<SEC-DOCUMENT>0001145443-16-001879.txt : 20160628
<SEC-HEADER>0001145443-16-001879.hdr.sgml : 20160628
<ACCEPTANCE-DATETIME>20160628102149
ACCESSION NUMBER:		0001145443-16-001879
CONFORMED SUBMISSION TYPE:	NSAR-A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20160430
FILED AS OF DATE:		20160628
DATE AS OF CHANGE:		20160628
EFFECTIVENESS DATE:		20160628

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHN HANCOCK INCOME SECURITIES TRUST
		CENTRAL INDEX KEY:			0000759866
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		NSAR-A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04186
		FILM NUMBER:		161734996

	BUSINESS ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
		BUSINESS PHONE:		617-663-3000

	MAIL ADDRESS:	
		STREET 1:		C/O JOHN HANCOCK FUNDS
		STREET 2:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HANCOCK JOHN INCOME SECURITIES TRUST /MA
		DATE OF NAME CHANGE:	19920703
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000 A000000 04/30/2016
000 C000000 0000759866
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000 I000000 6.1
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001 A000000 John Hancock Income Securities Trust
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001 C000000 6176634497
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002 C000000 MA
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<PAGE>      PAGE  2
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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SIGNATURE   SALVATORE SCHIAVONE
TITLE       TREASURER

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77(C)
<SEQUENCE>2
<FILENAME>d307179_ex99-77c.htm
<DESCRIPTION>EX-99.77(C)
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>

<P STYLE="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="color: green; font: bold 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 6pt 0 0">Shareholder meeting</P>

<P STYLE="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 6pt 0 0">The fund held its Annual Meeting of Shareholders on February
3, 2016. The following proposal was considered by the shareholders:</P>

<P STYLE="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Proposal:</B> Election of thirteen (13) Trustees to
serve for a three-year term ending at the 2019 Annual Meeting of Shareholders. Each Trustee was re-elected by the fund&#8217;s
shareholders and the votes cast with respect to each Trustee are set forth below.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; padding-top: 2pt; text-align: right; font-size: 7pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-top: 2pt; text-align: right; font-size: 7pt; font-weight: bold">Total votes<BR>
for the nominee</TD>
    <TD STYLE="width: 33%; padding-top: 2pt; text-align: right; font-size: 7pt; font-weight: bold">Total votes withheld<BR>
from the nominee</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font-size: 7.5pt; font-weight: bold">Independent Trustees</TD>
    <TD STYLE="padding-top: 1pt; font-size: 7.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font-size: 7.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">Charles L. Bardelis</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">8,866,466.559</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">1,106,289.269</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">Peter S. Burgess</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">8,859,314.498</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">1,113,441.330</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">William H. Cunningham</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">8,858,174.768</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">1,114,581.060</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">Grace K. Fey</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">8,831,073.213</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">1,141,682.615</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">Theron S. Hoffman</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">8,855,806.213</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">1,116,949.615</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">Deborah C. Jackson</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">8,830,537.943</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">1,142,217.885</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">Hassell H. McClellan</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">8,857,956.498</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">1,114,799.330</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">James M. Oates</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">8,856,046.289</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">1,116,709.539</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">Steven R. Pruchansky</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">8,845,013.559</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">1,127,742.269</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">Gregory A. Russo</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">8,873,212.004</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">1,099,543,824</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; font-size: 7.5pt; font-weight: bold">Non-Independent Trustee</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">James R. Boyle</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">8,861,055.559</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">1,111,700.269</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">Craig Bromley</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">8,864,243.768</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">1,108,512.060</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">Warren A. Thomson</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">8,858,389.734</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">1,114,366.094</TD></TR>
</TABLE>

<P STYLE="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>

<P STYLE="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 6pt 0 0">&nbsp;</P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77(Q)(1)
<SEQUENCE>3
<FILENAME>d307179_ex99-77q1istbara.htm
<DESCRIPTION>EX-99.77(Q)(1)
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><I>&nbsp;</I></P>

<HR SIZE="1" COLOR="#000000" NOSHADE WIDTH="40%">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 1.45pt 109pt 0 124.95pt; text-align: center"><B>AMENDMENT DATED MARCH 10, 2016 </B></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0.3pt 142.65pt 0 158.65pt; text-align: center; text-indent: -0.1pt"><BR>
<B>TO THE AMENDED AND<BR>RESTATED<BR> BY-LAWS OF</B></P>

<P STYLE="font: 6pt/6pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 6pt/6pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 131.35pt 0 147.2pt; text-align: center"><B>JOHN HANCOCK INCOME<BR> SECURITIES
TRUST</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 131.35pt 0 147.2pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/143% Times New Roman, Times, Serif; margin: 0 89.65pt 0 105.65pt; text-align: center"><B>DATED JANUARY 22,
2016</B></P>

<P STYLE="font: 6pt/6pt Calibri, Helvetica, Sans-Serif; margin: 0.2pt 0 0">&nbsp;</P>

<HR SIZE="1" COLOR="#000000" NOSHADE WIDTH="40%">

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 1.45pt 0 0 5pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 1.45pt 0 0">Section 4.4 of ARTICLE IV is hereby amended and replaced in its entirety by the following:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Section 4.4&nbsp;&nbsp;<U>Retirement Age</U><B>. </B>The retirement age for Trustees
shall be determined from time to time by a resolution of the majority of the Trustees.&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77(Q)(1)
<SEQUENCE>4
<FILENAME>d307179_ex99-77q1isblar.htm
<DESCRIPTION>EX-99.77(Q)(1)
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center"><B>AMENDED AND RESTATED BY-LAWS</B></P>

<P STYLE="font: 12pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 12pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center"><B>JOHN HANCOCK INCOME SECURITIES TRUST</B></P>

