<SEC-DOCUMENT>0001010521-11-000557.txt : 20111229
<SEC-HEADER>0001010521-11-000557.hdr.sgml : 20111229
<ACCEPTANCE-DATETIME>20111229171120
ACCESSION NUMBER:		0001010521-11-000557
CONFORMED SUBMISSION TYPE:	NSAR-B
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20111031
FILED AS OF DATE:		20111229
DATE AS OF CHANGE:		20111229
EFFECTIVENESS DATE:		20111229

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			John Hancock Hedged Equity & Income Fund
		CENTRAL INDEX KEY:			0001496749
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		NSAR-B
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22441
		FILM NUMBER:		111287333

	BUSINESS ADDRESS:	
		STREET 1:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
		BUSINESS PHONE:		800-344-1029

	MAIL ADDRESS:	
		STREET 1:		601 CONGRESS STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02210
</SEC-HEADER>
<DOCUMENT>
<TYPE>NSAR-B
<SEQUENCE>1
<FILENAME>jhhedgeequityincometrust.fil
<DESCRIPTION>JOHN HANCOCK HEDGED EQUITY & INCOME FUND
<TEXT>
<PAGE>      PAGE  1
000 B000000 10/31/2011
000 C000000 0001496749
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 JOHN HANCOCK HEDGED EQUITY & INCOME FUND
001 B000000 811-22441
001 C000000 6176634497
002 A000000 601 CONGRESS STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02210
002 D020000 2805
003  000000 Y
004  000000 N
005  000000 N
006  000000 N
007 A000000 N
007 B000000  0
007 C010100  1
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008 B000001 S
008 C000001 801-15908
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008 D020001 MA
008 D030001 02109
008 A000002 JOHN HANCOCK ADVISERS, LLC
008 B000002 A
008 C000002 801-8124
008 D010002 BOSTON
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008 D030002 02210
008 D040002 2805
010 A000001 JOHN HANCOCK ADVISERS, LLC
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010 C010001 BOSTON
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010 C030001 02210
010 C040001 2805
011 A000001 Morgan Stanley & Co. Inc.
011 B000001 8-000000
011 C010001 New York
011 C020001 NY
011 C030001 10036
011 A000002 Citigroup Global Markets, Inc.
011 B000002 8-0
011 C010002 New York
<PAGE>      PAGE  2
011 C020002 NY
011 C030002 10013
011 A000003 Merrill Lynch Pierce Fenner & Smith
011 B000003 8-0
011 C010003 New York
011 C020003 NY
011 C030003 10036
011 A000004 UBS Securities LLC
011 B000004 8-0
011 C010004 New York
011 C020004 NY
011 C030004 10171
011 A000005 Wells Fargo Securities LLC
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011 C010005 New York
011 C020005 NY
011 C030005 10152
012 A000001 MELLON INVESTOR SERVICES
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015 A000012 HSBC Bank (China) Company Limited
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015 D010012 China
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015 D010013 Columbia
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<PAGE>      PAGE  4
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015 D010017 Ecuador
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<PAGE>      PAGE  5
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015 C010027 JAKARTA
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015 A000031 SOCIETE GENERALE DE BANQUES EN COTE D IVOIRE
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015 D010031 IVORY COAST
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015 B000033 S
015 C010033 Western Amman
015 D010033 Jordan
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015 B000034 S
015 C010034 Almaty
015 D010034 Kazakhstan
015 E040034 X
015 A000035 Deutsche Bank AG
<PAGE>      PAGE  6
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015 C010035 Seoul
015 D010035 Korea
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015 C010036 Safat
015 D010036 Kuwait
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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015 D010057 Serbia
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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<PAGE>      PAGE  11
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080 A000000 Chubb Group of Insurance Companies
080 B000000 ICI Mutual Insurance Company
080 C000000    30000
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SIGNATURE   SALVATORE SCHIAVONE
TITLE       TREASURER

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77B ACCT LTTR
<SEQUENCE>2
<FILENAME>acctsltr_jhhedgedequityincom.htm
<TEXT>

