquired
or proposed to be acquired in the Control Share Acquisition.&#160; The Trust shall
have no obligation to, but may, include the consideration of voting rights for
the Shares acquired or proposed to be acquired in a Control Share Acquisition
in its own proxy statement for any Shareholder meeting.&#160; The Trustees may </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">require the acquiring Person to give bond, with
sufficient surety, or may require such Person to deposit cash in escrow to
reasonably assure the Trust that this undertaking will be satisfied.&#160; For the
avoidance of doubt, a demand delivered pursuant to this Section shall be
limited to the consideration of the voting rights to be authorized for only
those Shares acquired within the range of voting power to which the Control
Share Acquisition is subject pursuant to the provisions of Section 15.1(c)(1)
above, and any Shares acquired in excess of such range shall constitute a
separate Control Share Acquisition with respect to the next range of voting
power and, therefore, shall be treated separately for purposes of applying the
provisions of this Article 15. </font></p>
<a name="_bclFooter16"></a><DIV>


<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">16</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

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


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


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

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(b) The notice to the Shareholders
of the Trust of any annual meeting, special meeting in lieu of an annual
meeting or special meeting at which the voting rights to be accorded Shares
acquired or proposed to be acquired in a Control Share Acquisition are to be
considered shall be directed to all Shareholders of record of the Trust
entitled to vote on such matter as of the record date set for such meeting.&#160;
Such notice may include or be accompanied by a copy of the Control Share
Acquisition Statement received by the Trust pursuant to this Article 15, and
such other information as the Trust deems appropriate.</font></p>

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

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(c)&#160; A Person whose voting rights
with respect to Shares acquired in a Control Share Acquisition are considered
at a meeting of Shareholders of the Trust with respect to one of the four
ownership thresholds specified in Section 15.1(c)(1) above and not approved may
not demand Shareholder consideration of its voting rights in connection with a
Control Share Acquisition with respect to the same ownership threshold at any
subsequent Shareholder meeting held within two calendar years of the initial
meeting at which such Person&#8217;s voting rights were considered with respect to
such threshold, and, for the avoidance of doubt, such Person shall not have
voting rights with respect to such Shares except to the extent approved at a future
meeting held after the expiration of such two-year period and, after the
expiration of such two-year period, such Person may deliver a Control Share
Acquisition Statement (in accordance with Section 15.2 above) with respect to
such Shares (and/or any other Shares acquired in a Control Share Acquisition
with respect to the same ownership threshold) and may demand Shareholder
consideration of the voting rights to be authorized for such Shares (in
accordance with Section 15.3(a) above).</font></p>

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

<p style="margin:0in;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">15.4&#160; Authorization of Voting
Rights.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; The Person who has acquired Beneficial Ownership of Shares in a
Control Share Acquisition shall have the same voting rights with respect to
those Shares as the Beneficial Owners of all other Shares of the same class or
series of the Trust only to the extent authorized by vote of Shareholders of
the Trust at an annual meeting, special meeting in lieu of an annual meeting or
special meeting at which such authorization is considered pursuant to Section
15.3(a) above.&#160; At any such meeting, such authorization shall be considered
prior to any other matter that is subject to a Shareholder vote, and such
authorization shall require the affirmative vote of the holders of a majority
of the Shares entitled to vote generally in the election of Trustees, excluding
Interested Shares.&#160; For the avoidance of doubt, Interested Shares shall be
treated in the same manner in connection with such authorization as Shares
acquired in a Control Share Acquisition for which no authorization is approved
by </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">Shareholders, as provided in the following
sentence.&#160; If no such vote is adopted, (a) the Beneficial Owner of such Shares
acquired in a Control Share Acquisition shall not have &#8220;power to vote&#8221; such
Shares on any matters listed in Article V, Section 1 of the Declaration of
Trust, such Shares held by such Beneficial Owner shall not be &#8220;entitled to&#8221; the
voting power set forth in Article V, Section 1 of the Declaration of Trust and
the Beneficial Owner of such Shares shall not otherwise have voting rights with
respect to such Shares with respect to any matter pursuant to these Bylaws or
the Declaration of Trust, and (b) such Shares shall not be considered &#8220;entitled
to vote&#8221; for purposes of determining quorum pursuant to Article V, Section 3 of
the Declaration of Trust and shall not be considered &#8220;present and entitled to
vote&#8221; with respect to any adjournment within the meaning of Article 10, Section
10.2 of these Bylaws.&#160; Such Shares shall have &#8220;power to vote&#8221; (including the
voting power prescribed in the Declaration of Trust), be &#8220;entitled to vote&#8221; and
be &#8220;present and entitled to vote&#8221; upon transfer of Beneficial Ownership of such
Shares to another Person unless such transfer constitutes a Control Share
Acquisition by the acquirer, in which event the ability of the acquirer to vote
such Shares shall be subject to the provisions of this Article 15.</font></p>
<a name="_bclFooter17"></a><DIV>


<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">17</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

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


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


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

<p style="margin:0in;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">15.5&#160; Persons Required to
Provide Information; Interpretation.</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160; (a)&#160; Each Person who owns Shares
either beneficially or of record shall provide to the Trust such information as
the Trust may request as is necessary for the Trust to apply the provisions in
this Article 15.</font></p>

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

<p style="margin:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(b)&#160; Upon approval by a majority of
the Board of Trustees, the Board of Trustees may adopt policies, procedures or
resolutions to supply any omission, cure any ambiguity or correct or supplement
any defective or inconsistent provisions contained in this Article 15.&#160; Any
interpretation of any term or provision contained in this Article 15 made by
the Trustees in good faith shall be conclusive and binding upon all
Shareholders of the Trust.</font></p>

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

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




<a name="_bclFooter18"></a><DIV>


<p align=center style="margin:0in;margin-top:12.0pt;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">18</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"></font></font></p>

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


</DIV>
</DIV>
</BODY>

</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