<P STYLE="font: 12pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center"><B>JANUARY 22, 2016</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center">TABLE OF CONTENTS</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 92%; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-decoration: underline; text-align: right"><U>Page</U></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">ARTICLE I - DEFINITIONS</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">ARTICLE II - OFFICES</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 2.1&nbsp;&nbsp;Principal Office</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 2.2&nbsp;&nbsp;Other Offices</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">ARTICLE III - SHAREHOLDERS</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 3.1&nbsp;&nbsp;Meetings</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 3.2&nbsp;&nbsp;Conduct of Meetings</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">3</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 3.3&nbsp;&nbsp;Annual Meetings</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">3</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 3.4&nbsp;&nbsp;Special Meetings</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">3</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 3.5&nbsp;&nbsp;Notice of Meetings</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">5</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 3.6&nbsp;&nbsp;Postponements; Adjournments</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">5</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 3.7&nbsp;&nbsp;Proxies</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">5</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 3.8&nbsp;&nbsp;Nominations and Proposals by Shareholders</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">6</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 3.9&nbsp;&nbsp;Quorum and Required Vote</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">10</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 3.10&nbsp;&nbsp;Abstentions and Broker Non-Votes</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">10</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 3.11&nbsp;&nbsp;Inspectors of Election</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">10</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 3.12&nbsp;&nbsp;Action without Meeting</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">11</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 3.13&nbsp;&nbsp;Record Date</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">13</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">ARTICLE IV - TRUSTEES</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">13</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 4.1&nbsp;&nbsp;Meetings of the Trustees</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">13</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 4.2&nbsp;&nbsp;Term of Office of Trustees</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">14</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 4.3&nbsp;&nbsp;Quorum and Manner of Acting</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">14</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 4.4&nbsp;&nbsp;Retirement Age</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">14</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 4.5&nbsp;&nbsp;Chairman of the Trustees</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">14</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 4.6&nbsp;&nbsp;Powers and Duties of the Vice Chairman</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">15</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 4.7&nbsp;&nbsp;Interested Trustees</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">15</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 4.8&nbsp;&nbsp;Records</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">15</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 4.9&nbsp;&nbsp;Governance</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">15</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 4.10&nbsp;&nbsp;Litigation</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">15</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">ARTICLE V - COMMITTEES</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">17</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 5.1&nbsp;&nbsp;Executive and Other Committees</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">17</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-top: 1pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 5.2&nbsp;&nbsp;Meetings, Quorum and Manner of Acting</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-top: 1pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">18</FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">i</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 92%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">ARTICLE VI - OFFICERS</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">18</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 6.1&nbsp;&nbsp;General Provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">18</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 6.2&nbsp;&nbsp;Election, Term of Office and Qualifications</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">18</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 6.3&nbsp;&nbsp;Resignation; Removal</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">18</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 6.4&nbsp;&nbsp;Powers and Duties of the President</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">18</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 6.5&nbsp;&nbsp;Powers and Duties of Vice Presidents</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">19</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 6.6&nbsp;&nbsp;Powers and Duties of the Treasurer</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">19</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 6.7&nbsp;&nbsp;Powers and Duties of the Secretary</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">19</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 6.8&nbsp;&nbsp;Powers and Duties of Assistant Treasurers</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">19</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 6.9&nbsp;&nbsp;Powers and Duties of Assistant Secretaries</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">19</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 6.10&nbsp;&nbsp;Compensation of Officers and Trustees and Members of the Advisory Board</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">19</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 6.11&nbsp;&nbsp;Designation of Principal Accounting Officer(s) and Principal Financial Officer(s)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">20</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">ARTICLE VII - SHARES OF BENEFICIAL INTEREST</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">20</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 7.1&nbsp;&nbsp;Share Certificates</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">20</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 7.2&nbsp;&nbsp;Regulations</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">20</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 7.3&nbsp;&nbsp;Lost, Destroyed or Mutilated Certificates</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">20</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 7.4&nbsp;&nbsp;Disclosure of Holdings</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">21</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">ARTICLE VIII - INDEMNIFICATION</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">21</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">ARTICLE IX - TERMS OF COMMON SHARES</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">21</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 9.1&nbsp;&nbsp;Common Shares</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">21</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">ARTICLE X - FISCAL YEAR</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">22</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">ARTICLE XI - INSPECTION OF BOOKS</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">22</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">ARTICLE XII - SEAL</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">22</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">ARTICLE XIII &#8211; REPORTS TO SHAREHOLDERS</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">22</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">ARTICLE XIV - SUFFICIENCY AND WAIVERS OF NOTICE</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">22</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">ARTICLE XV - PROVISIONS IN CONFLICT WITH LAW OR REGULATION</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">23</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 15.1&nbsp;&nbsp;Severability</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">23</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 15.2&nbsp;&nbsp;Invalidity</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">23</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">ARTICLE XVI - GOVERNING LAW</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">23</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 92%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">ARTICLE XVII - AMENDMENTS</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">23</FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">ii</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt/26.1pt Times New Roman, Times, Serif; margin: 0.6pt 0 0 0.05in; text-align: center"><B>AMENDED AND RESTATED<BR>
BY-LAWS OF<BR>
JOHN HANCOCK INCOME SECURITIES TRUST<BR>
JANUARY 22, 2016</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.05pt">The
Amended and Restated By-Laws (the &#147;By-Laws&#148;) of the John Hancock Income Securities Trust (the &#147;Trust&#148;) have
been adopted pursuant to the authority granted by the Trust's Amended and Restated Agreement and Declaration of Trust dated January
22, 2016, as amended or restated from time to time (the &#147;Declaration of Trust&#148;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Article
I - Definitions</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">All capitalized terms used and not defined
herein have the respective meanings given them in the Declaration of Trust.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">&#147;Board of Trustees&#148; shall have
the meaning set forth in Section 3.8.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">&#147;Broker Non-Vote&#148; shall have
the meaning set forth in Section 3.10.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">&#147;Business Day&#148; means a day on
which the New York Stock Exchange is open for trading and which is not a Saturday, Sunday or other day on which commercial banks
in New York City, New York are required or authorized by law to close.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">&#147;Delivery Date&#148; shall have the
meaning set forth in Section 3.4.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">&#147;Exchange Act&#148; shall mean the
Securities Exchange Act of 1934, as amended from time to time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">&#147;Hedging Activities&#148; shall have
the meaning set forth in Section 3.8.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">&#147;Independent Trustee&#148; shall mean
a Trustee who is not an &#147;interested person&#148; as defined under Section 2(a)(19) of the 1940 Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">&#147;Meeting Record Date&#148; shall have
the meaning set forth in Section 3.4.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">&#147;NYSE&#148; shall mean the New York
Stock Exchange.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">&#147;Preferred Shares&#148; shall have
the meaning set forth in Section 9.1(a).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">&#147;Proposed Nominee&#148; shall mean
each person whom a Shareholder proposes to nominate for election as a Trustee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">&#147;Proposed Nominee Associated Person&quot;
of any Proposed Nominee shall mean (A) any</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">1</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">Person acting in concert with such Proposed Nominee, (B) any
direct or indirect beneficial owner of Shares owned of record or beneficially by such Proposed Nominee or Person acting in concert
with the Proposed Nominee and (C) any Person controlling, controlled by or under common control with such Proposed Nominee or a
Proposed Nominee Associated Person.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">&#147;public announcement&#148; shall have
the meaning set forth in Section 3.8.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">&#147;Series&#148; or &#147;Series of Shares&quot;
individually or collectively means the separately managed component(s) of the Trust (or, if the Trust shall have only one such
component, then that one) as may be established from time to time by the Trustees.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">&#147;Shareholder Associated Person&quot;
of any beneficial or record holder of Shares shall mean (A) any Person acting in concert with such shareholder, (B) any direct
or indirect beneficial owner of Shares owned of record or beneficially by such shareholder or any Person acting in concert with
such shareholder, (C) any Person controlling, controlled by or under common control with such shareholder or a Shareholder Associated
Person and (D) any member of the immediate family of such shareholder or Shareholder Associated Person.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">&#147;Shareholder Requested Meeting&quot;
shall have the meaning set forth in Section 3.4.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">&#147;Special Meeting in Lieu of an Annual
Meeting&#148; shall mean a special meeting of Shareholders called by Trustees for the purpose of electing Trustees in the event
that an annual meeting is not held on or before such date as may be required by the 1940 Act, the NYSE or such other exchange or
trading system on which shares are principally traded, if applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">&#147;Special Meeting Percentage&quot;
shall have the meaning set forth in Section 3.4.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">&#147;Special Meeting Request&#148; shall
have the meaning set forth in Section 3.4.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">&#147;Written Request&#148; shall have
the meaning set forth in Section 3.12.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U><BR>
<BR>
Article II - Offices</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 2.1 Principal Office</U></FONT>. Until changed by the Trustees, the principal office
of the Trust shall be in Boston, Massachusetts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 2.2 Other Offices</U>. The Trust may have offices in such other places without
as well as within the Commonwealth of Massachusetts as the Trustees may from time to time determine.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Article
III - Shareholders</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 3.1 Meetings</U>. Meetings of the Shareholders of the Trust or a Series or Class
thereof shall be held as provided in the Declaration of Trust or required by the 1940 Act at such</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">2</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">place within or without the Commonwealth of Massachusetts
as the Trustees shall designate.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 3.2 Conduct of Meetings</U><FONT STYLE="font-size: 12pt">.
The Trustees may adopt by resolution such rules and regulations for the conduct of any meeting of the Shareholders as they shall
deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Trustees, the chair of any
meeting of the Shareholders shall have the right and authority to prescribe such rules, regulations and procedures and to do all
such acts as, in the judgment of such chair, are appropriate for the proper conduct of the meeting. Such rules, regulations or
procedures, whether adopted by the Trustees or prescribed by the chair of the meeting, may include, without limitation, the following:
(a) the establishment of an agenda or order of business for the meeting; (b) the determination of when the polls shall open and
close for any given matter to be voted on at the meeting; (c) rules and procedures for maintaining order at the meeting and the
safety of those present; (d) limitations on attendance at and participation in the meeting to Shareholders, their duly authorized
and constituted proxies or such other persons as the chair of the meeting shall determine; (e) restrictions on entry to the meeting
after the time fixed for the commencement thereof; (f) limitations on the time allotted to questions or comments by Shareholders;
and (g) the extent to which, if any, other participants are permitted to speak.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 3.3 Annual Meetings</U><FONT STYLE="font-size: 12pt">.
The annual meeting of the Shareholders for the election of Trustees and the transaction of other proper business shall be held
on such date and at such time as the Trustees shall designate.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 3.4 Special Meetings</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt; color: windowtext">Special meetings of the Shareholders may be called at any time by the Chairman,
the President, any Vice President or will be called by the President or the Secretary at the request, in writing or by resolution,
of a Majority of the Trustees. Subject to subsection (b) of this Section 3.4, a special meeting of Shareholders shall also be called
by the President or the Secretary of the Trust upon the written request of the Shareholders holding twenty-five percent (25%) or
more of the total number of the Outstanding Shares of the Trust entitled to vote at such meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt; color: windowtext">In order for any Shareholder to request a special meeting, one or more
written requests for a special meeting signed by Shareholders (or their duly authorized agents) as of the date of such request
entitled to cast not less than twenty-five percent (25%) (the &#147;<U>Special Meeting Percentage</U>&#147;) of all of the votes
entitled to be cast at such meeting (the &#147;<U>Special Meeting Request</U>&#147;) shall be delivered to the Secretary by registered
mail, return receipt requested. In addition, the Special Meeting Request shall set forth the purpose of the meeting and the matters
proposed to be acted on at the special meeting, shall bear the date of signature of each such Shareholder (or other agent) signing
the Special Meeting Request, shall set forth the name and address, as they appear in the Trust's books, of each Shareholder signing
such request (or on whose behalf the Special Meeting Request is signed), the class and number of shares of the Trust which are
owned of record and beneficially by each such Shareholder, and shall set forth all information that each such Shareholder and,
with respect to the beneficial owners of Shares on whose behalf such request is being made, each such beneficial owner of Shares
would be required to disclose in a proxy statement or other filings required to be made in connection with solicitations of proxies
with respect to the proposed business to be brought before the meeting</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">3</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">pursuant to Section 14 of the Securities Exchange Act of 1934
(the &#147;Exchange Act&#148;), as well as the additional information required by 3.8(b) of these By-Laws. Proof of the requesting
Shareholder's or Shareholders' ownership of Shares at the time of request for a special meeting must accompany the Special Meeting
Request. Any requesting Shareholder may revoke his, her or its request for a special meeting at any time by written revocation
delivered to the Secretary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt; color: windowtext">The Secretary shall inform the requesting Shareholders of the reasonably
estimated cost of preparing and mailing the notice of meeting (including the Trust's proxy materials). The Secretary shall not
be required to call a special meeting upon Shareholder request and such meeting shall not be held unless, in addition to the documents
required by paragraph (b) of this Section 3.4, the Secretary receives payment of such reasonably estimated cost prior to the mailing
of any notice of the meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt; color: windowtext">Except as provided in the next sentence, any special meeting shall be held
at such place, date and time as may be designated by the Chairman, the President, the Vice President, or the Trustees, whoever
has called for the meeting. In the case of any special meeting called by the President or the Secretary upon the request of Shareholders
(a &#147;<U>Shareholder Requested Meeting</U>&#147;), such meeting shall be held at such place, date and time as may be designated
by the Trustees; <U>provided</U>, <U>however</U>, that the date of any Shareholder Requested Meeting shall be not more than ninety
(90) days after the record date for such meeting (the &#147;<U>Meeting Record Date</U>&#147;); and <U>provided</U> <U>further</U>
that if the Trustees fail to designate, within thirty (30) days after the date that a valid and complete Special Meeting Request
is actually received by the Secretary (the &#147;<U>Delivery Date</U>&#147;), a date and time for a Shareholder Requested Meeting,
then such meeting shall be held at 2:00 p.m. Eastern Time on the ninetieth (90<SUP>th</SUP>) day after the date the valid and complete
request for such meeting is actually received by the Trust or, if such ninetieth (90<SUP>th</SUP>) day is not a Business Day, on
the first preceding Business Day; and <U>provided</U> <U>further</U> that in the event that the Trustees fail to designate a place
for a Shareholder Requested Meeting within thirty (30) days after the Delivery Date, then such meeting shall be held at the principal
executive offices of the Trust. In fixing a date for any special meeting, the Chairman, the President, the Vice President or the
Trustees may consider such factors as he, she, or they deem(s) relevant within the good faith exercise of business judgment, including,
without limitation, the nature of the matters to be considered, the facts and circumstances surrounding any request for a meeting
and any plan of the Trustees to call an annual meeting or a special meeting. In the case of any Shareholder Requested Meeting,
if the Trustees fail to fix a Meeting Record Date that is a date within thirty (30) days after the Delivery Date, then the close
of business on the thirtieth (30<SUP>th</SUP>) day after the Delivery Date shall be the Meeting Record Date or if such thirtieth
(30<SUP>th</SUP>) day after the Delivery Date is not a Business Day, the close of business on the first Business Day following
such date shall be the Meeting Record Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt; color: windowtext">If at any time as a result of written revocations of requests for the special
meeting, Shareholders (or their duly authorized agents) entitled to cast less than the Special Meeting Percentage shall have delivered
and not revoked requests for a special meeting, the Secretary may refrain from mailing the notice of the meeting or, if the notice
of the meeting has been mailed, the Secretary may revoke the notice of the meeting at any time before the meeting by notice sent
to all other requesting Shareholders. Any request for a special meeting received after a revocation by the Secretary of a notice
of a meeting shall be considered a request for a new special meeting.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">4</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">f)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt; color: windowtext">The Chairman, the President, the Vice President or the Trustees may appoint
regionally or nationally recognized independent inspectors of elections to act as the agent of the Trust for the purpose of promptly
performing a ministerial review of the validity of any purported Special Meeting Request received by the Secretary. For the purpose
of permitting the inspectors to perform such review, no such purported request shall be deemed to have been delivered to the Secretary
until such date as the independent inspectors certify to the Trust that the valid requests received by the Secretary represent
at least 25% or more of the issued and Outstanding Shares of stock that would be entitled to vote at such meeting. Nothing contained
in this paragraph (f) shall in any way be construed to suggest or imply that the Trust or any Shareholder shall not be entitled
to contest the validity of any request, whether before or after such certification by the independent inspectors, or to take any
other action (including, without limitation, the commencement, prosecution or defense of any litigation with respect thereto, and
the seeking of injunctive relief in such litigation).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 3.5 Notice of Meetings</U>. Notice of all meetings of the Shareholders, stating
the time, place and purposes of the meeting, shall be given by the Trustees by mail, telegraphic or electronic means to each Shareholder
at such Shareholder's address as recorded on the register of the Trust mailed or, if the notice is provided electronically, furnished
or delivered at least seven (7) days before the meeting, <U>provided</U>, <U>however</U>, that notice of a meeting need not be
given to a Shareholder to whom such notice need not be given under the proxy rules of the Commission under the 1940 Act and the
Exchange Act. No notice need be given to any Shareholder who shall have failed to inform the Trust of such Shareholder's current
address or if a written waiver of notice, executed before or after the meeting by the Shareholder or such Shareholder's attorney
thereunto authorized, is filed with the records of the meeting.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 3.6 Postponements; Adjournments</U>. The Trustees may, prior to a meeting of Shareholders
being convened, postpone such meeting from time to time to a date that is a reasonable time after the date set for the original
meeting. The chair of any meeting of the Shareholders may adjourn the meeting from time to time to reconvene at the same or some
other place, and notice need not be given of any such adjourned meeting if the date, time and place are announced at the meeting
at which the adjournment is taken. At the adjourned meeting, the Trust may transact such business which properly may have been
transacted at the original meeting. Any adjourned meeting may be held as adjourned one or more times without further notice on
a date that is a reasonable time after the date of the original meeting. If after the adjournment a new record date is fixed for
the adjourned meeting, notice of the adjourned meeting in accordance with the requirements of this Section 3.6 shall be given to
each Shareholder entitled to vote at the meeting and each other Shareholder entitled to notice of the meeting.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 3.7 Proxies</U>. At any meeting of Shareholders, any holder of Shares entitled
to vote thereat may vote by proxy, provided that no proxy shall be voted at any meeting unless it shall have been placed on file
with the Secretary, or with such other officer or agent of the Trust as the Secretary may direct, for verification prior to the
time at which such vote shall be taken. A proxy shall be deemed signed if the Shareholder's name is placed on the proxy (whether
by manual signature, typewriting or telegraphic transmission or other electronic means) by the Shareholder or the Shareholder's
attorney-in-fact. Proxies may be solicited in the name of one or more Trustees or one or more of the officers of the Trust. Only
Shareholders of record shall be</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">5</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">entitled to vote. When any Share is held jointly by several
Persons, any one of them may vote at any meeting in person or by proxy in respect of such Share, but if more than one of them shall
be present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to
be cast, such vote shall not be received in respect of such Share. A proxy, including a photographic or similar reproduction thereof
and a telegram, cablegram, wireless, electronic or similar transmission thereof, purporting to be executed by or on behalf of a
Shareholder shall be deemed valid unless challenged at or prior to its exercise, and the burden of proving invalidity shall rest
on the challenger. If the holder of any such Share is a minor or a person of unsound mind, and subject to guardianship or the legal
control of any other person as regards the charge or management of such Share, he or she may vote by such Shareholder's guardian
or such other person appointed or having such control, and such vote may be given in person or by proxy. The placing of a Shareholder's
name on a proxy pursuant to telephonic or electronically transmitted instructions obtained pursuant to procedures reasonably designed
to verify that such instructions have been authorized by such Shareholder shall constitute execution of such proxy by or on behalf
of such Shareholder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 3.8 Nominations and Proposals by Shareholders.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt"><U>Annual Meetings of Shareholders; Special Meeting in Lieu of an Annual Meeting</U>. Nominations
of persons for election as a Trustee and the proposal of other business to be considered by the Shareholders may be made at an
annual meeting of Shareholders or Special Meeting in Lieu of an Annual Meeting (i) pursuant to the Trust's notice of meeting (or
any supplement thereto), (ii) by or at the direction of the Trustees or any committee thereof or (iii) by any Shareholder of the
Trust who was a Shareholder both at the time of giving of notice provided for in this Section 3.8(a) and at the time of the annual
meeting or Special Meeting in Lieu of an Annual Meeting, who is entitled to vote at the meeting and who complies with the notice
procedures set forth in this Section 3.8(a).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">For nominations for election to the Trustees
or other business to be properly brought before an annual meeting or a Special Meeting in Lieu of an Annual Meeting by a Shareholder
pursuant to this Section 3.8(a), the Shareholder must have given timely notice thereof in writing to the Secretary of the Trust
and any such proposed business must otherwise be a proper matter for Shareholder action. To be timely, a Shareholder's notice must
be delivered to the Secretary of the Trust at the principal executive office of the Trust by not later than the close of business
on the ninetieth (90<SUP>th</SUP>) day prior to the first anniversary of the date of mailing of the notice for the preceding year's
annual meeting nor earlier than the close of business on the one hundred twentieth (120<SUP>th</SUP>) day prior to the first anniversary
of the date of mailing of the notice for the preceding year's annual meeting; <U>provided</U>, <U>however</U>, that in the event
that the date of the mailing of the notice for the annual meeting is advanced or delayed by more than thirty (30) days from the
anniversary date of the mailing of the notice for the preceding year's annual meeting, notice by the Shareholder to be timely must
be so delivered not later than the tenth (10<SUP>th</SUP>) day following the day on which public announcement of the date such
meeting is first made by the Trust, provided, further, in the case of a Special Meeting in Lieu of an Annual Meeting, notice by
the Shareholder to be timely must be so delivered not later than the close of business on the tenth (10<SUP>th</SUP>) day following
the day on which public announcement of the date of such meeting is first made by the Trust. In no event shall the postponement
of an annual meeting or Special Meeting in Lieu of Annual Meeting or of an adjournment or postponement of an annual meeting or
a</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">6</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">Special Meeting in Lieu of an Annual Meeting to a later date
or time commence a new time period for the giving of a Shareholder's notice as described above.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">A Shareholder's notice with respect to
an annual meeting or a Special Meeting in Lieu of an Annual Meeting to be proper must set forth (i) as to each person whom the
Shareholder proposes to nominate for election or reelection as a trustee (A) the name, age, business address,residence address
and principal occupation or employment of such person and any Proposed Nominee Associated Person, (B) the class and number of shares
of stock of the Trust that are beneficially owned or owned of record by such person and any Proposed Nominee Associated Person,
(C) the date such shares were acquired and the investment intent of such acquisition, and (D) whether and the extent to which any
derivative instrument, swap, option, warrant, short interest, hedge or profit interest or other transaction has been entered into
by or on behalf of such Proposed Nominee or any Proposed Nominee Associated Person, with respect to Shares, (E) a representation
as to whether such Proposed Nominee is an &#147;interested person&#148; (as defined under Section 2(a)(19) of the 1940 Act) of
the Trust and sufficient information about the Proposed Nominee to permit counsel to the Trust to confirm such representation,
including information with respect to each relationship set forth in Section 2(a)(19) of the 1940 Act which may cause such Proposed
Nominee to be an &#147;interested person&#148; (as defined under Section 2(a)(19) of the 1940 Act) of the Trust or a representation
that no such relationship exists, (F) information to establish to the satisfaction of the Trust&#8217;s board of Trustees (&#147;Board
of Trustees&#148;) that the Proposed Nominee satisfies any Trustee qualifications that may from time to time be adopted by the
Board of Trustees, and (G) all other information relating to such person and any Proposed Nominee Associated Person that is required
to be disclosed in solicitations of proxies for election of trustees in an election contest, or is otherwise required, in each
case pursuant to Regulation 14A (or any successor provision) under the Exchange Act (including such person's written consent to
being named in the proxy statement as a nominee and to serving as a trustee if elected); (ii) as to any other business that the
Shareholder proposes to bring before the meeting, a brief description of the business desired to be brought before the meeting,
the text of the proposal or business (including the text of any resolutions proposed for consideration), the reasons for conducting
such business at the meeting and any material interest in such business of such Shareholder and any Proposed Nominee Associated
Person (including any anticipated benefit to the Shareholder and any Proposed Nominee Associated Person therefrom) and of each
beneficial owner, if any, on whose behalf the proposal is made; (iii) as to the Shareholder giving the notice and each beneficial
owner, if any, on whose behalf the nomination or proposal is made and any Shareholder Associated Person, (1) the name and address
of such Shareholder, as they appear on the Trust's stock ledger and current name and address, if different, and of such beneficial
owner and any Shareholder Associated Person, (2) the class and number of Shares which are owned beneficially or of record by such
Shareholder and such beneficial owner and any Shareholder Associated Person, and the date such shares were acquired and the investment
intent of such acquisition, (3) whether and the extent to which any hedging or other transaction or series of transactions has
been entered into by or on behalf of, or any other agreement, arrangement or understanding (including any short position or any
borrowing or lending of shares) has been made, the effect or intent of which is to mitigate loss to or manage risk or benefit of
share price changes for, or to increase or decrease the voting power of, such Shareholder or beneficial owner or any Shareholder
Associated Person with respect to any Share (collectively &#147;<U>Hedging Activities</U>&#147;), (4) whether and the extent to
which any derivative instrument, swap, option, warrant, short interest or profit interest or other transaction has been entered
into by or on behalf</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">7</P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">of such Shareholder or such beneficial owner, or any Shareholder
Associated Person, with respect to Shares, (5) a representation that the Shareholder giving notice intends to appear in person
or by proxy at the annual meeting or Special Meeting in Lieu of an Annual Meeting to bring such business before the meeting (6)
information relating to such Shareholder or such beneficial owner or any Shareholder Associated Person that would be required to
be disclosed in a proxy statement or other filing required to be made in connection with the solicitation of proxies by such person
with respect to the proposed business to be brought by such person before an annual meeting pursuant to Section 14 of the Exchange
Act, (7) the extent to which such Shareholder or such beneficial owner or any Shareholder Associated Person, if any, has engaged
in Hedging Activities with respect to shares or other equity interests of any other trust or company, and (8) a description of
all agreements, arrangements, or understandings (whether written or oral) between or among such Shareholder or such beneficial
owner, or any Shareholder Associated Person, and any other Person or Persons (including their names) in connection with the proposal
of such business and any material interest of such Shareholder or such beneficial owner or any Shareholder Associated Person, in
such business, including any anticipated benefit therefrom to such Shareholder or such beneficial owner, or any Shareholder Associated
Person and (iv) to the extent known by the Shareholder giving the notice, the name and address of any other Shareholder or beneficial
owner supporting the nominee for election or reelection as a Trustee or the proposal of other business on the date of such Shareholder's
notice. Notwithstanding anything in this paragraph (a) of Section 3.8 to the contrary, in the event that the number of Trustees
to be elected is increased and there is no public announcement by the Trust of such action or specifying the size of the increased
Trustees at least one hundred (100) days prior to the first anniversary of the date of the preceding year's annual meeting, a Shareholder's
notice required by this Section 3.8(a) shall also be considered timely, but only with respect to nominees for any new positions
created by such increase, if the notice is delivered to the Secretary at the principal executive offices of the Trust not later
than the close of business on the tenth (10<SUP>th</SUP>) day immediately following the day on which such public announcement is
first made by the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Special Meetings of Shareholders. Only such business shall be conducted at a special meeting
of Shareholders (other than any Special Meeting in Lieu of an Annual Meeting) as shall have been brought before the meeting (i)
pursuant to the Trust's notice of meeting (or any supplement thereto), (ii) by or at the direction of the Trustees or any committee
thereof or (iii) by any Shareholder who was a Shareholder both at the time of giving of notice provided for in this Section 3.8(a)
and at the time of the special meeting, who is entitled to vote at the meeting and who complies with the notice procedures set
forth in this Section 3.8(b). </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">For any business to be properly brought
before a special meeting by a Shareholder pursuant to this Section 3.8(b) (other than nominations for election of Trustees which
may only be brought at an annual meeting or Special Meeting in Lieu of an Annual Meeting and in accordance with the provisions
of Section 3.8(a)), the Shareholder must have given timely notice thereof in writing to the Secretary of the Trust and any such
proposed business must otherwise be a proper matter for Shareholder action. To be timely, a Shareholder's notice must be delivered
to the Secretary of the Trust at the principal executive office of the Trust by not later than the close of business on the tenth
(10<SUP>th</SUP>) day following the day on which public announcement is first made of the date of the special meeting. In no event
shall the public announcement of a postponement or adjournment of a special meeting to a later date or time commence a new time
period for the</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">8</P>