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<h2 style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><b><font face=arial style="font-size:10.0pt;">Report
of Independent Registered Public Accounting Firm</font></b></h2>

<p style="margin:0in;margin-bottom:1.0pt;"><font color=black face=arial lang=EN-US style="font-size:10.0pt;">To the Board of Trustees and Shareholders of John Hancock
Hedged Equity &amp; Income Fund: </font></p>

<p style="margin:0in;margin-bottom:1.0pt;"><font color=black face=arial lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.0pt;"><font color=black face=arial lang=EN-US style="font-size:10.0pt;">In planning and performing our audits of the financial statements
of John Hancock Hedged Equity &amp; Income Fund (the &#8220;Fund&#8221;) as of and for the period
ended October 31, 2011, in accordance with the standards of the Public Company
Accounting Oversight Board (United States), we considered the Fund's internal
control over financial reporting, including controls over safeguarding
securities, as a basis for designing our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, but not for the purpose of expressing an opinion on
the effectiveness of the Fund's internal control over financial reporting.
Accordingly, we do not express an opinion on the effectiveness of the Fund's
internal control over financial reporting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=arial lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=arial lang=EN-US style="font-size:10.0pt;">The
management of the Fund is responsible for establishing and maintaining
effective internal control over financial reporting.&#160; In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of controls.&#160; A fund&#8217;s internal control
over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally
accepted accounting principles.&#160; A fund's internal control over financial
reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the fund; (2)
provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the fund
are being made only in accordance with authorizations of management and
trustees of the fund; and (3)</font><font color=red face=arial lang=EN-US style="font-size:10.0pt;"> &nbsp;</font><font face=arial lang=EN-US style="font-size:10.0pt;">&#160;provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of a fund&#8217;s assets that could have a material
effect on the financial statements.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=arial lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=arial lang=EN-US style="font-size:10.0pt;">Because of
its inherent limitations, internal control over financial reporting may not
prevent or detect misstatements.&#160; Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that controls may
become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=arial lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=arial lang=EN-US style="font-size:10.0pt;">A
deficiency in internal control over financial reporting exists when the design
or operation of a control does not allow management or employees, in the normal
course of performing their assigned functions, to prevent or detect
misstatements on a timely basis.&#160; A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material misstatement of the Fund's
annual or interim financial statements will not be prevented or detected on a
timely basis.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=arial lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=arial lang=EN-US style="font-size:10.0pt;">Our
consideration of the Fund's internal control over financial reporting was for
the limited purpose described in the first paragraph and would not necessarily
disclose all deficiencies in internal control over financial reporting that
might be material weaknesses under standards established by the Public Company
Accounting Oversight Board (United States).&#160; However, we noted no deficiencies
in the Fund's internal control over financial reporting and their operation,
including controls over safeguarding securities that we consider to be material
weaknesses as defined above as of October 31, 2011.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=arial lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:1.0pt;"><font color=black face=arial lang=EN-US style="font-size:10.0pt;">This report is intended solely for the information and use
of management and the Board of Trustees of John Hancock Hedged Equity &amp;
Income Fund and the Securities and Exchange Commission and is not intended to
be and should not be used by anyone other than these specified parties.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=arial lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=arial lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=arial lang=EN-US style="font-size:10.0pt;">December
22, 2011</font></p>




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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>3
<FILENAME>advisoryagreement_jhfhedgede.htm
<DESCRIPTION>ADVISORY AGREEMENT
<TEXT>

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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;line-height:200%;">JOHN HANCOCK HEDGED
EQUITY &amp; INCOME FUND</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;line-height:200%;">ADVISORY AGREEMENT</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">Advisory Agreement dated April 20, 2011,
between John Hancock Hedged Equity &amp; Income Fund, a </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Massachusetts
business trust (the &#8220;Fund&#8221;),</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">and John Hancock</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;"> Advisers, </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">LLC, a</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;"> Delaware limited liability company (&#8220;JHA&#8221; or the &#8220;Adviser&#8221;).&#160; In
consideration of the mutual covenants contained herein, the parties agree as
follows:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">1.</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">APPOINTMENT OF ADVISER</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">The Fund hereby appoints JHA, subject
to the supervision of the Trustees of the Fund and the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;"> terms of this Agreement, as the investment adviser
for </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">the&nbsp;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;"> Fund.&#160; The Adviser accepts such appointment and agrees to render the
services and to assume the obligations set forth in this Agreement commencing
on its effective date.&#160; The Adviser will be an independent contractor and will
have no authority to act for or represent the Fund in an</font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">y&nbsp;</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;"> way or otherwise be deemed an agent unless
expressly authorized in this Agreement or another writing by the Fund and the
Adviser.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">2.</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">DUTIES OF THE ADVISER</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">a.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">Subject to the general supervision
of the Trustees of the Fund and the terms of this Agreement, the Adviser will
at its own expense, except as noted below, select and contract with investment
subadvisers (&#8220;Subadvisers&#8221;) to manage the investments and determine the
composition of the assets of the Fund; provided, that any contract with a
Subadviser (a &#8220;Subadvisory Agreement&#8221;) shall be in compliance with and approved
as required by the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;),
except for such exemptions therefrom as may be granted to the </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">Fund or the Adviser.&#160; Subject always to the
direction and control of the Trustees of the Fund, the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;"> Adviser will monitor each Subadviser&#8217;s management
of the Fund&#8217;s investment operations in accordance with the investment
objectives and related investment policies, as set forth in the Fund&#8217;s
registration statement under the management of such Subadviser, and review and
report to the Trustees of the Fund on the performance of such Subadviser.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">b.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">The Adviser shall furnish to
the Fund the following:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">i.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">Office and Other Facilities</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">. - The Adviser shall furnish to the Fund office
space in the offices of the Adviser or in such other place as may be agreed
upon by the parties hereto from time to time, and all necessary office
facilities and equipment.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">ii.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">Trustees and Officers</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">. - The Adviser agrees to permit individuals who
are directors, officers or employees of the Adviser to serve (if duly elected
or appointed) as Trustees or President of the Fund without remuneration from or
other cost to the Fund.</font></p>





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</DIV>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">iii.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">Investment Personnel</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">. - The
Adviser shall furnish to the Fund any personnel necessary for the oversight
and/or conduct of the investment operations of the Fund.&#160; For the elimination
of doubt, however, the Adviser shall not be obligated to furnish to the Fund pursuant
to this Agreement personnel for the performance of functions: (a)&nbsp;related
to and to be performed under any other separate contract from time-to-time in
effect between the Fund and the Adviser or another party for legal, accounting,
administrative and other any other non-investment related services;
(b)&nbsp;related to and to be </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">performed
under the Fund contract for custodial, bookkeeping, transfer and dividend</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">disbursing agency services by the bank</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">or other </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">financial&nbsp;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">
inst</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">i</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">tution selected to perform </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">such services; or
(c)&nbsp;related to the investment </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">subadvisory&nbsp;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">services to </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">be provided by any</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;"> Subadviser
pursuant to a Subadvisory Agreement.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">iv.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">Reports to Fund</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">. - The Adviser shall furnish to, or place at the
disposal of, the Fund such information, reports, valuations, analyses and
opinions as the Fund may, at any time or from time to time, reasonably request
or as the Adviser may deem helpful to the Fund, provided that the expenses
associated with any such materials furnished by the Adviser at the request of
the Fund shall be borne by the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">c.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">In addition to negotiating and
contracting with Subadvisers as set forth in section (2)(a) of this Agreement
and providing facilities, personnel and services as set forth in section
(2)(b), the Adviser will pay the compensation of the President and Trustees of
the Fund who are also directors, officers or employees of the Adviser or its
affiliates.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">d.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">The Adviser may elect to manage
the investments and determine the composition of the assets of the Fund,
subject to the approval of the Trustees of the Fund.&#160; In the event of such
election, the Adviser, subject always to the direction and control of the
Trustees of the Fund, will manage the investments and determine the composition
of the assets of the Fund in accordance with the Fund&#8217;s registration statement,
as amended.&#160; In fulfilling its obligations to manage the investments and
reinvestments of the assets of the Fund, the Adviser:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">i.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">will obtain and evaluate
pertinent economic, statistical, financial and other information affecting the economy generally and individual
companies or industries the securities of which are included in the Fund or are
under consideration for inclusion in the Fund;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">ii.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">will formulate and implement a
continuous investment program for the Fund consistent with the investment
objectives and related investment policies for the Fund as described in the
Fund&#8217;s registration statement, as amended;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">iii.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">will take whatever steps are
necessary to implement these investment programs by the purchase and sale of
securities including the placing of orders for such purchases and sales;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>