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<HR SIZE=5 COLOR=GRAY NOSHADE>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">giving of a Shareholder's notice as described above.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">A Shareholder's notice with respect to
a special meeting to be proper must set forth: (i) as to any business that the Shareholder proposes to bring before the meeting,
a brief description of the business desired to be brought before the meeting, the text of the proposal or business (including the
text of any resolutions proposed for consideration), the reasons for conducting such business at the meeting and any material interest
in such business of such Shareholder and any Shareholder Associated Person (including any anticipated benefit to the Shareholder
and any Shareholder Associated Person therefrom) and of each beneficial owner, if any, on whose behalf the proposal is made, (ii)
as to the Shareholder giving the notice and each beneficial owner, if any, on whose behalf the nomination or proposal is made and
any Shareholder Associated Person, (1) the name and address of such Shareholder, as they appear on the Trust's stock ledger and
current name and address, if different, and of such beneficial owner and any Shareholder Associated Person, (2) the Class and number
of Shares which are owned beneficially or of record by such Shareholder and such beneficial owner and any Shareholder Associated
Person, and the date such shares were acquired and the investment intent of such acquisition (3) whether the Shareholder or such
beneficial owner or any Shareholder Associated Person has engaged in any Hedging Activities , (4) whether and the extent to which
any derivative instrument, swap, option, warrant, short interest or profit interest or other transaction has been entered into
by or on behalf of such Shareholder or such beneficial owner, or any Shareholder Associated Person, with respect to Shares, (5)
a representation that the Shareholder giving notice intends to appear in person or by proxy at the annual meeting to bring such
business before the meeting, (6) information relating to such Shareholder or such beneficial owner or any Shareholder Associated
Person that would be required to be disclosed in a proxy statement or other filing required to be made in connection with the solicitation
of proxies by such Shareholder or such beneficial owner or any Shareholder Associated Person with respect to the proposed business
to be brought by such person before the annual meeting pursuant to Section 14 of the Exchange Act, (7) the extent to which such
Shareholder or such beneficial owner or any Shareholder Associated Person, if any, has engaged in Hedging Activities with respect
to shares or other equity interests of any other trust or company, and (8) a description of all agreements, arrangements, or understandings
(whether written or oral) between or among such Shareholder or such beneficial owner, or any Shareholder Associated Person, and
any other person or persons (including their names) in connection with the proposal of such business and any material interest
of such Shareholder or such beneficial owner or any Shareholder Associated Person, in such business, including any anticipated
benefit therefrom to such person, or any Shareholder Associated Person and(iii) to the extent known by the Shareholder giving the
notice, the name and address of any other Shareholder or beneficial owner supporting the nominee for election or reelection as
a trustee or the proposal of other business on the date of such Shareholder's notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">General. Only such persons who are nominated in accordance with the procedures set forth in
Section 3.8(a) shall be eligible to serve as trustee, and only such business shall be conducted at a meeting of Shareholders as
shall have been brought before the meeting in accordance with the procedures set forth in this Section 3.8, provided that nothing
herein shall prohibit the Trustees from submitting matters to Shareholders at any special meeting requested by any Shareholder.
The chair of the meeting shall have the power and duty to determine whether a nomination or any other business proposed to be brought
before the meeting was made or proposed, as the case may be, in accordance with the procedures set forth in this Section 3.8</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">9</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">and, if any proposed nomination or other business is not
in compliance with this Section 3.8, to declare that such nomination or proposal shall be disregarded. For purposes of this Section
3.8, the &#8220;date of mailing of the notice&#8221; shall mean the date of the proxy statement for the solicitation of proxies
for election of trustees and &#147;public announcement&#148; shall mean disclosure (i) in a press release either transmitted to
the principal securities exchange on which Shares are traded or reported by a recognized news service or (ii) in a document publicly
filed by the Trust with the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Compliance with State and Federal Law. Notwithstanding the foregoing provisions of this Section
3.8, a Shareholder shall also comply with all applicable requirements of state law and of the Exchange Act and the rules and regulations
thereunder with respect to the matters set forth in this Section 3.8. Nothing in this Section 3.8 shall be deemed to affect any
right of a Shareholder to request inclusion of a proposal in, nor the right of the Trust to omit a proposal from, the Trust's proxy
statement pursuant to Rule 14a-8 (or any successor provision) under the Exchange Act. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 3.9 Quorum and Required Vote</U><FONT STYLE="color: windowtext">. Except as otherwise
provided by the Declaration of Trust or by law, to constitute a quorum for the transaction of any business at any meeting of Shareholders,
there must be present, in person or by proxy, holders of a majority of the total number of Outstanding Shares of the Trust entitled
to vote at such meeting; provided that if a Class (or Series) of Shares is entitled to vote as a separate Class (or Series) on
any matter, then in the case of that matter, a quorum shall consist of the holders of a majority of the total number of Outstanding
Shares of that Class (or Series) entitled to vote at the meeting. Shares owned directly or indirectly by the Trust, if any, shall
not be deemed outstanding for this purpose. Except as otherwise required by law or by the Declaration of Trust or by these By-Laws,
all matters shall be decided by a majority of the votes cast, as provided herein, by persons entitled to vote thereon; and except
as otherwise required by law or by the Declaration of Trust or by these By-Laws the Trustees shall be elected by a plurality of
the votes cast, as provided herein, by persons entitled to vote.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 3.10 Abstentions and Broker Non-Votes</U><FONT STYLE="color: windowtext">. Outstanding
Shares represented in person or by proxy (including Broker Non-Votes and Shares which abstain with respect to one or more proposals
presented for Shareholder approval) will be counted for purposes of determining whether a quorum is present at a meeting. Except
as otherwise provided by law, abstentions will be treated as Shares that are present and entitled to vote for purposes of determining
the number of Shares that are present and entitled to vote with respect to any particular proposal, but will not be counted as
a vote cast on such proposal. A &#8220;Broker Non-Vote&#8221; occurs if a broker or nominee holding Shares in &#8220;street name&#8221;
indicates on the proxy that it does not have discretionary authority to vote as to a particular proposal. Except as otherwise provided
by law, Broker Non-Votes will be treated as present and entitled to vote for purposes of determining the number of Shares that
are present and entitled to vote with respect to such proposal, but will not be counted as a vote cast on such proposal.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 3.11 Inspectors of Election</U></FONT>. In addition to any other inspector of election
provided for in these By-Laws, in advance of any meeting of the Shareholders, the Trustees, by resolution, may appoint one or more
inspectors to act at the meeting and make a written report thereof. One or more other persons may be designated as alternate inspectors
to replace any</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">10</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">inspector who fails to act. If no inspector or alternate
is appointed or able to act at a meeting of the Shareholders, the chair of the meeting shall appoint one or more inspectors to
act at the meeting. Unless otherwise required by applicable binding law, inspectors may be officers, employees or agents of the
Trust. Each inspector, before entering upon the discharge of the duties of inspector, shall take and sign an oath faithfully to
execute the duties of inspector with strict impartiality and according to the best of such inspector's ability. The inspector shall
have the duties prescribed by law or assigned by the chair of the meeting and shall take charge of the polls and, when the vote
is completed, shall make a certificate of the result of the vote taken and of such other facts as may be required by applicable
binding law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 3.12 Action without Meeting</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Action by Written Consent. Any action which may be taken by Shareholders may be taken without
a meeting if a majority of Outstanding Shares entitled to vote on the matter (or such larger proportion thereof as shall be required
by law, the Declaration of Trust, or the By-Laws) consent to the action in writing and the written consents are filed with the
records of the meetings of Shareholders. Such consents shall be treated for all purposes as a vote taken at a meeting of Shareholders.
Any action by written consent must be a proper subject for Shareholder action by written consent under applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Request for Record Date. Shareholders may act by written consent if Shareholders who own in
the aggregate at least a majority of Outstanding Shares entitled to vote on the matter (or such larger proportion thereof as shall
be required by law, the Declaration of Trust, or the By-Laws), shall (i) by written notice to the Secretary request that the Trustees
fix a record date (a &#8220;Written Request&#8221;) prior to soliciting any written consents in respect of such action, (ii) solicit
consents to take such action from all Shareholders, and (iii) continuously own (as determined in accordance with the Trustees)
not less than a majority of Outstanding Shares entitled to vote on the matter (or such larger proportion thereof as shall be required
by law, the Declaration of Trust, or the By-Laws) through the date of delivery of written consents signed by Shareholders having
the requisite votes to take such action. Delivery of such Written Request shall be by hand, by registered U.S. mail, or by courier
service to the attention of the Secretary at the principal executive offices of the Trust. A Shareholder may revoke a Written Request
with respect to such Shareholder's Shares at any time by written revocation delivered to the Secretary. In addition, any disposition
of Shares of the Trust's stock made at any time prior to the delivery of the first written consent with respect to the action for
which the Written Request is submitted shall constitute a revocation, with respect to such disposed Shares, of any such Written
Request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Contents of Written Request. A Written Request shall be signed and dated by each Shareholder,
or duly authorized agent of such Shareholder, submitting the Written Request and shall be accompanied by (i) the information required
by Section 3.4(b) and Section 3.8 to the extent such information would be required if such Shareholder were requesting a special
meeting or proposing business under such Sections instead of making a Written Request and (ii) an acknowledgment that any disposition
of Shares described in Section 3.12(b) constitutes a revocation of the Written Request with respect to such disposed Shares. In
addition, the Shareholders shall promptly provide any other information reasonably requested by the Trust.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">11</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Record Date. The Trustees shall promptly, but in all events within thirty (30) days after
the date on which a Written Request complying fully with these By-Laws (including Section 3.12(e)) is received by the Secretary,
adopt a resolution fixing the record date for determining Shareholders entitled to take action by written consent. If no record
date has been fixed by the Trustees within thirty (30) days after the date on which a Written Request fully complying with these
By-Laws is received by the Secretary, and the Written Request involves a matter that is a proper subject for action by written
consent under Section 3.12(e), the record date shall be the date on which the first Shareholder signs the written consent setting
forth the action taken or proposed to be taken in accordance with this Section 3.12.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Actions Which May Be Taken by Written Consent. Notwithstanding the foregoing, the Trustees
shall not be obligated to set a record date for an action by written consent if (i) such action is not a proper subject for Shareholder
action, either by written consent or otherwise, under applicable law, (ii) the Trustees have called or call for an annual meeting
or special meeting to be held within ninety (90) days after the Secretary receives the Written Request and the Trustees determine
in good faith that the business of such annual meeting or special meeting is to include (among any other matters properly to be
brought before the annual or special meeting) the business specified in the Written Request, or (iii) an annual or special meeting
that included the business specified in the Written Request (as determined in good faith by the Trustees) was held not more than
ninety (90) days before the Written Request was received by the Secretary, or (iv) the Written Request or any solicitation of consents
to such action by written consent was made in a manner that involved a violation of Regulation 14A under the Exchange Act or other
applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">f)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Inspectors of Election. In the event of the delivery, in the manner provided by this Section
3.12 and applicable law, to the Trust of the requisite written consent or consents to take action and any related revocation or
revocations, the Chairman, the President, the Vice President, or the Trustees may appoint regionally or nationally recognized independent
inspectors of elections to act as the agent of the Trust for the purpose of promptly performing a ministerial review of the validity
of any purported consent or revocation received by the Secretary. For the purpose of permitting the inspectors to perform such
review, no action by written consent without a meeting shall be effective until such date as the independent inspectors certify
to the Trust that the consents delivered to the Trust in accordance with this Section 3.12 represent not less than the minimum
number of votes necessary to take the action at a meeting at which all Shareholders entitled to vote on the action are present
and voting. Nothing contained in this paragraph (f) shall in any way be construed to suggest or imply that the Trust or any Shareholder
shall not be entitled to contest the validity of any consent or revocation thereof, whether before or after such certification
by the independent inspectors, or to take any other action (including, without limitation, the commencement, prosecution or defense
of any litigation with respect thereto, and the seeking of injunctive relief in such litigation).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">g)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Date of Written Consent; Notice to Shareholders. Every written consent shall bear the date
of signature of each Shareholder who signs the consent, and no written consent shall be effective to take the action set forth
therein unless, within sixty (60) days of the earliest dated consent delivered in accordance with this Section 3.12, a written
consent or consents signed by Shareholders having the requisite votes to take such action are delivered to the Secretary in the
manner prescribed in this Section 3.12. The action by written consent will take</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">12</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">effect as of the date and time of the certification of the
written consents in accordance with Section 3.12(f) of these By-Laws, unless otherwise provided by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">h)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Effectiveness of Written Consent. Notwithstanding anything in these By-Laws to the contrary,
no action may be taken by the Shareholders by less than unanimous written consent except in accordance with the Declaration of
Trust and these By-Laws. If the Trustees shall determine that any request to fix a record date or to take Shareholder action by
written consent was not properly made in accordance with the Declaration of Trust and these By-Laws, or the Shareholder or Shareholders
seeking to take such action do not otherwise comply with the Declaration of Trust and these By-Laws, then the Trustees shall not
be required to fix a record date and any such purported action by written consent shall be null and void to the fullest extent
permitted by applicable law. In addition to the requirements of the Declaration of Trust and these By-Laws with respect to Shareholders
seeking to take an action by written consent, any Shareholder seeking to have the Shareholders authorize or take corporate action
by written consent shall comply with all requirements of applicable law, including all requirements of the Exchange Act, with respect
to such action. Notwithstanding anything in the Declaration of Trust or these By-Laws to the contrary (i) Shareholders may act
without a meeting by unanimous written consent, and none of the foregoing provisions shall apply to such action, and (ii) where
written consents are solicited by or at the direction of the Trustees, Shareholders may act upon the action for which consents
are solicited by or at the direction of the Trustees without a meeting if the action is taken by Shareholders having not less than
the minimum number of votes necessary to take that action at a meeting at which all Shareholders entitled to vote on the action
are present and voting, and none of the foregoing provisions shall apply to such action.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 3.13 Record Date.</U> In order that the Trust may determine the Shareholders entitled
to notice of or to vote at any meeting of the Shareholders or any adjournment thereof, the Trustees may fix a record date, which
record date shall be a reasonable date and time prior to the date of any meeting of the Shareholders and shall not precede the
date upon which the resolution fixing the record date is adopted by the Trustees, and shall not be less than ten (10) days before
the date of such meeting. If no record date is fixed by the Trustees, the record date for determining Shareholders entitled to
notice of or to vote at a meeting of the Shareholders shall be at the close of business on the day preceding the day on which notice
is given, or, if no notice is given, at the close of business on the day preceding the day on which the meeting is held. A determination
of Shareholders entitled to notice of or to vote at a meeting of the Shareholders shall apply to any adjournment of the meeting;
provided, however, that the Trustees may fix a new record date for the adjourned meeting.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Article
IV - Trustees</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 4.1 Meetings of the Trustees</U>. The Trustees may in their discretion provide
for regular or stated meetings of the Trustees. Notice of regular or stated meetings need not be given. Meetings of the Trustees
other than regular or stated meetings shall be held whenever called by the President, the Chairman, the Vice Chairman or by a Majority
of the Trustees, at the time being in office. Notice of the time and place of each meeting other than regular or stated meetings
shall be given by the Secretary or an Assistant Secretary or by the officer or Trustee</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">13</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">calling the meeting and shall be mailed to each Trustee at
least two days before the meeting, or shall be given by telephone, cable, wireless, facsimile or electronic means to each Trustee
at such Trustee's business address, or personally delivered to such Trustee at least one day before the meeting. Such notice may,
however, be waived by any Trustee. Notice of a meeting need not be given to any Trustee if a written waiver of notice, executed
by such Trustee before or after the meeting, is filed with the records of the meeting, or to any Trustee who attends the meeting
without protesting prior thereto or at its commencement the lack of notice to such Trustee. Subject to the requirements of the
1940 Act, a notice or waiver of notice need not specify the purpose of any meeting. Subject to the requirements of the 1940 Act,
the Trustees may meet by means of a telephone conference circuit or similar communications equipment by means of which all persons
participating in the meeting can hear each other at the same time and participation by such means shall be deemed to have been
held at a place designated by the Trustees at the meeting. Subject to the requirements of the 1940 Act, participation in a telephone
<FONT STYLE="letter-spacing: 0.2pt">conference meeting shall constitute presence in person at such meeting. Subject to the requirements
of the 1940 Act, any action required or permitted to be taken at any meeting of the Trustees may be taken by the Trustees without
a meeting if a Majority of the Trustees consent to the action in writing and the written consents are filed with the records of
the Trustees' meetings. Subject to the requirements of the 1940 Act, such consents shall be treated as a vote for all purposes.
Only the Trustees and any additional persons invited by the President, the Chairman or by a Majority of the Trustees shall be allowed
to participate in or attend any meeting of the Trustees.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 4.2 Term of Office of Trustees</U>. The term of office of the Trustees shall be
as provided in the Declaration of Trust.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 4.3 Quorum and Manner of Acting</U>. A Majority of the Trustees shall be present
in person at any regular or special meeting of the Trustees in order to constitute a quorum for the transaction of business at
such meeting and (except as otherwise required by law, the Declaration of Trust or these By-Laws) the act of a Majority of the
Trustees present at any such meeting, at which a quorum is present, shall be the act of the Trustees. In the absence of a quorum,
a Majority of the Trustees present may adjourn the meeting from time to time until a quorum shall be present. Notice of an adjourned
meeting need not be given.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 4.4 Retirement Age</U>. The retirement age for Trustees shall be seventy five (75)
and therefore each Trustee shall retire from service on December 31 of the year in which he or she reaches his or her seventy-fifth
(75<SUP>th</SUP>) birthday unless the Trustees resolve that it is in the interest of the Trust to permit such Trustee to serve
as a Trustee until such later date as may be designated by the Trustees.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 4.5 Chairman of the Trustees</U></FONT>. The Trustees shall appoint from among
their number a Chairman. The Chairman shall preside at the meetings of the Trustees and may call meetings of the Trustees and of
any committee thereof whenever he or she deems it necessary or desirable to do so. The Chairman may in his or her discretion preside
at any meeting of the shareholders, and may delegate such authority to another Trustee or officer of the Trust. The Chairman shall
exercise and perform such additional powers and duties as from time to time may be assigned to him or her by the Trustees, and
shall have the resources and authority appropriate to discharge the responsibilities of the office.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">14</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 4.6 Powers and Duties of the Vice Chairman</U></FONT>. The Trustees may, but need
not, appoint one or more Vice Chairman of the Trust. Each Vice Chairman shall perform such duties as may be assigned to him or
her from time to time by the Trustees or the Chairman.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 4.7 Interested Trustees</U>. No contract or transaction between the Trust and one
or more of its Trustees or officers, or between the Trust and any other Trust, partnership, association or other organization in
which one or more of its Trustees or officers are Trustees or officers or have a financial interest, shall be void or voidable
solely for this reason, or solely because the Trustee or officer is present at or participates in the meeting of the Trustees or
committee thereof which authorizes the contract or transaction, or solely because any such Trustee's or officer's vote is counted
for such purpose if: (i) the material facts as to the Trustee's or officer's relationship or interest and as to the contract or
transaction are disclosed or are known to the Trustees or the committee, and the Trustees or committee in good faith authorizes
the contract or transaction by the affirmative votes of a majority of the disinterested Trustees, even though the Independent Trustees
be less than a quorum; or (ii) the material facts as to the Trustee's or officer's relationship or interest and as to the contract
or transaction are disclosed or are known to the Shareholders entitled to vote thereon, and the contract or transaction is specifically
approved in good faith by vote of the Shareholders; or (iii) the contract or transaction is fair as to the Trust as of the time
it is authorized, approved or ratified by the Trustees, a committee thereof or the Shareholders.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 4.8 Records</U>. The results of all actions taken at a meeting of the Trustees,
or by unanimous written consent of the Trustees, shall be recorded by the Secretary of the meeting appointed by the Board of Trustees.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 4.9 Governance</U>. The Trustees may from time to time require all its members
(including any individual nominated to serve as a Trustee) to agree in writing as to matters of corporate governance, business
ethics and confidentiality while such persons serve as a Trustee, such agreement to be on the terms and in a form determined satisfactory
by the Trustees, as amended and supplemented from time to time in the discretion of the Trustees.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 4.10 Litigation</U>. Without limiting the foregoing, the Trustees shall have the
following power and authority.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">The Trustees shall have the power to engage in and to prosecute, defend, compromise, abandon,
or adjust by arbitration, or otherwise, any actions, suits, proceedings, disputes, claims, and demands relating to the Trust or
arising out of or relating to the Trustees&#8217; service to the Trust, and out of the assets of the Trust to pay or to satisfy
any debts, claims or expenses incurred in connection therewith, including those of litigation, and such power shall include without