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</DIV>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">iv.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">will regularly report to the
Trustees of the Fund with respect to the implementation of these investment
programs;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">v.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">will provide assistance to the
Fund&#8217;s Custodian regarding the fair value of securities held by the Fund for
which market quotations are not readily available;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">vi.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">will furnish, at its expense:
(i) all necessary investment and management facilities, including salaries of
personnel required for it to execute its duties faithfully; and (ii)
administrative facilities, including bookkeeping, clerical personnel and
equipment necessary for the efficient conduct of the investment affairs of the
Fund (excluding any such services that are the subject of a separate agreement
as may from time to time be in effect between the Fund and the Adviser or
another party);</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">vii.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">will select brokers and
dealers to effect all transactions subject to the following conditions: the
Adviser will place all necessary orders with brokers, dealers, or issuers, and
will negotiate brokerage commissions if applicable; the Adviser is directed at
all times to seek to execute brokerage transactions for the Fund in accordance
with such policies or practices as may be established by the Trustees and
described in the Fund&#8217;s registration statement, as amended; the Adviser may pay
a broker-dealer which provides research and brokerage services a higher spread
or commission for a particular transaction than otherwise might have been
charged by another broker-dealer, if the Adviser determines that the higher
spread or commission is reasonable in relation to the value of the brokerage
and research services that such broker-dealer provides, viewed in terms of
either the particular transaction or the Adviser&#8217;s overall responsibilities
with respect to accounts managed by the Adviser; and the Adviser may use for
the benefit of its other clients, or make available to companies affiliated
with the Adviser for the benefit of such companies or their clients, any such
brokerage and research services that the Adviser obtains from brokers or
dealers;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">viii.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">to the extent permitted by
applicable laws and regulations, may, but shall be under no obligation to, on
occasions when the Adviser deems the purchase or sale of a security to be in
the best interest of the Fund as well as other clients of the Adviser,
aggregate the securities to be purchased or sold to attempt to obtain a more
favorable price or lower brokerage commissions and efficient execution.&#160; In
such event, allocation of the securities so purchased or sold, as well as the
expenses incurred in the transaction, will be made by the Adviser in the manner
the Adviser considers to be the most equitable and consistent with its
fiduciary obligations to the Fund and to its other clients;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">ix.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">will maintain all accounts,
books and records with respect to the Fund as are required of an investment
adviser of a registered investment company pursuant to the 1940 Act and the </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">Investment Advisers Act of 1940, as amended (the
&#8220;Advisers Act&#8221;) and the rules</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">
thereunder; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-27.0pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">x.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">will vote all proxies received
in connection with securities held by the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>





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</DIV>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">3.</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">EXPENSES ASSUMED BY THE FUND</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">The Fund will pay all expenses of its
organization, operations and business not specifically assumed or agreed to be
paid by the Adviser, as provided in this Agreement, or by a Subadviser, as
provided in a Subadvisory Agreement.&#160; Without limiting the generality of the
foregoing, in addition to certain expenses described in section 2 above, the
Fund shall pay or arrange for the payment of the following:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">a.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">Edgarization, Printing and
Mailing</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">. - Costs of edgarization,
printing and mailing (i) all  registration statements (including all amendments
thereto) and prospectuses/statements of additional information (including all
supplements thereto), all annual, semiannual and periodic reports to
shareholders of the Fund, regulatory authorities or others, (ii) all notices
and proxy solicitation materials furnished to shareholders of the Fund or
regulatory authorities and (iii) all tax returns;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">b.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">Compensation of Officers and
Trustees</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">. - Compensation of the
officers and Trustees of the Fund </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">(other
than persons serving as </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">President&nbsp;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;"> or Trustee of the Fund who are also directors,
officers or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;"> employees of the Adviser
or its affiliates);</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">c.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">Registration and Filing Fees</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">. - Registration, filing, blue-sky and other fees
in connection with requirements of regulatory authorities, including, without
limitation, all fees and expenses of registering and maintaining the
registration of the Fund under the 1940 Act and the registration of the Fund&#8217;s
shares under the Securities Act of 1933, as amended;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">d.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">Custodial Services</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">. - The charges and expenses of the custodian
appointed by the Fund for custodial services;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">e.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">Accounting Fees</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">. - The
charges and expenses of the independent accountants retained by the Fund;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">f.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">Legal, Accounting and
Administrative Services</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">. - The
charges and expenses of the Adviser or any other party pursuant to any separate
contract with the Fund from time to time in effect with respect to the
provision of legal services (including registering and qualifying Fund shares
with regulatory authorities), as well as accounting, administrative and any
other non-investment related services;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">g.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">Transfer, Bookkeeping and
Dividend Disbursing Agents</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">. - The
charges and expenses of any transfer, bookkeeping and dividend disbursing
agents appointed by the Fund;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">h.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">Commissions</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">. - Broker&#8217;s commissions and issue and transfer
taxes chargeable to the Fund in connection with securities transactions to
which the Fund is a party;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">i.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">Taxes</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">. - Taxes and corporate fees payable by the Fund to
federal, state or other governmental agencies and the expenses incurred in the
preparation of all tax returns;</font></p>





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</DIV>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">j.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">Stock Certificates</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">. - The cost of stock certificates, if any,
representing shares of the Fund;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">k.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">Membership Dues</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">. - Association membership dues, as explicitly
approved by the Trustees;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">l.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">Insurance Premiums</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">. - Insurance premiums for fidelity, errors and
omissions, directors and officers and other coverage;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">m.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">Shareholders and Trustees
Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">. - Expenses of shareholders
and Trustees meetings;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">n.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">Pricing</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">. - Pricing of the Fund&#8217;s shares, including the
cost of any equipment or services used for obtaining price quotations and
valuing Fund portfolio investments;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">o.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">Interest</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">. - Interest on borrowings;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">p.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">Communication Equipment</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">. - All charges for equipment or services used for
communication between the Adviser or the Fund and the custodian, transfer agent
or any other agent selected by the Fund; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">q.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">Nonrecurring and
Extraordinary Expense</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">. - Such
nonrecurring expenses as may arise, including the costs of actions, suits, or
proceedings to which the Fund is, or is threatened to be made, a party and the
expenses the Fund may incur as a result of its legal obligation to provide
indemnification to its Trustees, officers, agents and shareholders</font><font color=#312900 face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">.&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">4.</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">COMPENSATION OF ADVISER</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;">Subject to the provisions of section 2(d) of this
Agreement, </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">the Adviser shall be
entitled to a fee, paid daily,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">at such annual percentage rates, as specified in
Appendix A to this Agreement, of the average daily gross assets of the Fund.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">5.</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">NON-EXCLUSIVITY&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">The services of the Adviser to the
Fund are not to be deemed to be exclusive, and the Adviser shall be free to
render investment advisory or other services to others (including other
investment companies) and to engage in other activities.&#160; It is understood and
agreed that the directors, officers and employees of the Adviser are not
prohibited from engaging in any other business activity or from rendering services
to any other person, or from serving as partners, officers, directors, trustees
or employees of any other firm or corporation, including other investment
companies.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">6.</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SUPPLEMENTAL ARRANGEMENTS</font></b></p>