limitation the power of the Trustees or any appropriate committee thereof, in the exercise of their or its good faith business
judgment, to dismiss any action, suit, proceeding, dispute, claim, or demand, derivative or otherwise, brought by any person, including
a Shareholder in its own name or the name of the Trust, whether or not the Trust or any of the Trustees may be named individually
therein or the subject matter arises by reason of business for or on behalf of the Trust or any Class thereof. To the maximum extent
permitted by law, any exercise of power described in this Section 4.10 shall be final and binding on all Persons, including Shareholders.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">15</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Any suit, action or proceeding brought by or in the right of any Shareholder or any Person
claiming any interest in any Shares seeking to enforce any provision of, or based on any matter arising out of, related to, or
in connection with, this Declaration or the Trust, or any Class of any Shares, including without limitation any claim (whether
direct, derivative or otherwise) of any nature against or on behalf of the Trust, or any Class, the Trustees or officers of the
Trust, or the Investment Adviser, shall be brought exclusively in the United States District Court for the District of Massachusetts,
or to the extent such court does not have jurisdiction then such actions and/or claims shall be brought in the Superior Court of
Suffolk County for the Commonwealth of Massachusetts. If a Shareholder or group of Shareholders bring a claim in a jurisdiction
other than as specified above, and venue for such claim is subsequently changed through legal process to the United States District
Court for the District of Massachusetts or the Superior Court of Suffolk County for the Commonwealth of Massachusetts, such Shareholder(s)
shall reimburse all expenses incurred by the Trust or any other Person in effecting such change of venue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">A Shareholder or Shareholders may bring a derivative action on behalf of the Trust only in
accordance with the terms of this Section 4.10 in addition to any requirements applicable to shareholders of a Massachusetts business
corporation that are not inconsistent with the terms of this Declaration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Except to the extent expressly permitted under the federal securities laws, no Shareholder
or group of Shareholders shall have the right to bring or maintain any court action, proceeding or claim on behalf of the Trust
or any Class of Shares without first making demand on the Trustees requesting the Trustees to bring or maintain such action, proceeding
or claim. Such demand shall not be excused under any circumstances, including claims of alleged interest on the part of the Trustees,
unless the demanding Shareholder(s) make a specific showing that irreparable nonmonetary injury to the Trust or Class of Shares
that the Shareholder(s) could not reasonably have prevented would otherwise result. Such demand shall be mailed to the Secretary
of the Trust at the Trust&#8217;s principal office and shall set forth with particularity the nature of the proposed court action,
proceeding or claim and the essential facts relied upon by the Shareholder(s) to support the allegations made in the demand. The
Trustees shall consider the merits of the claim and determine whether commencing or maintaining a suit would be in the best interests
of the Trust or the affected Class, as applicable. In their sole discretion, the Trustees may submit the question of whether to
proceed with the claim to a vote of Shareholders of the Trust or a Class of Shares, as appropriate. To the maximum extent permitted
by law, any decision by the Trustees to bring, maintain or settle (or not to bring, maintain or settle) such court action, proceeding
or claim, or to submit the matter to a vote of Shareholders, shall be final and binding upon the Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">e)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Any Trustee acting in connection with any demand or any proceeding relating to a claim on
behalf of or for the benefit of the Trust or any Class thereof who is not an Interested Person of the Trust shall be deemed to
be independent and disinterested with respect to any actions taken in connection with any such demand, proceeding, or claim. Without
limiting the foregoing, a Trustee otherwise independent for purposes of considering the demand shall not be considered not to be
independent and disinterested by virtue of (i) the fact that such Trustee receives remuneration for his service as a Trustee of
the Trust or as a trustee or director of one or more investment companies with the same or an affiliated investment adviser or
underwriter, (ii)</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">16</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">the amount of such remuneration, (iii) the fact that such Trustee
was identified in the demand as a potential defendant or witness or was named as a defendant in any derivative action, or (iv)
the fact that the Trustee approved or participated in the act being challenged in the demand if the act resulted in no material
personal benefit to the Trustee or, if the Trustee is also a Shareholder, no material personal benefit that is not shared pro rata
with other Shareholders of the Class of which the Trustee is a Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">f)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">For purposes of this Section 4.10, the Trustees may designate a committee to consider a demand
by Shareholders. Such committee (or the Trustees in the absence of a committee) shall be entitled to retain counsel or other advisers
in considering the merits of the demand. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">g)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Any diminution in the value of the Shareholder&#8217;s shares, or any other claim arising
out of or relating to an allegation regarding the actions, inaction, or omissions of or by the Trustees, the Trust&#8217;s officers,
or the Investment Adviser is a legal claim belonging only to the Trust and not to the Shareholders individually. Accordingly, all
Shareholders shall be bound to bring any and all such claims pursuant only to the provisions of Section 4.10(c) - (e). For these
purposes, the Trust is deemed to be a separate and distinct legal entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">h)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">In the event that any current or former Shareholder or anyone on such a Shareholder&#8217;s
behalf (each, a &#8220;Claiming Party&#8221;) initiates or asserts any claim in a derivative action brought by or in the right
of the Trust (&#8220;Claim&#8221;) or joins, offers substantial assistance to or has a direct financial interest in any Claim against
the Trust and/or any Trustee, Trust officer or the Investment Adviser (the &#8220;Defendants&#8221;), then to the fullest extent
permitted by law, either (i) if the Claiming Parties are found to have brought or maintained the Claim without reasonable cause
or for an improper purpose, then each Claiming Party shall be obligated jointly and severally to reimburse the Defendants&#8217;
reasonable expenses, including counsel fees, incurred in defending the Claim or (ii) if the Claim is found to have resulted in
a substantial benefit to the Trust, the Trust shall be obligated to reimburse the Claiming Parties&#8217; reasonable expenses,
including counsel fees, incurred in pursuing the Claim.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Article
V - Committees</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 5.1 Executive and Other Committees</U>. The Trustees by vote of a majority of all
the Trustees may elect from their own number an Executive Committee to consist of not less than two (2) members to hold office
at the pleasure of the Trustees, which shall have the power to conduct the current and ordinary business of the Trust while the
Trustees are not in session, including the purchase and sale of securities and the designation of securities to be delivered upon
redemption of Shares of the Trust or a Series or Class thereof, and such other powers of the Trustees as the Trustees may, from
time to time, delegate to them except those powers which by law, the Declaration of Trust or these By-Laws they are prohibited
from delegating. The Trustees may also elect from their own number other committees from time to time; the number composing such
committees, the powers conferred upon the same (subject to the same limitations as with respect to the Executive Committee) and
the term of membership on such committees to be determined by the Trustees. The Trustees may designate a chair of any such</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">17</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">committee. In the absence of such designation the committee
may elect its own chair.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 5.2 Meetings, Quorum and Manner of Acting</U>. The Trustees may (1) provide for
stated meetings of any committee, (2) specify the manner of calling and notice required for special meetings of any committee,
(3) specify the number of members of a committee required to constitute a quorum and the number of members of a committee required
to exercise specified powers delegated to such committee, (4) authorize the making of decisions to exercise specified powers by
written assent of the requisite number of members of a committee without a meeting, and (5) authorize the members of a committee
to meet by means of a telephone conference circuit.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in"><FONT STYLE="letter-spacing: 0.2pt">Each
committee shall keep regular minutes of its meetings and records of decisions taken without a meeting and cause them to be recorded
in a book designated for that purpose and kept in the office of the Trust.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in"><FONT STYLE="letter-spacing: 0.2pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Article
vi - Officers</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 6.1 General Provisions</U>. The officers of the Trust shall be a President, a Treasurer
and a Secretary, who shall be elected by the Trustees. The Trustees may elect or appoint such other officers or agents as the business
of the Trust may require, including a Chief Financial Officer, one or more Vice Presidents, one or more Assistant Secretaries,
and one or more Assistant Treasurers. The Trustees may delegate to any officer or committee the power to appoint any subordinate
officers or agents.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 6.2 Election, Term of Office and Qualifications</U>. The officers of the Trust
and any Series or Class thereof shall be elected by the Trustees. Each officer elected by the Trustees shall hold office at the
pleasure of the Trustees. Any two or more offices may be held by the same person. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 6.3 Resignation; Removal</U>. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">a)&nbsp;&nbsp;&nbsp;&nbsp;The Trustees, at any regular or
special meeting of the Trustees, may remove any officer with or without cause, by a vote of a Majority of the Trustees present
at any such meeting, at which a quorum is present. Any officer or agent appointed by an officer or committee may be removed with
or without cause by such appointing officer or committee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">b)&nbsp;&nbsp;&nbsp;&nbsp;Any officer of the Trust may resign
by filing a written resignation with the President or with the Trustees or with the Secretary, which shall take effect on being
so filed or at such time as may otherwise be specified therein.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 6.4 Powers and Duties of the President</U>. The President shall be the chief executive
officer of the Trust and shall preside at all meetings of the Trustees and Shareholders in the absence of the Chairman or a Vice
Chairman. Subject to the control of the Trustees and to the control of any committees of the Trustees, within their respective
spheres as provided by the Trustees, the President shall at all times exercise general supervision over the business and policies
of the Trust. The President shall have the power to employ attorneys and counsel for the</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">18</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Trust or any Series or Class thereof and to employ such subordinate
officers, agents, clerks and employees as the President may find necessary to transact the business of the Trust or any Series
or Class thereof. The President shall also have the power to grant, issue, execute or sign such powers of attorney, proxies or
other documents as may be deemed advisable or necessary in furtherance of the interests of the Trust or any Series or Class thereof.
The President shall have such other powers and duties, as from time to time may be conferred upon or assigned to the President
by the Trustees.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 6.5 Powers and Duties of Vice Presidents</U>. In the absence or disability of the
President, the Vice President or, if there be more than one Vice President, any Vice President designated by the Trustees, shall
perform all the duties and may exercise any of the powers of the President, subject to the control of the Trustees. Each Vice President
shall perform such other duties as may be assigned to him or her from time to time by the Trustees and the President.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 6.6 Powers and Duties of the Treasurer</U>. The Treasurer shall deliver all funds
of the Trust or any Series or Class thereof which may come into his or her hands to such Custodian as the Trustees may employ.
The Treasurer shall render a statement of condition of the finances of the Trust or any Series or Class thereof to the Trustees
as often as they shall require the same and the Treasurer shall in general perform all the duties incident to the office of a Treasurer
and such other duties as from time to time may be assigned to him or her by the Trustees. The Treasurer shall give a bond for the
faithful discharge of his or her duties, if required so to do by the Trustees, in such sum and with such surety or sureties as
the Trustees shall require.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 6.7 Powers and Duties of the Secretary</U>. The Secretary shall keep the minutes
of all meetings of the Trustees and of the Shareholders in proper books provided for that purpose; the Secretary shall have custody
of the seal of the Trust; the Secretary shall have charge of the Share transfer books, lists and records unless the same are in
the charge of a transfer agent. The Secretary shall attend to the giving and serving of all notices by the Trust in accordance
with the provisions of these By-Laws and as required by law; and subject to these By-Laws, the Secretary shall in general perform
all duties incident to the office of Secretary and such other duties as from time to time may be assigned to him or her by the
Trustees.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 6.8 Powers and Duties of Assistant Treasurers</U>. In the absence or disability
of the Treasurer, any officer designated by the Trustees shall perform all the duties, and may exercise any of the powers, of the
Treasurer. Each officer shall perform such other duties as from time to time may be assigned to him or her by the Trustees. Each
officer performing the duties and exercising the powers of the Treasurer, if any, and any Assistant Treasurer, shall give a bond
for the faithful discharge of his or her duties, if required so to do by the Trustees, in such sum and with such surety or sureties
as the Trustees shall require.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 6.9 Powers and Duties of Assistant Secretaries</U>. In the absence or disability
of the Secretary, any Assistant Secretary designated by the Trustees shall perform all the duties, and may exercise any of the
powers, of the Secretary. Each Assistant Secretary shall perform such other duties as from time to time may be assigned to him
or her by the Trustees.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 6.10 Compensation of Officers and Trustees and Members of the Advisory Board</U>.
Subject to any applicable provisions of the Declaration of Trust, the compensation of the</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">19</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">officers and Trustees and members of an advisory board shall
be fixed from time to time by the Trustees or, in the case of officers, by any committee or officer upon whom such power may be
conferred by the Trustees. No officer shall be prevented from receiving such compensation as such officer by reason of the fact
that such officer is also a Trustee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 6.11 Designation of Principal Accounting Officer(s) and Principal Financial Officer(s)</U>.
The Trustees shall designate by resolution one or more officers of the Trust as the principal accounting officer(s) and the principal
financial officer(s) for all purposes required by the Securities Act of 1933, as amended from time to time.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Article
VII - Shares of Beneficial Interest</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 7.1 Share Certificates</U>. The Trustees may issue Shares either in certificated
or uncertificated form, and if they have issued Shares in certificated form, they may, by written notice to the holders of such
Shares, require the surrender of their certificates to the Trust for cancellation, which surrender and cancellation shall not affect
the ownership of such Shares. For any Shares issued without certificates, the Trust or its 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 such Shares as if they had received certificates therefor and shall be held to
have expressly assented and agreed to the terms hereof and of the Declaration of Trust.
For any Shares for which the Trustees shall issue certificates, each holder of such Shares 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. The certificates
representing Shares shall be signed by the Chairman, President or a Vice-President and by the Treasurer or an Assistant Treasurer,
and sealed with the seal of the Trust. Any or all of the signatures or the seal of the Trust on the certificate may be a facsimile.
In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate
which shall have ceased to be such officer, transfer agent or registrar before such certificate shall be issued, it may be issued
by the Trust with the same effect as if such officer, transfer agent or registrar were still in office at the date of issue.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 7.2 Regulations</U>. The Trustees may make such additional rules and regulations,
not inconsistent with these By-Laws, as they may deem expedient concerning the issue, transfer and registration of certificates
for Shares of the Trust. They may appoint, or authorize any officer or officers to
appoint, one or more transfer agents or one or more transfer clerks and one or more registrars and may require all certificates
for Shares to bear the signature or signatures of any of them.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 7.3 Lost, Destroyed or Mutilated Certificates</U>. The holder of any certificates
representing Shares of the Trust shall immediately notify the Trust of any loss, destruction or mutilation of such certificate,
and the Trust may issue a new certificate in the place of any certificate theretofore issued by it which the owner thereof shall
allege to have been lost or destroyed or which shall have been mutilated, and the Trustees may, in their discretion, require such
owner or such owner's legal representative to give to the Trust a bond in such sum, limited or unlimited, and in such form and
with such surety or sureties, as the Trustees in their absolute</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">20</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">discretion shall determine, to indemnify the Trust against
any claim that may be made against it on account of the alleged loss or destruction of any such certificate or issuance of a new
certificate.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 7.4 Disclosure of Holdings</U>. The record or beneficial holders of Shares or other
securities of the Trust, including any derivative instrument, swap, option, warrant, short interest, hedge or profit interest or
other transaction with respect to Shares, shall upon demand disclose to the Trustees in writing such information with respect to
direct and indirect ownership of Shares or other securities of the Trust, including any derivative instrument, swap, option, warrant,
short interest, hedge or profit interest or other transaction with respect to Shares, as the Trustees deem necessary or appropriate.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Article
VIII - INDEMNIFICATION</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">The Trust may enter into indemnification
agreements with any Trustee of the Trust and with any officer of the Trust subject to such other qualifications, limitations or
restrictions as provided in the Declaration of Trust.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Article
IX - Terms of Common Shares</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 9.1 Common Shares</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt; letter-spacing: 0.05pt">a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: 0.05pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">The Common Shares shall rank junior to any issued and outstanding preferred shares (&#147;<U>Preferred
Shares</U>&#147;) with respect to payment of dividends and distributions on liquidation or dissolution and shall have such other
qualifications, limitations or restrictions as provided in the Declaration of Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Except as otherwise provided herein or by law and the Declaration of Trust, the holders of
the Common Shares shall be entitled to one vote for each whole Share on each matter submitted to a vote of the Shareholders of
the Trust. If Preferred Shares are issued and outstanding, the holders of the Common Shares and the holders of the Preferred Shares
shall vote together as a single class except as herein provided or to the extent otherwise required by the 1940 Act or the Declaration
of Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">c)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">After all accumulated and unpaid dividends upon all Preferred Shares, if any, for all previous
dividend periods have been paid, and full dividends on all outstanding Preferred Shares, if any, for the then-current dividend
period have been paid or declared and a sum sufficient for the payment thereof set apart therefore, then and not otherwise, dividends
or other distributions may be declared upon and paid to the holders of the Common Shares, to the exclusion of the holders of the
Preferred Shares, if any.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">d)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">In the event of the dissolution, liquidation, or winding up of the Trust, whether voluntary
or involuntary, after payment in full of the amounts, if any, required to be paid to the holders of the Preferred Shares, the holders
of the Common Shares shall be entitled, to the</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">21</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">exclusion of the holders of the Preferred Shares, if any, to
share ratably in all remaining assets of the Trust.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Article
X - Fiscal Year</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">The fiscal year of the Trust and any Series
or Class thereof shall be established by resolution of the Trustees.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Article
XI - Inspection of Books</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">The Trustees shall from time to time determine
whether and to what extent, and at what times and places, and under what conditions and regulations the accounts and books of the
Trust or any of them shall be open to the inspection of the Shareholders; and no Shareholder shall have any right to inspect any
account or book or document of the Trust except as conferred by applicable law or authorized by the Trustees.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Article
XII - Seal</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">The Trustees may adopt a seal which shall
be in such form and shall have such inscription thereon as the Trustees may from time to time prescribe but the absence of a seal
shall not impair the validity or execution of any document.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Article
XIII - REPORTS TO SHAREHOLDERS</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">The
Trustees shall submit to Shareholders such written financial reports of the transactions of the Trust and any Series or Class thereof,
as required by applicable law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Article
XIV - SUFFICIENCY AND WAIVERS OF NOTICE</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">Whenever
any notice whatever is required to be given by law, the Declaration of Trust or these By-Laws, a waiver thereof in writing, signed
by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent thereto.
A notice shall be deemed to have been sent by mail, telegraph, cable, wireless, facsimile or electronic means for the purposes
of these By-Laws when it has been delivered to a representative of any entity holding itself out as capable of sending notice by
such means with instructions that it be so sent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">22</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="letter-spacing: 0.1pt"><U>Article
XV - Provisions in Conflict with Law or Regulation</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 15.1 Severability</U></FONT>. The provisions of these By-Laws
are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with
the 1940 Act, the regulated investment company provisions of the Internal Revenue Code of 1986 or with other applicable binding
laws and regulations, the conflicting provision shall be construed in such a manner consistent with such law as may most closely
reflect the intention of the offending provision; <U>provided</U>, <U>however</U>, that such determination shall not affect any
of the remaining provisions of these By-Laws or render invalid or improper any action taken or omitted prior to such determination.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 15.2 Invalidity</U></FONT>. If any provision of these By-Laws
shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision
in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of these
By-Laws in any jurisdiction.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Article
XVI - Governing Law</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">These By-Laws shall be subject to and construed
according to the laws of the Commonwealth of Massachusetts.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Article
XVII - Amendments</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">These By-Laws, or any of them, may be altered,
amended or repealed, or new By-Laws may be adopted by a vote of a Majority of the Trustees, <U>provided</U>, <U>however</U>, that
no By-Law may be amended, adopted or repealed by the Trustees if such amendment, adoption or repeal requires, pursuant to federal
or state law, the Declaration of Trust or these By-Laws, a vote of the Shareholders, in which case such vote of Shareholders, together
with a vote of a Majority of the Trustees, shall be required.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">23</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">JOHN HANCOCK INCOME SECURITIES TRUST</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<HR SIZE="1" COLOR="#000000" NOSHADE WIDTH="30%">

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; ">
AMENDED AND RESTATED<BR>
DECLARATION OF TRUST</P>

<P STYLE="font: 12pt/normal Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">JANUARY 22, 2016</P>

<HR SIZE="1" COLOR="#000000" NOSHADE WIDTH="30%">

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-weight: normal">Table
of Contents</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 90%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-decoration: underline; text-align: right"><U>Page</U></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%"><FONT STYLE="text-transform: uppercase; color: #010000">Article I</FONT><U> NAME AND DEFINITIONS</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">1</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 1.1.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Name and Principal Place of Business</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">1</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 1.2.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Definitions</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">2</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%"><FONT STYLE="text-transform: uppercase; color: #010000">Article II</FONT><U> TRUSTEES</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">4</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 2.1.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Powers</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">4</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 2.2.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Legal Title</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">10</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 2.3.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Number of Trustees: Term of Office</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">11</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 2.4.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Qualification of Trustees</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">11</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 2.5.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Election of Trustees</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">11</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 2.6.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Resignation and Removal</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">12</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 2.7.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Vacancies</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">12</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 2.8.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Committees; Delegation</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">13</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 2.9.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Action Without a Meeting; Participation by Conference Telephone</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">14</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 2.10.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>By-Laws</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">15</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 2.11.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>No Bond Required</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">15</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 2.12.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Reliance on Experts, Etc</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">15</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 2.13.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Effect of Issuance of Preferred Shares on Provisions Relating to the Board of Trustees</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">16</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%"><FONT STYLE="text-transform: uppercase; color: #010000">Article III</FONT><U> CONTRACTS</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">16</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 3.1.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Underwriting Contract</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">16</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 3.2.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Advisory or Management Contract</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">16</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 3.3.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Affiliations of Trustees or Officers, Etc</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">17</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%"><FONT STYLE="text-transform: uppercase; color: #010000">Article IV</FONT><U> LIMITATION OF LIABILITY; INDEMNIFICATION</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">18</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 4.1.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>No Personal Liability of Shareholders, Trustees, Etc</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">18</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 4.2.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Execution of Documents; Notice; Apparent Authority</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">19</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 4.3.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Indemnification of Trustees, Officers, Etc.</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">19</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 4.4.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Indemnification of Shareholders</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">22</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%"><FONT STYLE="text-transform: uppercase; color: #010000">Article V</FONT><U> SHARES OF BENEFICIAL INTEREST</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">22</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 5.1.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Beneficial Interest</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">22</TD></TR>
</TABLE>

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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">i</P>

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<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 90%; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 5.2.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Rights of Shareholders</U></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">23</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 5.3.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Trust Only; No Implied Duties</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">24</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 5.4.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Issuance of Shares</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">24</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 5.5.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Register of Shares</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">25</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 5.6.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Common Share Certificates</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">25</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 5.7.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Transfer of Shares</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">27</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 5.8.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Voting Powers</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">27</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 5.9.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Meetings of Shareholders</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">28</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 5.10.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Action Without a Meeting</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">30</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 5.11.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Class Designation</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">30</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%"><FONT STYLE="text-transform: uppercase; color: #010000">Article VI</FONT><U> DETERMINATION OF NET ASSET VALUE; DISTRIBUTIONS</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">31</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 6.1.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>By Whom Determined</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">31</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 6.2.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>When Determined</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">31</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 6.3.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Computation of Per Common Share Net Asset Value</U>.</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">31</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 6.4.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Interim Determinations</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">34</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 6.5.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Outstanding Common Shares</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">34</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 6.6.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Distributions to Shareholders</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">35</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 6.7.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Power to Modify Foregoing Procedures</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">36</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%"><FONT STYLE="text-transform: uppercase; color: #010000">Article VII</FONT><U> CUSTODIAN</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">36</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 7.1.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Appointment and Duties</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">36</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 7.2.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Action Upon Termination of Custodian Agreement</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">37</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 7.3.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Central Certificate System, Etc</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">37</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 7.4.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Acceptance of Receipts in Lieu of Certificates</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">38</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 35.1pt; line-height: 200%; text-indent: -35.1pt"><FONT STYLE="text-transform: uppercase; color: #010000">Article VIII</FONT><U> DURATION; TERMINATION OF TRUST; AMENDMENT; MERGERS, ETC.</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">38</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 8.1.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Duration and Termination</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">38</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 8.2.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Amendment Procedure</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">40</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 8.3.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Merger, Consolidation and Sale of Assets</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">41</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 8.4.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Incorporation</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">41</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%"><FONT STYLE="text-transform: uppercase; color: #010000">Article IX</FONT><U> REPORTS TO SHAREHOLDERS</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">42</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%"><FONT STYLE="text-transform: uppercase; color: #010000">Article X</FONT><U> MISCELLANEOUS</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">42</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 10.1.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Filing</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">42</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 10.2.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Governing Law</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">43</TD></TR>
</TABLE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">ii</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 90%; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 10.3.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Counterparts</U></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">43</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 10.4.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Reliance by Third Parties</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">43</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 10.5.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Provisions in Conflict with Law or Regulations</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">43</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; line-height: 200%; text-indent: -1in">Section 10.6.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 11pt">&nbsp;&nbsp;</FONT><U>Section Headings; Interpretation</U></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 200%; text-align: right">44</TD></TR>
</TABLE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">iii</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AMENDED AND RESTATED DECLARATION OF
TRUST</B></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>JOHN HANCOCK INCOME SECURITIES TRUST</B></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">AMENDED AND RESTATED DECLARATION OF TRUST,
made this 22nd day of January, 2016 by the undersigned (together with all other persons from time to time duly elected, qualified
and serving as Trustees in accordance with the provisions of Article II hereof, the &ldquo;Trustees&rdquo;).</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in">WHEREAS, pursuant to a declaration
of trust executed and delivered on October 5, 1984 (the &ldquo;Original Declaration&rdquo;), the Trustees previously established
a trust which acquired all of the assets and liabilities, and assumed and carried on the business of John Hancock Income Securities
Corporation, a Maryland corporation and a closed-end investment company registered under the 1940 Act;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">WHEREAS, the Trustees desire to amend and
restate this Declaration of Trust in its entirety; and</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">NOW, THEREFORE, the Trustees hereby amend
and restate this Declaration of Trust as hereinafter set forth.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">Article
I</FONT><BR>
<U>NAME AND DEFINITIONS</U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
1.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Name and Principal Place of Business</U>. The name of the Trust created hereby is the &ldquo;John Hancock Income
Securities Trust&rdquo;, and as far as may be practicable, the Trustees shall conduct the business and activities of the Trust
created hereby and execute all documents and take all actions under that name or any other name they may from time to time determine,
which name (and the word &ldquo;Trust&rdquo; whenever used in this Declaration, except where</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">1</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">the context requires otherwise) shall refer to the Trustees
in their capacity as Trustees, and not individually or personally, and shall not refer to the officers, agents, employees or shareholders
of the Trust created hereby or of such Trustees. The Trust&rsquo;s principal place of business is 601 Congress Street, Boston,
Massachusetts 02210.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
1.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Definitions</U>. Wherever they are used herein, the following terms have the following meanings:</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Affiliated Person</U>&rdquo;
shall have the meaning set forth in Section 2(a)(3) of the 1940 Act.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>By-Laws</U>&rdquo; shall mean
the By-Laws, if any, adopted pursuant to Section 2.10 hereof, as from time to time amended.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Class</U>&rdquo; or &ldquo;<U>Class
of Shares</U>&rdquo; means any division of Shares into two or more Classes in accordance with the provisions of Article V.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Commission</U>&rdquo; shall mean
the Securities and Exchange Commission.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Common Shares</U>&rdquo; shall
mean the Trust&rsquo;s common shares of beneficial interest or any class thereof established in accordance with this Declaration.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Custodian</U>&rdquo; shall mean
any Person other than the Trustees who has custody of any Trust Property as required by Section 17(f) of the 1940 Act.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">&ldquo;<U>Declaration</U>&rdquo;
shall mean this Declaration of Trust, as amended from time to time.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">&ldquo;<U>Distributor</U>&rdquo;
shall have the meaning set forth in Section 3.1 hereof.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Interested Person</U>&rdquo;
shall have the meaning set forth in Section 2(a)(19) of the 1940 Act.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Investment Adviser</U>&rdquo;
shall have the meaning set forth in Section 3.2 hereof.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Majority Shareholder Vote</U>&rdquo;
shall mean the vote of a majority of the outstanding voting securities, as defined in Section 2(a)(42) of the 1940 Act.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">2</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>1940 Act</U>&rdquo; shall mean
the Investment Company Act of 1940, as amended from time to time.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Person</U>&rdquo; shall mean
an individual, a company, a corporation, partnership, trust, or association, a joint venture, an organization, a business, a firm
or other entity, whether or not a legal entity, or a country, state, municipality or other political subdivision or any governmental
agency or instrumentality.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Preferred Shares</U>&rdquo; mean
the Trust&rsquo;s preferred shares or any Class thereof. The provisions of this Declaration relating to the Preferred Shares shall
have no force and effect unless and until one or more Classes of Preferred Shares are first duly authorized, issued and outstanding.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Principal Underwriter</U>&rdquo;
shall have the meaning set forth in Section 2(a)(29) of the 1940 Act.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Shareholder</U>&rdquo; means
a record owner of Outstanding Shares.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Shares</U>&rdquo; means the equal
proportionate transferable units of interest into which the beneficial interest in the Trust shall be divided from time to time,
including any Class which may be established by the Trustees, and includes fractions of Shares as well as whole Shares.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Outstanding
Shares</U>&rdquo; means those Shares shown from time to time on the books of the Trust or its Transfer Agent as then issued and
outstanding, but shall not include Shares which have been redeemed or repurchased by the Trust and which are at the time held in
the treasury of the Trust.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Transfer Agent</U>&rdquo; shall
mean any Person other than the Trustees who maintains the Shareholder records of the Trust, such as the list of Shareholders, the
number of Shares credited to each account, and the like.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">3</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Trust</U>&rdquo; shall mean the
Massachusetts business trust (the &ldquo;John Hancock Income Securities Trust&rdquo;) established by this Declaration, as from
time to time amended.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Trust Property</U>&rdquo; shall
mean any and all property, real or personal, tangible or intangible, which is owned or held by or for the account of the Trust
or the Trustees.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&ldquo;<U>Trustees</U>&rdquo; shall mean
the individuals who have signed this Declaration, so long as they shall continue in office in accordance with the terms hereof,
and all other individuals who may from time to time be duly elected or appointed, qualified and serving as Trustees in accordance
with the provisions of Article II hereof, and reference herein to a Trustee or the Trustees shall refer to such person or persons
in his or her capacity or their capacities as trustees hereunder.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">Article
II</FONT><BR>
<U>TRUSTEES</U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
2.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Powers</U>. The Trustees, subject only to the specific limitations contained in this Declaration, shall have exclusive
and absolute power, control and authority over the Trust Property and over the business of the Trust to the same extent as if the
Trustees were the sole owners of the Trust Property and business in their own right, including such power, control and authority
to do all such acts and things as in their sole judgment and discretion are necessary, incidental, convenient or desirable for
the carrying out of or conducting of the business of the Trust or in order to promote the interests of the Trust, but with such
powers of delegation as may be permitted by this Declaration. The enumeration of any specific power, control or authority herein
shall not be construed as limiting the aforesaid power, control and authority or any other specific power, control or authority.
The Trustees shall have power to conduct and carry on the business of the Trust, or any part thereof, to have one or more offices
and to exercise any or all of its trust powers and rights, in the Commonwealth of Massachusetts, in any other states,</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">4</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">territories, districts, colonies and dependencies of the United
States and in any foreign countries. In construing the provisions of this Declaration, the presumption shall be in favor of a grant
of power to the Trustees. Such powers of the Trustees may be exercised without order of or resort to any court.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Without limiting the foregoing, the Trustees
shall have the power:</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To operate as and to carry on the business of an investment company, and to exercise all the powers necessary and
appropriate to the conduct of such operations.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To subscribe for and to invest and reinvest funds in, and hold for investment, the securities (including but not
limited to bonds, debentures, time notes, certificates of deposit, commercial paper, bankers&rsquo; acceptances and all other evidences
of indebtedness and shares, stock, subscription rights, profit-sharing interests or participations and all other contracts for
or evidences of equity interests) of any Person and to hold cash uninvested.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To acquire (by purchase, subscription or otherwise), to trade in and deal in, to sell or otherwise dispose of, to
enter into repurchase agreements and firm commitment agreements with respect to, and to lend and to pledge any such securities.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To acquire (by purchase, subscription or otherwise), to trade in and deal in, to sell or otherwise dispose of, options
or futures on any such securities or on any index composed of such securities.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To exercise all rights, powers and privileges of ownership or interest in all securities included in the Trust Property,
including the right to vote, give assent, execute and deliver proxies or powers of attorney to such person or persons as the Trustees
shall deem proper and otherwise act with respect thereto and to do all acts for the preservation,</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">5</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">protection, improvement and enhancement in value
of all such securities and to delegate, assign, waive or otherwise dispose of any of such rights, powers or privileges.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To exercise powers and rights of subscription or otherwise which in any manner arise out of the Trust&rsquo;s ownership
of securities.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To declare (from interest, dividends or other income received or accrued, from accruals of original issue or other
discounts on obligations held, from capital or other profits whether realized or unrealized and from any other lawful sources)
dividends and distributions on the Shares of any Class and to credit the same to the account of Shareholders of such Class, or
at the election of the Trustees to accrue income to the account of Shareholders of such Class, on such dates (which may be as frequently
as every day) as the Trustees may determine. Subject to the rights of a specific Class of Shares, such dividends, distributions
or accruals shall be payable in cash, property or Shares at such intervals as the Trustees may determine at any time in advance
of such payment, whether or not the amount of such dividend, distribution or accrual can at the time of declaration or accrual
be determined or must be calculated subsequent to declaration or accrual and prior to payment by reference to amounts or other
factors not yet determined at the time of declaration or accrual (including but not limited to the amount of a dividend or distribution
to be determined by reference to what is sufficient to enable the Trust to qualify as a regulated investment company under the
United States Internal Revenue Code of 1986, as amended, or to avoid liability for federal income tax).</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">The power granted by this Subsection
(g) shall include, without limitation, and if otherwise lawful, the power (i) to declare dividends or distributions or to accrue
income to the account of Shareholders of any Class by means of a formula or other similar</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">6</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">method of determination whether or not the amount
of such dividend or distribution can be calculated at the time of such declaration; (ii) to establish record or payment dates for
dividends or distributions on any basis, including the power to establish a number of record or payment dates subsequent to the
declaration of any dividend or distribution; (iii) to establish the same payment date for any number of dividends or distributions
declared prior to such date; and (iv) to provide in advance for conditions under which any dividend or distribution may be payable
in Shares to all or less than all of the Shareholders of a specific Class.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(h)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To acquire (by purchase, lease or otherwise) and to hold, use, maintain, develop and dispose of (by sale, lease or
otherwise) any property, real or personal, and any interest therein.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To borrow money, and in this connection to issue notes or other evidences of indebtedness; to secure borrowings by
mortgaging, pledging or otherwise subjecting to security interests the Trust Property; and to lend Trust Property.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(j)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To aid by further investment any Person, if any obligation of or interest in such Person is included in the Trust
Property or if the Trustees have any direct or indirect interest in the affairs of such Person; to do anything designed to preserve,
protect, improve or enhance the value of such obligation or interest; and to endorse or guarantee or become surety on any or all
of the contracts, stocks, bonds, notes, debentures and other obligations of any such Person; and to mortgage the Trust Property
or any part thereof to secure any of or all such obligations.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">7</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(k)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To promote or aid the incorporation of any organization or enterprise under the law of any country, state, municipality
or other political subdivision, and to cause the same to be dissolved, wound up, liquidated, merged or consolidated.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(l)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To enter into joint ventures, general or limited partnerships and any other combinations or associations.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To purchase and pay for entirely out of Trust Property insurance policies insuring the Shareholders, Trustees, officers,
employees and agents of the Trust, the Investment Adviser, the Distributor and dealers or independent contractors of the Trust
against all-claims and liabilities of every nature arising by reason of holding or having held any such position or by reason of
any action taken or omitted by any such Person in such capacity, whether or not constituting negligence and whether or not the
Trust would have the power to indemnify such Person against such liability.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(n)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To establish and carry out pension, profit-sharing, share purchase, share bonus, savings, thrift and other retirement,
incentive and benefit plans for any Trustees, officers, employees or agents of the Trust.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(o)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To the extent permitted by law and determined by the Trustees, to indemnify any Person with whom the Trust has dealings,
including, without limitation, the Shareholders, the Trustees, the officers, employees and agents of the Trust, the Investment
Adviser, the Distributor, the Transfer Agent, the Custodian and dealers.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(p)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To incur and pay any charges, taxes and expenses which in the opinion of the Trustees are necessary or incidental
to or proper for carrying out any of the purposes of this Declaration, and to pay from the funds of the Trust Property to themselves
as Trustees reasonable compensation and reimbursement for expenses.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">8</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(q)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To prosecute or abandon and to compromise, arbitrate or otherwise adjust claims in favor of or against the Trust
or any matter in controversy, including but not limited to claims for taxes.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(r)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To foreclose any security interest securing any obligations owed to the Trust.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To exercise the right to consent, and to enter into releases, agreements and other instruments, including, but not
limited to, the right to consent or participate in any plan for the reorganization, consolidation or merger of any corporation
or issuer any security of which is or was held by the Trust; to consent to any contract, lease, mortgage, purchase or sale of such
property by said corporation or issuer, and to pay calls or subscriptions with respect to securities held by the Trust.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(t)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To employ or contract with such Persons as the Trustees may deem desirable for the transaction of the business of
the Trust.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(u)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To determine and change the fiscal year of the Trust and the method in which its accounts shall be kept.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(v)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To adopt a seal for the Trust, but the absence of such seal shall not impair the validity of any instrument executed
on behalf of the Trust.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(w)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To establish multiple Classes of Shares (as authorized herein at Section 5.11), and to the extent necessary or appropriate
to give effect to preferences, special or relative rights and privileges of any Class of Shares, to allocate assets, liabilities,
income and expenses of the Shares or to apportion the same among two or more Classes.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(x)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To take such actions as are authorized or required to be taken by the Trustees pursuant to other provisions of this
Declaration.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">7</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(y)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>In general to carry on any other business in connection with or incidental to any of the objects and purposes of
the Trust, to do everything necessary, suitable or proper for the accomplishment of any purpose or the attainment of any object
or the furtherance of any power herein set forth, either alone or in association with others, and to take any action incidental
or appurtenant to or growing out of or connected with the business, purposes, objects or powers of the Trustees.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The foregoing clauses shall be construed
both as objects and as powers, and the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner
the general powers of the Trustees.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trustees shall not be limited by any
law now or hereafter in effect limiting the investments which may be made or retained by fiduciaries, but they shall have full
power and authority to make any and all investments within the limitation of this Declaration that they, in their sole and absolute
discretion, shall determine, and without liability for loss even though such investments do not or may not produce income or are
of a character or in an amount not considered proper for the investment of trust funds.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
2.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Legal Title</U>. Legal title to all the Trust Property shall as far as may be practicable be vested in the name
of the Trust, which name shall refer to the Trustees in their capacity as Trustees, and not individually or personally, and shall
not refer to the officers, agents, employees or Shareholders of the Trust or of the Trustees, provided that the Trustees shall
have power to cause legal title to any Trust Property to be held by or in the name of one or more of the Trustees with suitable
reference to their trustee status, or in the name of the Trust, or in a form not indicating any trust, whether in bearer, unregistered
or other negotiable form, or in the name of a Custodian or sub-Custodian or a nominee or nominees or otherwise. The right, title
and</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">10</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">interest of the Trustees in the Trust Property shall vest automatically
in each Person who may hereafter become a Trustee. Upon the termination of the term of office of a Trustee, whether upon such Trustee&rsquo;s
resignation or removal, or upon the due election and qualification of his successor or upon the occurrence of any of the events
specified in the first sentence of Section 2.7 hereof or otherwise, such Trustee shall automatically cease to have any right, title
or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically
in the remaining Trustees. Such vesting and cessation of title shall be effective whether or not conveyancing documents have been
executed and delivered.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
2.3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Number of Trustees: Term of Office</U>. The number of Trustees shall be ten, which number may be increased and
thereafter decreased from time to time by a written instrument signed by a majority of the Trustees, provided that the number of
Trustees shall not be fewer than two nor more than fifteen. Each Trustee elected (whenever such election occurs) shall hold office
until his successor is elected and qualified or until the earlier occurrence of any of the events specified in the first sentence
of Section 2.7 hereof.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
2.4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Qualification of Trustees</U>. Of the total number of Trustees, at least 40% shall be persons who are not Interested
Persons of the Trust or of the Distributor.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
2.5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Election of Trustees</U>. Except as otherwise provided in Section 2.7 and Section 2.13 hereof, the Trustees shall
be elected annually at the annual Shareholders&rsquo; meeting. Trustees may succeed themselves in office. Trustees may be elected
at a Shareholders&rsquo; meeting. Trustees shall be elected by a plurality of the votes validly cast. The election of any Trustee
(other than an individual who was serving as a Trustee immediately prior thereto) shall not become effective, however, until the
individual named shall have accepted in writing such</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">11</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">election and agreed in writing to be bound by the terms of
this Declaration. Trustees need not own Shares.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
2.6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Resignation and Removal</U>. Any Trustee may resign his trust (without need for prior or subsequent accounting)
by an instrument in writing signed by him and delivered to the Chairman of the Board, or the Secretary or any Assistant Secretary,
and such resignation shall be effective upon such delivery, or at any later date specified in the instrument. Subject to the specific
rights of any Class of Shares, any of the Trustees may be removed (provided the aggregate number of Trustees after such removal
shall not be less than two) with cause by the affirmative vote of two-thirds of the remaining Trustees. Subject to the specific
rights of any Class of Shares, upon the resignation or removal of a Trustee, or his otherwise ceasing to be a Trustee, he shall
execute and deliver such documents as the remaining Trustees shall require for the purpose of conveying to the Trust or the remaining
Trustees any Trust Property held in the name of the resigning or removed Trustee. Upon the incapacity or death of any Trustee,
his legal representative shall execute and deliver on his behalf such documents as the remaining Trustees shall require as provided
in the preceding sentence.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
2.7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Vacancies</U>. Subject to the specific rights of any Class of Shares, the term of office of a Trustee shall terminate
and a vacancy shall occur in the event of the death, retirement, resignation or removal (whether pursuant to Section 2.6 hereof
or otherwise), bankruptcy, adjudicated incompetence or other incapacity to perform the duties of the office of a Trustee. No vacancy
shall operate to annul this Declaration or to revoke any existing agency created pursuant to the terms of the Declaration. Subject
to the specific rights of any Class of Shares, in the case of an existing vacancy, including a vacancy existing by reason of an
increase in the authorized number of Trustees, the remaining Trustees shall, subject to the requirements of</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">12</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">Section 2.4 hereof, fill such vacancy by the appointment of
such individual as they in their sole and absolute discretion shall see fit, made by a written instrument signed by a majority
of the Trustees then in office, provided that immediately after filling any such vacancy (except during the period preceding the
initial annual meeting of Shareholders) at least two-thirds of the Trustees then holding office shall have been elected to such
office by the Shareholders. In the event that at any time less than a majority of the Trustees holding office at that time were
elected by the Shareholders, a meeting of the Shareholders shall be held promptly and in any event within 60 days (unless the Commission
shall by order extend such period) for the purpose of electing Trustees to fill any existing vacancies. No such appointment or
election shall become effective, however, until the person named shall have accepted in writing such appointment or election and
agreed in writing to be bound by the terms of this Declaration. Whenever a vacancy in the number of Trustees shall occur, until
such vacancy is filled as provided in this Section 2.7, the Trustees in office, regardless of their number, shall have all the
powers granted to the Trustees and shall discharge all the duties imposed upon the Trustees by the Declaration.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
2.8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Committees; Delegation</U>. The Trustees shall have the power to appoint from their own number, and terminate,
any one or more committees consisting of two or more Trustees, including an executive committee which may exercise some or all
of the power and authority of the Trustees as the Trustees may determine (including but not limited to the power to determine net
asset value and net income), subject to any limitations contained in the By-Laws, and in general to delegate from time to time
to one or more of their number or to officers, employees or agents of the Trust such power and authority and the doing of such
things and the execution of such instruments, either in the name of the Trust or the names of the Trustees or otherwise, as the
Trustees may deem expedient, and that, in this regard, without limiting the</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">13</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">generality of the foregoing, the Trustees shall have the power
to delegate the authority to declare dividends and other distributions on Common Shares and any Preferred Shares to a committee
constituted for such purpose and the members of which consist of Trustees, officers, employees or agents of the Trust, provided
that no committee shall have the power</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>to change the principal office of the Trust;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>to amend the By-Laws;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>to issue Common Shares;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>to elect or remove from office any Trustee or the Chairman of the Board, the President, the Treasurer or the Secretary
of the Trust;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>to increase or decrease the number of Trustees;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>to authorize the repurchase of Common Shares; or</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(g)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>to authorize any merger, consolidation or sale, lease or exchange of all or substantially all of the Trust Property.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
2.9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Action Without a Meeting; Participation by Conference Telephone</U>. Any action required or permitted to be taken
at any meeting of the Trustees (or of any committee of the Trustees) may be taken without a meeting if written consents thereto
are signed by a majority of the Trustees then in office (or by a majority of the members of such committee) and such written consents
are filed with the records of the meetings. Trustees may participate in a meeting of the Trustees (or of any committee of the Trustees)
by means of a conference telephone or similar communications equipment if all individuals participating can hear each other at
the same time. Participation in a meeting by these means shall constitute presence in person at the meeting.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">14</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
2.10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>By-Laws</U>. The Trustees may adopt By-Laws not inconsistent
with this Declaration or law to provide for the conduct of the business of the Trust, and may amend or repeal such By-Laws.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
2.11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>No
Bond Required</U>. No Trustee shall be obligated to give any bond or other security for the performance of any of his duties hereunder.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
2.12.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Reliance
on Experts, Etc</U>. Each Trustee, officer, agent and employee of the Trust shall, in the performance of his duties, be fully and
completely justified and protected in relying in good faith upon this Declaration, the books of account or other records of the
Trust, or upon reports made to the Trustees (a) by any of the officers or employees of the Trust, (b) by the Investment Adviser,
the Distributor, the Custodian or the Transfer Agent, or (c) by any accountants, selected dealers or appraisers or other agents,
experts or consultants selected with reasonable care by the Trustees, regardless of whether such agent, expert or consultant may
also be a Trustee. The Trustees, officers, agents and employees of the Trust may take advice of counsel with respect to the meaning
and operation of this Declaration, and shall be under no liability for any act or omission in accordance with such advice or for
failing to follow such advice. The exercise by the Trustees of their powers and discretion hereunder and the construction in good
faith by the Trustees of the meaning or effect of any provision of this Declaration shall be binding upon everyone interested.
A Trustee, officer, agent or employee shall be liable for his own willful misfeasance, bad faith, gross negligence or reckless
disregard of the duties involved in the conduct of his office, and for nothing else, and shall not be liable for errors of judgment
or mistakes of fact or law. The exercise by the Trustees of their powers and discretions hereunder shall be binding upon everyone
interested.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">15</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
2.13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Effect of Issuance of Preferred Shares on Provisions Relating
to the Board of Trustees</U>. Notwithstanding anything to the contrary in Section 2.3, Section 2.5, Section 2.6 and Section 2.7
or in any other section of the Declaration, the provision relating to the number and election of Trustees, their removal and the
filling of any vacancy on the Board of Trustees shall be subject to the voting and other rights established with respect to a particular
Class of Shares.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">Article
III</FONT><BR>
<U>CONTRACTS</U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
3.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Underwriting Contract</U>. The Trustees may from time to time enter into an underwriting contract with another
Person (the &ldquo;Distributor&rdquo;) providing for the sale of Shares, pursuant to which the Trustees may agree to sell the Shares
to the Distributor or appoint the Distributor their sales agent for the Shares. Such contract shall contain such terms and conditions,
if any, as may be prescribed in the By-Laws and such further terms and conditions not inconsistent with the provisions of this
Article III or of the By-Laws as the Trustees may in their discretion determine.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
3.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Advisory or Management Contract</U>. Subject to approval by a Majority Shareholder Vote, the Trustees may from
time to time enter into an investment advisory or management contract with another Person (the &ldquo;Investment Adviser&rdquo;)
pursuant to which the Investment Adviser shall agree to furnish to the Trustees management, investment advisory, statistical and
research facilities and services, such contract to contain such other terms and conditions, if any, as may be prescribed in the
By-Laws and such further terms and conditions not inconsistent with the provisions of this Article III, the By-Laws or applicable
law as the Trustees may in their discretion determine, including the grant of authority to the Investment Adviser to determine
what securities shall be purchased or sold by the Trust and what portion of</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">16</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">its assets shall be uninvested and to implement its determinations
by making changes in the Trust&rsquo;s investments.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
3.3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Affiliations of Trustees or Officers, Etc</U>. The fact that any Shareholder, Trustee, officer, agent or employee
of the Trust is a shareholder, member, director, officer, partner, trustee, employee, manager, adviser or distributor of or for
any Person or of or for any parent or affiliate of any Person with which an investment advisory or management contract, principal
underwriter or distributor contract or custodian, transfer agent, disbursing agent or similar agency contract may have been or
may hereafter be made, or that any such Person, or any parent or affiliate thereof, is a Shareholder of or has any other interest
in the Trust, or that any such Person also has any one or more similar contracts with one or more other such Persons, or has other
businesses or interests, shall not affect the validity of any such contract made or that may hereafter be made with the Trustees
or disqualify any Shareholder, Trustee, officer, agent or employee of the Trust from voting upon or executing the same or create
any liability or accountability to the Trustees, the Trust or the Shareholders, provided that the material facts as to the relationship
or interest of any Trustee or officer of the Trust as to such contract or transaction are disclosed or are known to the Trustees
or a committee of Trustees and the Trustees, or a committee of Trustees, authorizes, approves or ratifies the contract or transaction
by the affirmative vote of a majority of disinterested Trustees, even if the disinterested Trustees constitute less than a quorum;
or the material facts as to his or her relationship or interest and as to the contract or transaction are disclosed or known to
the Shareholders and the contract is authorized, approved or ratified by a majority of the vote cast by Shareholders entitled to
vote other than the vote of Shares owned of record or beneficially by the interested Trustee or officer or by an interested corporation,
firm or other entity; or the contract or transaction is fair and</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">17</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">reasonable to the Trust. Common or interested Trustees or the
Shares owned by them or by an interested corporation, firm or other entity may be counted in determining the presence of a quorum
at a meeting of Trustees, or a committee of Trustees, or at a meeting of Shareholders, as the case may be, at which the contract
is authorized, approved or ratified.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">Article
IV</FONT><BR>
<U>LIMITATION OF LIABILITY; INDEMNIFICATION</U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
4.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>No Personal Liability of Shareholders, Trustees, Etc.</U> No Shareholder shall be subject to any personal liability
whatsoever in connection with Trust Property or the acts, obligations or affairs of the Trust. All Persons extending credit to,
contracting with or having any claim against the Trust shall look only to the assets of the Trust for payment under such credit,
contract or claim, and neither the Shareholders nor the Trustees, nor any of the Trust&rsquo;s officers, employees or agents, whether
past, present or future, shall be personally liable therefor. The Trustees shall not be responsible or liable in any event for
any neglect or wrongdoing of any officer, employee or agent (including, without limitation, the Investment Adviser, the Distributor,
the Custodian and the Transfer Agent) of the Trust, nor shall any Trustee be responsible or liable for the act or omission of any
other Trustee. Nothing in this Declaration shall, however, protect any Trustee, officer, employee or agent of the Trust against
any liability to which such Person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or
reckless disregard of the duties involved in the conduct of his or her office. To the extent that, at law or in equity, a Trustee
is found to have duties and liabilities relating thereto to the Trust, the Shareholders or any other Person, a Trustee acting under
this Declaration shall not be liable to the Trust, the Shareholders or any other Person if the Trustee has relied in good faith
on the provisions of this Declaration.</P>