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

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;">The
Adviser may enter into arrangements with other persons affiliated with the
Adviser to better</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> enable it to fulfill
its obligations under this Agreement for the provision of certain personnel and
facilities to the Adviser.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">7.</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">CONFLICTS OF INTEREST</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">It is understood that Trustees,
officers, agents and shareholders of the Fund are or may be interested in the
Adviser as directors, officers, stockholders, or otherwise; that directors,
officers, agents and stockholders of the Adviser are or may be interested in
the Fund as Trustees, officers, shareholders or otherwise; that the Adviser may
be interested in the Fund; and that the existence of any such dual interest
shall not affect the validity hereof or of any transactions hereunder except as
otherwise provided </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;">in the Agreement
and Declaration of Trust of the Fund or the organizational documents of the
Adviser or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> by specific provision of
applicable law. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">8.</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">REGULATION&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;">The Adviser shall submit to all
regulatory and administrative bodies having jurisdiction over the</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> services provided pursuant to this Agreement any
information, reports or other material which any such body by reason of this
Agreement may request or require pursuant to applicable laws and regulations.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">9.</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">DURATION AND
TERMINATION OF AGREEMENT</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">This Agreement shall become effective
on the later of (i) its execution and (ii) the date of the meeting of the
shareholders of the Fund, at which meeting this Agreement is approved by the
vote of a </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;">&#8220;majority of the
outstanding voting securities&#8221; (as defined in the 1940 Act) of the Fund.&#160; The
Agreement</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> will continue in effect for
a period more than two years from the date of its execution only so long as
such continuance is specifically approved at least annually either by the
Trustees of the Fund or by the vote of a majority of the outstanding voting
securities of the Fund provided that in either event such continuance shall
also be approved by the vote of a majority of the Trustees of the Fund who are
not &#8220;interested persons&#8221; (as defined in the 1940 Act) of any party to this
Agreement cast in person at a meeting called for the purpose of voting on such
approval.&#160; The required shareholder approval of the Agreement or of any
continuance of the Agreement shall be effective if a majority of the
outstanding voting securities of the Fund votes to approve the Agreement or its
continuance.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">Following the effectiveness of the
Agreement, if the Agreement terminates because the shareholders of the Fund
fail to provide any requisite approval under the 1940 Act for the continued
effectiveness of the Agreement, the Adviser will continue to act as investment
adviser with respect to the Fund pending the required approval of the Agreement
or its continuance or of a new contract with the Adviser or a different adviser
or other definitive action; provided, that the compensation received by the
Adviser in respect of the Fund during such period will be no more than its
actual costs incurred in furnishing investment advisory and management services
to the Fund or the amount it would have received under the Agreement in respect
of the Fund, whichever is less; </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">provided further, for
the elimination of doubt, the failure of shareholders of the Fund to approve a
proposed amendment to the Agreement is not a termination of the Agreement with
respect to the Fund and, in such event, the Agreement shall continue with
respect to the Fund as previously in force and effect.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">This Agreement may be terminated at
any time, without the payment of any penalty, by the Trustees of the Fund, by
the vote of a majority of the outstanding voting securities of the Fund, on
sixty days&#8217; written notice to the Adviser, or by the Adviser on sixty days&#8217;
written notice to the Fund.&#160; This </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;">Agreement
will automatically terminate, without payment of any penalty, in the event of
its &#8220;assignment&#8221;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> (as defined in the
1940 Act).</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">10.</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">PROVISION OF CERTAIN
INFORMATION BY ADVISER</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">.&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Adviser will promptly notify
the Fund in writing of the occurrence of any of the following:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">a.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">the Adviser </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">fails&nbsp;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> to
be registered as an investment adviser under the Advisers Act or under the </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;">laws of any jurisdiction in which the Adviser is
required to be registered as an investment adviser</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> in order to perform its obligations under this
Agreement;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">b.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">the Adviser is served or
otherwise receives notice of any action, suit, proceeding, inquiry or
investigation, at law or in equity, before or by any court, public board or
body, involving the affairs of the Fund; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">c.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">the chief executive officer or
managing member of the Adviser or the portfolio manager of the Fund changes</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.05in;text-indent:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">11.</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">AMENDMENTS TO THE AGREEMENT</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">This Agreement may</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">be amended by the parties only if such amendment is specifically approved</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
by the vote of a majority of the outstanding voting securities of the Fund and
by the vote of a majority of the Trustees of the Fund who are not interested