<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">18</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
4.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Execution of Documents; Notice; Apparent Authority</U>.
Every note, bond, contract, instrument, certificate or undertaking and every other act or thing whatsoever executed or done by
or on behalf of the Trust or the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been
executed or done only in or with respect to their or his or her capacity as Trustees or Trustee, and such Trustees or Trustee shall
not be personally liable thereon. Every note, bond, contract, instrument, certificate or undertaking made or issued by the Trustees
or by any officers or officer shall give notice that this Declaration is on file with the Secretary of State of the Commonwealth
of Massachusetts and shall recite that the obligations of such instruments are not binding upon any of the Trustees, Shareholders,
officers, employees or agents of the Trust individually but are binding only upon the assets and property of the Trust, but the
omission thereof shall not operate to bind any Trustees, Shareholders or officers, employees and agents of the Trust individually.
No purchaser, lender, Transfer Agent or other Person dealing with the Trustees or any officer, employee or agent of the Trust shall
be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by such officer,
employee or agent or make any inquiry concerning or be liable for the application of money or property paid, loaned or delivered
to or on the order of the Trustees or of such officer, employee or agent.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
4.3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Indemnification of Trustees, Officers, Etc.</U> The Trust shall indemnify each of its Trustees, officers, employees
and agents (including any individual who serves at its request as director, officer, partner, trustee or the like of another organization
in which it has any interest as a shareholder, creditor or otherwise) against all liabilities and expenses, including but not limited
to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees reasonably incurred by
him or her in connection with the defense or disposition</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">19</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">of any action, suit or other proceeding, whether civil or criminal,
before any court or administrative or legislative body in which he or she may be or may have been involved as a party or otherwise
or with which he or she may be or may have been threatened, while acting as Trustee or as an officer, employee or agent of the
Trust or the Trustees, as the case may be, or thereafter, by reason of his or her being or having been such a Trustee, officer,
employee or agent, except to the extent required by the 1940 Act, with respect to any matter as to which he or she shall have been
adjudicated to be liable to the Trust or the Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless
disregard of the duties involved in the conduct of his or her office, and provided that as to any matter disposed of by settlement
or a compromise payment by such Trustee, officer, employee or agent, pursuant to a consent decree or otherwise, no indemnification
either for said payment or for any other expenses shall be provided unless there has been a determination that such compromise
is in the best interests of the Trust and that such Person appears to have acted in good faith in the reasonable belief that his
or her action was in the best interests of the Trust and did not engage in willful misfeasance, bad faith, gross negligence or
reckless disregard of the duties involved in the conduct of his or her office. All determinations that the applicable standards
of conduct have been met for indemnification hereunder shall be made by (a) a majority vote of a quorum consisting of disinterested
Trustees who are not parties to the proceeding relating to indemnification, or (b) if such a quorum is not obtainable or, even
if obtainable, if a majority vote of such quorum so directs, by independent legal counsel in a written opinion, or (c) a Majority
Shareholder Vote (excluding Shares owned of record or beneficially by such individual); and provided that as to any matter disposed
of without a court determination (x) on the merits that such Trustee, officer, employee or agent was not liable or (y) that such
Person was not guilty of willful misfeasance,</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">20</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">bad faith, gross negligence or reckless disregard of the duties
involved in the conduct of his or her office, no indemnification shall be provided hereunder unless there has been a determination
by independent legal counsel in a written opinion that such Person did not engage in willful misfeasance, bad faith, gross negligence
or reckless disregard of the duties involved in the conduct of his or her office. The Trustees may make advance payments in connection
with the expense of defending any action with respect to which indemnification might be sought under this Section 4.3, provided
that the indemnified Trustee, officer, employee or agent shall have given a written undertaking to reimburse the Trust in the event
it is subsequently determined that he or she is not entitled to such indemnification and provided further that (<U>a</U>) the indemnified
Trustee, officer, employee or agent shall provide security for his or her undertaking or (<U>b</U>) the Trust shall be insured
against losses arising by reason of lawful advances or (<U>c</U>) a majority of a quorum of disinterested Trustees or an independent
legal counsel in a written opinion shall determine, based on a review of readily available facts (as opposed to a full trial type
inquiry), that there is reason to believe that an indemnitee ultimately will be found entitled to indemnification. The rights accruing
to any Trustee, officer, employee or agent under these provisions shall not exclude any other right to which he or she may be lawfully
entitled and shall inure to the benefit of his or her heirs, executors, administrators or other legal representatives. Any repeal
or modification of this Article IV or adoption or modification of any other provision of this Declaration inconsistent with this
Article IV shall be prospective only to the extent that such repeal or modification would, if applied retroactively, adversely
affect any limitation on the liability of any person or indemnification or right to advancement of any expense available to any
person with respect to any act or omission that occurred prior to such repeal, modification or adoption.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">21</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
4.4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Indemnification of Shareholders</U>. In case any Shareholder
or former Shareholder shall be held to be personally liable solely by reason of his or her being or having been a Shareholder and
not because of acts or omissions or for some other reason, the Shareholder or former Shareholder (or his or her heirs, executors,
administrators or other legal representatives or in the case of a corporation or other entity, its corporate or other general successor)
shall be entitled out of the assets of the Trust to be held harmless from and indemnified against all loss and expense, including
legal expenses reasonably incurred, arising from such liability. The rights accruing to a Shareholder under this Section 4.4 shall
not exclude any other right to which such Shareholder may be lawfully entitled, nor shall anything contained herein restrict the
right of the Trust to indemnify or reimburse a Shareholder in any appropriate situation even though not specifically provided herein.</P>

<P STYLE="color: #010000; font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
V</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center">
<U>SHARES OF BENEFICIAL INTEREST</U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
5.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Beneficial Interest</U>. The interest of the beneficiaries hereunder shall be divided into transferable Shares
of beneficial interest, with or without par value, as determined by the Trustees. The number of such Shares of beneficial interest
authorized hereunder is unlimited. The Trustees shall have the exclusive authority without the requirement of Shareholder approval
to establish and designate one or more Classes of Shares as the Trustees deem necessary or desirable. Subject to the rights, preferences
and limitations applicable to a specific Class, each Share shall represent an equal proportionate share in the assets of the Trust.
All Shares issued hereunder including, without limitation, Shares issued in connection with a </P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">22</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0in">dividend in Shares or a split in Shares
and any Shares currently Outstanding, shall be fully paid and nonassessable.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
5.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Rights of Shareholders</U>. Shares shall be deemed to be personal property giving only the rights provided in
this Declaration. Every Shareholder by virtue of having become a Shareholder shall be bound by the terms hereof. The ownership
of the Trust Property and the right to conduct any business hereinbefore described are vested exclusively in the Trustees, and
the Shareholders shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have
no right to call for any partition or division of any property, profits, rights or interests of the Trust nor can they be called
upon to share or assume any losses of the Trust or suffer an assessment of any kind by virtue of their ownership of Shares. The
death of a Shareholder during the continuance of the Trust shall not operate to terminate the same nor to entitle the legal representative
of such Shareholder to an accounting or to take any action in any court or otherwise against other Shareholders or the Trustees
or the Trust Property, but only to the rights of such Shareholder
hereunder. The Shares shall be personal property giving only the rights specifically set forth in this Declaration. For the avoidance
of doubt, Shareholders shall have no rights, privileges, claims or remedies under any contract or agreement entered into by the
Trust with any service provider or other agent to or contractor with the Trust, including, without limitation, any third party
beneficiary rights. Neither the Trust nor the Trustees, nor any officer, employee or agent of the Trust shall have any power to
bind personally any Shareholder, nor, except as specifically provided herein, to call upon any Shareholder for the payment of any
sum of money or assessment whatsoever other than such as the Shareholder may at any time personally agree to pay. The Common Shares
shall not entitle the holder to preference, preemptive, appraisal, conversion or exchange rights.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">23</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
5.3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Trust Only; No Implied Duties</U>. The Trust shall be of the type commonly termed a Massachusetts business trust.
It is the intention of the Trustees to create a voluntary association with transferable shares (commonly known as a business trust)
of the type referred to in Chapter 182 of the General Laws of the Commonwealth of Massachusetts. It is not the intention of the
Trustees to create a general partnership, limited partnership, joint venture, joint stock association or company, corporation,
bailment or any form of legal relationship other than a Massachusetts business trust. Nothing in this Declaration shall be construed
to make the Shareholders, either by themselves or with the Trustees, partners or members or joint venturers. Duties of the Trustees
are limited to those imposed by applicable law or expressly stated herein.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
5.4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Issuance of Shares</U>.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: #010000">Section 5.4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>General</U>. The Trustees in their discretion may, from time to time without a vote of the Shareholders, issue
Shares, in addition to the then issued and Outstanding Shares and Shares held in the treasury, to such party or parties and for
such amount and type of consideration, including cash or property, at such time or
times and on such terms as the Trustees may deem best, and may in such manner acquire other assets (including the acquisition of
assets subject to, and in connection with the assumption of, liabilities) and businesses. In connection with any issuance of Shares,
the Trustees may issue fractional Shares and Shares held in the treasury. The Trustees may from time to time divide or combine
the Shares of the Trust or, if the Shares be divided into Classes, of any Class thereof of the Trust, into a greater or lesser
number without thereby changing the proportionate beneficial interests in the Trust or in the Trust Property allocated or belonging
to such Class.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: #010000">Section 5.4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>On Merger or Consolidation</U>. In connection with the acquisition of assets (including the acquisition of assets
subject to, and in connection with the assumption of, </P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">24</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0in">liabilities), businesses or stock of another Person, the Trustees may issue
or cause to be issued Shares and accept in payment therefor, in lieu of cash, such assets or businesses at their market value (as
determined by the Trustees) or such stock at the market value (as determined by the Trustees) of the assets held by such other
Person, either with or without adjustment for contingent costs or liabilities, provided that the funds of the Trust are permitted
by law to be invested in such assets, businesses or stock.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: #010000">Section 5.4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Fractional Shares</U>. The Trustees may issue and sell fractions of Shares, to two decimal places (or in the case
of Preferred Shares such number of decimal places set forth in the By-Laws), having pro rata all the rights of full Shares of such
Class, including, without limitation, the right to vote and to receive dividends and distributions.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
5.5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Register of Shares</U>. A register shall be kept at the principal office of the Trust or an office of the Transfer
Agent which shall contain the names and addresses of the Shareholders and the number of Shares of a Class held by them respectively
and a record of all transfers thereof. Such register shall be conclusive as to
who are the holders of the Shares and who shall be entitled to receive dividends or distributions or otherwise to exercise or enjoy
the rights of Shareholders. Except as provided for as to a specific Class, no Shareholder shall be entitled to receive payment
of any dividend or distribution, nor to have notice given to him as herein or in the By-Laws provided, until he has given his address
to the Transfer Agent or such other officer or agent of the Trust as shall keep the said register for entry thereon.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
5.6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Common Share Certificates</U>.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: #010000">Section 5.6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>General</U>. Each Shareholder shall be entitled to a certificate stating the number of Common Shares he or she
owns, in such form as shall be prescribed from time to time by the Trustees. Such certificates shall be signed by the Chairman
of the Board, President or </P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">25</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Vice President and by the Treasurer or Assistant Treasurer. Such signatures may be facsimile if the
certificate is signed by a Transfer Agent, or by a registrar, other than a Trustee, officer or employee of the Trust. 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.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: #010000">Section 5.6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Loss of Certificates</U>. In case of the alleged loss or destruction or the mutilation of a share certificate,
a duplicate certificate may be issued in place thereof, upon such terms as the Trustees shall prescribe.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: #010000">Section 5.6.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Issuance of New Certificates to Pledgee</U>. 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. 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.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: #010000">Section 5.6.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Discontinuance of Issuance of Certificates</U>. The Trustees may at any time discontinue the issuance of Share
certificates and may, by written notice to each Shareholder, require the surrender of share certificates to the Trust for cancellation.
Such surrender and cancellation shall not affect the ownership of Shares in the Trust.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">26</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
5.7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Transfer of Shares</U>. Subject to the terms established for a specific Class, Shares shall be transferable on
the records of the Trust upon delivery to the Trust or the Transfer Agent or Agents of appropriate evidence of assignment, transfer,
succession or authority to transfer accompanied by any certificate or certificates representing such Shares previously issued to
the transferor. Upon such delivery, the transfer shall be recorded on the register of the Trust. Until such record is made, the
Trustees, the Transfer Agent, and the officers, employees and agents of the Trust shall not be entitled or required to treat the
assignee or transferee of any Share as the absolute owner thereof for any purpose, and accordingly shall not be bound to recognize
any legal, equitable or other claim or interest in such Share on the part of any Person, other than the holder of record, whether
or not any of them shall have express or other notice of such claim or interest.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
5.8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Voting Powers</U>. The Shareholders shall have power to vote only: (a) for the election of Trustees as provided
in Sections Section 2.5, Section 2.7 and Section 2.13 hereof; (b) with respect to any investment advisory or management contract
entered into pursuant to Section 3.2 hereof; (c) with respect to any termination of the Trust, as provided in Section 8.1 hereof;
(d) with respect to any amendment of this Declaration to the extent and as provided in Section 8.2 hereof; (e) with respect to
any merger, consolidation or sale of assets of the Trust as provided in Section 8.3 hereof; (f) with respect to incorporation of
the Trust to the extent and as provided in Section 8.4 hereof; (g) to the same extent as the stockholders of a Massachusetts business
corporation as to whether or not a court action, proceeding or claim should or should not be brought or maintained derivatively
or as a class action on behalf of the Trust or the Shareholders; and (h)&nbsp;with respect to such additional matters relating
to the Trust as may be required by this Declaration or the By-Laws or by reason of the registration of the Trust or the</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">27</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">Shares
with the Commission or any State or by any applicable law or any regulation or order of the Commission or any State or as the Trustees
may consider necessary or desirable. On any matter required or permitted to be voted on by the Shareholders, all Shares then entitled
to vote shall be voted in the aggregate as a single class without regard to Class, except (x) when required by this Declaration,
the By-Laws (including the provisions thereof establishing the rights of a specific Class of Shares), the 1940 Act, or when the
Trustees shall have determined that any matter to be submitted to a vote of the Shareholders affects the rights or interests of
the Shareholders of one or more Classes materially differently, Shares shall be voted by each such affected Class individually;
and (y) when the Trustees shall have determined that the matter affects only the interests of one or more Classes, then only the
Shareholders of such affected Class shall be entitled to vote thereon. Each Share shall be entitled to one vote as to any matter
on which it is entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote. The Trustees may,
in conjunction with the establishment of any further Classes of Shares, establish conditions under which the several Classes
of Shares shall have separate voting rights or no voting rights. There shall be no cumulative voting in the election of Trustees.
The By-Laws may include further provisions for Shareholders&rsquo; votes and meetings and related matters. Shares may be voted
in person or by proxy. Until Shares are issued, the Trustees may exercise all rights of Shareholders (including the right to authorize
an amendment to this Declaration under Section 8.2 hereof) and may take any action required by law, the By-Laws or this Declaration
to be taken by Shareholders.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
5.9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Meetings of Shareholders</U>. An annual meeting of the Shareholders shall be held on the date fixed in the By-Laws
for the purpose of reelecting Trustees or electing new Trustees in place of and to succeed those in office at that time or to fill
vacancies and, for such </P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">28</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">other purposes as may be specified by the Trustees. If any such annual meeting shall not be held as above
provided, a special meeting may be held in lieu thereof at any time and any business which might have been transacted at such annual
meeting may be transacted at such special meeting and for all purposes hereof such special meeting shall be deemed to be an annual
meeting duly held as herein provided. Special meetings of the Shareholders may be called at any time by the Chairman of the Board,
the President or any vice President of the Trust, or by a majority of the Trustees for the purpose of taking action upon any matter
requiring the vote or authority of the Shareholders as herein provided or upon any other matters deemed to be necessary or desirable.
A special meeting of Shareholders may also be called at any time upon the written request of a holder or the holders of not less
than 25% of all of the Common Shares entitled to be voted at such meeting, provided that the Shareholder or Shareholders requesting
such meeting shall have paid to the Trust the reasonably estimated cost of preparing and mailing the notice thereof, which the
Secretary shall determine and specify to such Shareholder or Shareholders. A majority of the Shares entitled to vote shall
be a quorum for the transaction of business at a Shareholders&rsquo; meeting, except that where the By-Laws so require or the Trustees
provide that holders of any Class or Classes shall vote as a Class or Classes, then a majority of the aggregate number of Shares
of that Class or Classes entitled to vote shall be necessary to constitute a quorum for the transaction of business by that Class
or Classes. Any lesser number shall be sufficient for adjournments. Any adjourned session or sessions may be held within a reasonable
time after the date set for the original meeting without the necessity of further notice. Except when a different vote is required
by any provision of the By-Laws or this Declaration or, when such a different vote is not specifically provided in this Declaration
or the By-Laws, the Trustees shall in their discretion require a different vote or the vote of a majority of different </P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">29</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">percentage
of the Shares of one or more particular Classes, a majority of the Shares voted shall decide any question and a plurality shall
elect a Trustee.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
5.10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Action
Without a Meeting</U>. Any action which may be taken by Shareholders may be taken without a meeting if such proportion of Shareholders
as is required to vote for approval of the matter by law, the Declaration or the By-Laws consents to the action in writing and
the written consents are filed with the records of Shareholders&rsquo; meetings. Such consents shall be treated for all purposes
as a vote taken at a Shareholders&rsquo; meeting.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
5.11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Class
Designation</U>. Without limiting the authority of the Trustees to establish and designate any further Classes, the Trustees hereby
establish a single Class of Shares, designated as the Common Shares. The Trustees may divide the Shares of the Trust into one or
more Classes. Any Shares of any further Classes that may from time to time be established and designated by the Trustees, shall
be established and designated, and the variations in the relative rights and preferences as between the different Classes shall
be fixed and determined by the Trustees; provided, that all Shares shall
be identical except for such variations as shall be fixed and determined between different Classes by the Trustees in establishing
and designating such Class. Unless otherwise designated by the Trustees in the By-laws or resolutions establishing a Class, the
purchase price, the method of determining the net asset value, and the relative liquidation, voting, dividend and other rights
and preferences of holders of a Class shall be as set forth in the Trust&rsquo;s Registration Statement on Form N-2 under the Securities
Act of 1933 and/or the 1940 Act relating to the issuance of Shares of such Class. To the extent that the Trustees authorize and
issue Preferred Shares, they are hereby authorized and empowered to amend or supplement this Declaration, including an amendment
or modification to the rights of any Outstanding Shares at the time of such amendment or </P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">30</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">supplement, as they deem necessary or
appropriate, including to comply with the requirements of the 1940 Act or requirements imposed by the rating agencies or other
persons, all without the approval of Shareholders. Any such supplement or amendment shall be filed as is necessary. The Trustees
are also authorized to take such actions and retain such Persons as they see fit to offer and sell such securities.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">Article
VI</FONT><BR>
<U>DETERMINATION OF NET ASSET VALUE; DISTRIBUTIONS</U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
6.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>By Whom Determined</U>. The Trustees shall have the power and duty to determine from time to time the net asset
value per share of the Common Shares. They may appoint one or more Persons to assist them in the determination of the value of
securities in the Trust&rsquo;s portfolio and to make the actual calculations pursuant to their directions. Any determination made
pursuant to this Article VI shall be binding on all parties concerned.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
6.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>When Determined</U>. The net asset value shall be determined
at such times as the Trustees shall prescribe in accordance with the applicable provisions of the 1940 Act and regulations and
orders from time to time in effect thereunder. The Trustees may suspend the determination of net asset value to the extent permitted
by the 1940 Act or the regulations and orders from time to time in effect thereunder.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
6.3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Computation of Per Common Share Net Asset Value</U>.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: #010000">Section 6.3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Net Asset Value Per Common Share</U>. The net asset value of each Common Share as of any particular time shall
be the quotient obtained by dividing the value of the net assets of the Trust (determined in accordance with Section 6.3.2) by
the total number of outstanding Common Shares.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">31</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: #010000">Section 6.3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Value of the Net Assets of the Trust</U>. The value of the net assets of the Trust as of any particular time shall
be the value of the Trust&rsquo;s assets less its liabilities, determined and computed as follows:</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><U>Trust&rsquo;s Assets</U>. The Trust&rsquo;s assets shall be deemed to include: (i) all cash on hand or on deposit, including
any interest accrued thereon, (ii) all bills and demand notes and accounts receivable, (iii) all securities owned or contracted
for by the Trustees, (iv) all stock and cash dividends and cash distributions payable to but not yet received by the Trustees (when
the valuation of the underlying security is being determined ex-dividend), (v) all interest accrued on any interest-bearing securities
owned by the Trustees (except accrued interest included in the valuation of the underlying security) and (vi) all other property
of every kind and nature, including prepaid expenses.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;
</FONT>&nbsp;&nbsp;<U>Valuation of Assets</U>. The value of such assets is to be determined as follows:</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: 0in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Cash and Prepaid Expenses</U><FONT STYLE="color: windowtext; line-height: 200%">.</FONT> The
value of any cash on hand and of any prepaid expenses shall be deemed to be their full amount.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: 0in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Other Current Assets</U><FONT STYLE="color: windowtext; line-height: 200%">.</FONT> The value of any accounts
receivable and cash dividends and interest declared or accrued as aforesaid and not yet received shall be deemed to be the full
amount thereof, unless the Trustees shall determine that any such item is not worth its full amount. In such case the value of
the item shall be deemed to be its reasonable value, as determined by the Trustees.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: 0in"><FONT STYLE="color: #010000">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Securities and Other Property</U><FONT STYLE="color: windowtext; line-height: 200%">.</FONT> A security for which
market quotations are readily available which is not subject to restrictions against </P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">32</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 1.5in">sale and has a remaining maturity of more
than 60 days from the date of valuation shall be valued on the basis of such quotations. Any security which has a remaining maturity
of 60 days or less may be valued on the basis of market quotations or may be valued at cost plus earned discount; if such security
was acquired with a remaining maturity of more than 60&nbsp;days, the cost thereof for purposes of such valuation shall be deemed
to be the value on the sixty-first day prior to maturity. Any security for which market quotations are not readily available and
any other property the valuation of which is not provided for above, shall be valued at its fair market value as determined in
such manner as the Trustees shall from time to time prescribe by resolution. For the purposes of this Article VI, market quotations
shall not be deemed to be readily available if in the judgment of the Trustees such quotations, if any, do not afford a fair and
adequate basis for valuing holdings of securities of a size normally
held by the Trust, whether due to the infrequency or size of the transactions represented by such quotations or otherwise.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT>&nbsp;&nbsp;<U>Liabilities</U>. The Trust&rsquo;s liabilities shall not be deemed to include any Common Shares and surplus or the
liquidation preference of any Preferred Shares, but they shall be deemed to include: (i) all bills and accounts payable, (ii) all
administrative expenses accrued and unpaid, (iii) all contractual obligations for the payment of money or property, including the
amount of any declared but unpaid dividends upon Shares and the amount of all income accrued but not paid to Shareholders, (iv)
all reserves authorized or approved by the Trustees for taxes or </P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">33</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0in">contingencies and (v) all other liabilities of whatsoever kind
and nature except any liabilities represented by Shares and surplus.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
6.4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Interim Determinations</U>. Any determination of net asset value other than as of the close of trading on the
New York Stock Exchange may be made either by appraisal or by calculation or estimate. Any such calculation or estimate shall be
based on changes in the market value of representative or selected securities or on changes in recognized market averages since
the last closing appraisal and made in a manner which in the opinion of the Trustees will fairly reflect the changes in the net
asset value.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
6.5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Outstanding Common Shares</U>. For the purposes of this Article VI, outstanding Common Shares shall mean those
Common Shares shown from time to time on the books of the Trust or the Transfer Agent as then issued and outstanding, adjusted
as follows:</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Common Shares sold shall be deemed to be outstanding Common Shares from the time when the sale is reported to the
Trustees or their agents for determining net asset value, but not before (<U>i</U>) an unconditional purchase order therefor has
been received by the Trustees (directly or through one of their
agents) or by the Principal Underwriter of the Common Shares and the sale price in currency has been determined and (<U>ii</U>)
receipt by the Trustees (directly or through one of their agents) of federal funds in the amount of the sale price; and such sale
price (net of commission, if any, and any stamp or other tax payable by the Trust in connection with the issue and sale of the
Common Shares sold) shall be thereupon deemed to be an asset of the Trust.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Common Shares distributed pursuant to Section 6.6 shall be deemed to be outstanding as of the time that Shareholders
who shall receive the distribution are determined.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">34</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Common Shares which are subject to repurchase by the Trustees shall be deemed to be outstanding Common Shares up
to and including the time as of which the repurchase price is determined. After such time, they shall be deemed to be no longer
outstanding Common Shares and the purchase price until paid shall be deemed to be a liability of the Trust.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
6.6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Distributions to Shareholders</U>. Subject to the rights, preferences and limitations of any Class of Shares and
without limiting the powers of the Trustees under Subsection (f) of Section 2.1 of Article II hereof, the Trustees may at any time
and from time to time, as they may determine, allocate or distribute to Shareholders such income and capital gains, accrued or
realized, as the Trustees may determine, after providing for actual, accrued or estimated expenses and liabilities (including such
reserves as the Trustees may establish) determined in accordance with generally accepted accounting practices. Subject to the rights,
preferences and limitations of any Class of Shares, the Trustees shall have full discretion to determine which items shall be treated
as income and which items as capital and their determination shall be binding upon the Shareholders. Subject
to the rights, preferences and limitations of any Class of Shares, such distributions shall be made in cash, property or Common
Shares or any combination thereof as determined by the Trustees. Subject to the rights, preferences and limitations of any Class
of Shares, any such distribution paid in Common Shares shall be paid at the net asset value thereof as determined pursuant to this
Article VI. Subject to the rights, preferences and limitations of any Class of Shares, the Trustees may adopt and offer to Shareholders
such dividend reinvestment plans, cash dividend payout plans or related plans as the Trustees shall deem appropriate. Subject to
the rights, preferences and limitations of any Class of Shares, inasmuch as the computation of net income and gains for federal
income tax </P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">35</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">purposes may vary from the computation thereof on the books of the Trust, the above provisions shall be interpreted
to give the Trustees the power in their discretion to allocate or distribute for any fiscal year as ordinary dividends and as capital
gains distributions, respectively, additional amounts sufficient to enable the Trust to avoid or reduce liability for taxes.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
6.7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Power to Modify Foregoing Procedures</U>. Notwithstanding any of the foregoing provisions of this Article VI,
the Trustees may prescribe, in their absolute discretion, such other bases and times for the determination of the per share net
asset value of Common Shares as may be permitted by, or as they may deem necessary or desirable to enable the Trust to comply with,
any provision of the 1940 Act, any rule or regulation thereunder or any order of exemption issued by the Commission, all as in
effect now or as hereafter amended or modified.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">Article
VII</FONT><BR>
<U>CUSTODIAN</U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
7.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Appointment and Duties</U>. Subject to the 1940 Act and such rules, regulations and orders as the Commission may
adopt, the Trustees shall employ a bank or trust company having a capital, surplus and undivided profits of
at least $2,000,000 as Custodian with authority as the agent of the Trust, but subject to such restrictions, limitations and other
requirements, if any, as may be contained in the By-Laws of the Trust:</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>to hold the securities owned by the Trust and deliver the same upon written order;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>to receive and receipt for any moneys due to the Trust and deposit the same in its own banking department or elsewhere
as the Trustees may direct; and</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>to disburse such funds upon orders or vouchers.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">36</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">The Trustees may also authorize such Custodian as the agent
of the Trust (<U>x</U>) to keep the books and accounts of the Trust and furnish clerical and accounting services and (<U>y</U>)
to compute the net income and the value of the net assets of the Trust.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The acts and services of the Custodian
shall be performed upon such basis of compensation as may be agreed upon by the Trustees and the Custodian. If so directed by a
Majority Shareholder Vote, the Custodian shall deliver and pay over all property of the Trust held by it as specified in such vote.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trustees may also authorize the Custodian
to employ one or more sub-custodians from time to time to perform such of the acts and services of the Custodian and upon such
terms and conditions, as may be agreed upon between the Custodian and such sub-custodian and approved by the Trustees, provided
that in every case such sub-custodian shall be a bank or trust company organized under the laws of the United States or one of
the states thereof and having capital, surplus and undivided profits of at least $2,000,000.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
7.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Action Upon Termination of Custodian Agreement</U>. Upon termination of a Custodian agreement or inability of
any Custodian to continue to serve, the Trustees shall promptly appoint a successor Custodian, but in the event that
no successor Custodian can be found who has the required qualifications and is willing to serve, the Trustees shall call as promptly
as possible a special Shareholders&rsquo; meeting to determine whether the Trust shall function without a Custodian or shall be
liquidated. If so directed by vote of the holders of a majority of the Common Shares outstanding and entitled to vote, the Custodian
shall deliver and pay over all Trust Property held by it as specified in such vote.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
7.3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Central Certificate System, Etc</U>. Subject to such rules, regulations and orders as the Commission may adopt,
the Trustees may direct the Custodian to deposit all or any </P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">37</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0in">part of the securities owned by the Trust in a system for the central
handling of securities established by a national securities exchange or a national securities association registered with the Commission
under the Securities Exchange Act of 1934, or such other person as may be permitted by the Commission, or otherwise in accordance
with the 1940 Act, pursuant to which system all securities of any particular class or series of any issuer deposited within the
system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities,
provided that all such deposits shall be subject to withdrawal only upon the order of the Trust.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
7.4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Acceptance of Receipts in Lieu of Certificates</U>. Subject to such rules, regulations and orders as the Commission
may adopt, the Trustees may direct the Custodian to accept written receipts or other written evidences indicating purchases of
securities held in book-entry form in the Federal Reserve System in accordance with regulations promulgated by the Board of Governors
of the Federal Reserve System and the local Federal Reserve Banks in lieu of receipt of certificates representing such securities.</P>

<P STYLE="color: #010000; font: 12pt/6pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase">Article
VIII</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center"><BR>
<U>DURATION; TERMINATION OF TRUST; AMENDMENT; MERGERS, ETC. </U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
8.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Duration and Termination</U>.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Unless terminated as provided herein, the Trust shall continue without limitation of time. Subject to the rights
of a specific Class, the Trust may be terminated by the affirmative vote of at least 66 2/3% of the Common Shares outstanding or,
when authorized by a Majority Shareholder Vote, by an instrument in writing signed by a majority of the Trustees. Upon the termination
of the Trust,</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">38</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: 0in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Trust shall carry on no business except for the purpose of winding up its affairs.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: 0in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration
shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts
of the Trust, collect its assets, sell, convey, assign, exchange, transfer or otherwise dispose of all or any part of the remaining
Trust Property to one or more persons at public or private sale for consideration which may consist in whole or in part of cash,
securities or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its
business, provided that any sale, conveyance, assignment, exchange, transfer or other disposition of all or substantially all the
Trust Property that requires Shareholder approval under Section 8.3 hereof shall receive the approval so required.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: 0in"><FONT STYLE="color: #010000">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities
and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property,
in cash or in kind or partly each, among the Shareholders according to their respective rights.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>After termination of the Trust and distribution to the Shareholders as herein provided, a majority of the Trustees
shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination, and
the </P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">39</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all
Shareholders shall thereupon cease.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
8.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Amendment Procedure</U>.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>This Declaration may be amended from time to time by an instrument in writing signed by a majority of the Trustees
when authorized by a Majority Shareholder Vote, provided that any amendment having the purpose of changing the name of the Trust
or of supplying any omission, curing any ambiguity or curing, correcting or supplementing any defective or inconsistent provision
shall not require authorization by the Shareholders. Nothing contained in this Declaration shall permit the amendment of this Declaration
to impair the exemption from personal liability of the Shareholders, Trustees, officers, employees and agents of the Trust or to
permit assessments upon Shareholders.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>A certificate signed by a majority of the Trustees setting forth an amendment and reciting that it was duly adopted
as aforesaid, or a copy of this Declaration as amended, executed by a majority of
the Trustees, shall be conclusive evidence of such amendment when lodged among the records of the Trust.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To the extent that the Trustees authorize and issue Preferred Shares of any Class, they are hereby authorized and
empowered to amend or supplement this Declaration, including an amendment or modification to the rights of any Outstanding Shares
at the time of such amendment or supplement, as they deem necessary or appropriate, including to comply with the requirements of
the 1940 Act or requirements imposed by the rating agencies or other persons, all without the approval of Shareholders.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">40</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Trust&rsquo;s filings with the Securities and Exchange Commission (including but not limited to: registration
statements and supplements thereto, proxy statements, annual and semi-annual shareholder reports, Form N-Q, Form N-PX and related
filings and disclosures) shall not be deemed to modify the provisions of this Declaration of Trust.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
8.3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Merger, Consolidation and Sale of Assets</U>. Subject to the rights of a specific Class of Shares, the Trust may
merge or consolidate with any other corporation, association, trust or other organization or may sell, lease or exchange all or
substantially all of the Trust Property, including its good will, upon such terms and conditions and for such consideration when
and as authorized at any Shareholders&rsquo; meeting called for the purpose by a Majority Shareholder Vote.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
8.4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Incorporation</U>. With the approval of a Majority Shareholder Vote and subject to the rights of a specific Class
of Shares, the Trustees may cause to be organized or assist in organizing under the laws of any jurisdiction a corporation or corporations
or any other trust, partnership, association or other organization to take over all of the Trust Property or to carry on any business in which the Trust shall directly or
indirectly have any interest, and may sell, convey and transfer the Trust Property to any such corporation, trust, partnership,
association or other organization in exchange for the shares or securities thereof or otherwise, and may lend money to, subscribe
for the shares or securities of, and enter into any contracts with any such corporation, trust, </P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">41</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">partnership, association or other organization, or any
corporation, partnership, trust, association or other organization in which the Trust holds or is about to acquire shares or
any other interest. The Trustees may also cause a merger or consolidation between the Trust or any successor thereto and any
such corporation, trust, partnership, association or other organization. Nothing contained herein shall be construed as
requiring approval of Shareholders for the Trustees to organize or assist in organizing one or more corporations, trusts,
partnerships, associations or other organizations and selling, conveying or transferring less than all or substantially all
of the Trust Property to such organization or entities.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">Article
IX</FONT><BR>
<U>REPORTS TO SHAREHOLDERS</U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Trustees shall at least semi-annually
submit to the Shareholders a written financial report of the transactions of the Trust, including financial statements which shall
at least annually be accompanied by a report thereon of independent public accountants.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">Article
X</FONT><BR>
<U>MISCELLANEOUS </U></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
10.1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Filing</U>.
This Declaration and any amendment hereto shall be filed with the Secretary of the Commonwealth of Massachusetts and in such other
places as may be required under the laws of the Commonwealth of Massachusetts and may also be filed or recorded in such other places as the Trustees deem appropriate. Unless any such
amendment sets forth some later time for the effectiveness of such amendment, such amendment shall be effective upon its filing
with the Secretary of the Commonwealth of Massachusetts. A restated Declaration, integrating into a single instrument all of the
provisions of this Declaration which are then in effect and operative, may be executed from time to time by a majority of the Trustees
and shall, upon filing with the Secretary of the Commonwealth of Massachusetts, be conclusive evidence of all amendments contained
therein and may hereafter be referred to in lieu of the original Declaration and the various amendments thereto.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">42</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
10.2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Governing
Law</U>. This Declaration is executed by the Trustees and delivered in the Commonwealth of Massachusetts and with reference to
the laws thereof, and the rights of all parties and the validity and construction of every provision hereof shall be subject to
and construed according to the laws of said Commonwealth.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
10.3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Counterparts</U>.
This Declaration may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such
counterparts, together, shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original
counterpart.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
10.4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Reliance
by Third Parties</U>. Any certificate executed by an individual who, according to the records of the Trust, appears to be a Trustee
hereunder, certifying to: (a) the number or identity of Trustees or Shareholders, (b) the due authorization of the execution of
any instrument or writing, (c) the form of any vote passed at a meeting of Trustees or Shareholders, (d) the fact that the number
of Trustees or Shareholders present at any meeting or executing any written instrument satisfies the requirements of this Declaration,
(e) the form of any By-Laws adopted by or the identity of any officers elected by the Trustees or (f) the existence of any fact or facts which in any manner relate to the affairs of the Trust,
shall be conclusive evidence as to the matters so certified in favor of any Person dealing with the Trustees and their successors.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
10.5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Provisions
in Conflict with Law or Regulations</U>.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The provisions of this Declaration are severable, and if the Trustees shall determine, with the advice of counsel,
that any of such provisions is in conflict with requirements of the 1940 Act, would be inconsistent with any of the conditions
necessary for qualification of the Trust as a regulated investment company under the United States Internal Revenue Code of 1986,
as amended, or is inconsistent with other applicable laws </P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">43</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0in">and regulations, such provision shall be deemed never to have constituted
a part of this Declaration, provided<U> </U> that such determination shall not affect any of the remaining provisions of this Declaration
or render invalid or improper any action taken or omitted prior to such determination.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>If any provision of this Declaration shall be held invalid or unenforceable in any jurisdiction, such invalidity
or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision
in any other jurisdiction or any other provision of this Declaration in any jurisdiction.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: windowtext">Section
10.6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><U>Section
Headings; Interpretation</U>. Section headings in this Declaration are for convenience of reference only, and shall not limit or
otherwise affect the meaning hereof. References in this Declaration to &ldquo;this Declaration&rdquo; shall be deemed to refer
to this Declaration as from time to time amended, and all expressions such as &ldquo;hereof&rdquo;, &ldquo;herein&rdquo; and &ldquo;hereunder&rdquo;
shall be deemed to refer to this Declaration and not exclusively to the article or section in which such words appear.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><FONT STYLE="letter-spacing: -0.15pt">(THE
REMAINDER OF THIS SPACE HAS BEEN INTENTIONALLY LEFT BLANK)</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">44</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>
<PAGE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-indent: 49.5pt; color: #111111">IN WITNESS WHEREOF, the undersigned have executed this instrument
as of the 22nd day of January, 2016.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid; padding-right: 0pt; padding-left: 0pt;">/s/ James M. Oates</TD>
    <TD STYLE="width: 15%; padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="width: 35%; border-bottom: Black 1pt solid; padding-right: 0pt; padding-left: 0pt;">/s/ Charles L. Bardelis</TD>
    <TD STYLE="width: 15%; padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">James M. Oates</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">Charles L. Bardelis</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">As Trustee and not individually,</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">As Trustee and not individually,</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">601 Congress Street</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">601 Congress Street</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">Boston, M A 0221 0</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">Boston, M A 0221 0</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0pt; padding-left: 0pt;">/s/ Peter S. Burgess</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0pt; padding-left: 0pt;">/s/ William H. Cunningham</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">Peter S. Burgess</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">William H. Cunningham</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">As Trustee and not individually,</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">As Trustee and not individually,</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">601 Congress Street</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">601 Congress Street</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">Boston, M A 0221 0</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">Boston, M A 0221 0</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0pt; padding-left: 0pt;">/s/ Grace K. Fey</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0pt; padding-left: 0pt;">/s/ Theron S. Hoffman</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">Grace K. Fey</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">Theron S. Hoffman</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">As Trustee and not individually,</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">As Trustee and not individually,</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">601 Congress Street</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">601 Congress Street</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">Boston, M A 0221 0</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">Boston, M A 0221 0</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0pt; padding-left: 0pt;">/s/ Deborah C. Jackson</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0pt; padding-left: 0pt;">/s/ Hassell H. McClellan</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">Deborah C. Jackson</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">Hassell H. McClellan</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">As Trustee and not individually,</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">As Trustee and not individually,</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">601 Congress Street</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">601 Congress Street</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">Boston, M A 0221 0</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">Boston, M A 0221 0</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0pt; padding-left: 0pt;">/s/ Steven R .Pruchansky</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0pt; padding-left: 0pt;">/s/ Gregory A. Russo</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">Steven R .Pruchansky</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">Gregory A. Russo</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">As Trustee and not individually,</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">As Trustee and not individually,</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">601 Congress Street</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">601 Congress Street</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">Boston, M A 0221 0</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">Boston, M A 0221 0</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0pt; padding-left: 0pt;">/s/ James R. Boyle</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0pt; padding-left: 0pt;">/s/ Craig Bromley</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">James R. Boyle</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">Craig Bromley</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">As Trustee and not individually,</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">As Trustee and not individually,</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">601 Congress Street</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">601 Congress Street</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">Boston, M A 0221 0</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">Boston, M A 0221 0</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0pt; padding-left: 0pt;">/s/ Warren A. Thomson</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">Warren A. Thom son</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">As Trustee and not individually,</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">601 Congress Street</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">Boston, M A 0221 0</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt;">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0" ALIGN="CENTER">45</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR SIZE=5 COLOR=GRAY NOSHADE>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>

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