persons of </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">an</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">y&nbsp;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> pa</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">r</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">ty to this Agreement cast
in person at a meeting called for the purpose of voting on such approval.&#160; </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The
required shareholder approval shall be effective if a majority of the
outstanding voting securities of the Fund vote to approve the amendment.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">12.</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ENTIRE AGREEMENT</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">This</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">A</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">greement contains the
entire unders</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">t</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">anding and agreement of
the parties.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">13.</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">HEADINGS&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The headings in
the sections of this Agreement are inserted for convenience of reference only
and shall not constitute a part hereof.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">14.</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">NOTICES&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">All notices required to be given
pursuant to this Agreement shall be delivered or mailed to the </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">last known business address of the Fund or Adviser
in person or by regist</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">e</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">red mail or a
private mail or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> delivery service providing the sender with notice of
receipt.&#160; Notice shall be deemed given on the date delivered or mailed in
accordance with this section.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">15.</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SEVERABILITY&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.15in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Should any
portion of this Agreement for any reason be held to be void in law or in equity,
the A</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">gr</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">eement shall be construed, insofar as is possible, as if such portion
had never</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">be</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">en contained h</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">e</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.05pt;">re</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">in.&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">16.</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.8pt;">GOVERNING LAW</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">The provisions of this Agreement shall</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">be construed</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">an</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">d&nbsp;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> interpreted in accor</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">d</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">ance with the laws</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> of The Commonwealth of
Massachusetts, or any of the applicable provisions of the 1940 Act.&#160; To the </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">extent that the laws of The Commonwealth of
Massachusetts, or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">an</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">y&nbsp;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;"> of the provisions in this Agreement,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
conflict with applicable provisions of the 1940 Act, the latter shall control.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">17.</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">NAME OF THE FUND</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">The Fund may use the name &#8220;John </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">H</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">ancock&#8221; or</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> any name or names derived from
or similar to the names &#8220;John Hancock Advisers</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">,
LLC,&#8221; &#8220;John </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">H</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">ancock Life Insurance
Com</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">p</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">any&#8221; or &#8220;John Hancock Financial
Services&#8221;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">only for so</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">long as this </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">A</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">greement remains in effect as to the Fund.&#160; At such time</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"> as this
Agreement shall no longer be in effect as to the Fund, the Fund will (to the
extent it lawfully can) cease to use such a name or any </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.1pt;">other name indicating that the Fund is advised by or otherwise connected
with the </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">Adviser.&#160; The Fund
acknowledges that it has adopted the name John Hancock Hedged Equity &amp;
Income Fund through permission of John Hancock Life Insurance Company, a
Massachusetts insurance company, and agrees that John Hancock Life Insurance
Company reserves to itself and any successor to its business the right to grant
the non-exclusive right to use the name &#8220;John Hancock&#8221; or any similar name or
names to any </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;">other corporation or
entity, including but not limited to any investment company of which John
Hancock</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> Life Insurance Company or any
subsidiary or affiliate thereof shall be the investment adviser.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">18.</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">LIMITATION OF LIABILITY
UNDER THE DECLARATION OF TRUST</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">The Agreement and Declaration of Trust
establishing the Fund, dated July 15, 2010, a copy of which, together with all
amendments thereto (the &#8220;Declaration&#8221;), is on file in the office of the
Secretary of The Commonwealth of Massachusetts, provides that no Trustee,
shareholder, officer, employee or agent of the Fund shall be subject to any
personal liability in connection with Fund property or the affairs of the </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;">Fund and that all persons shall look solely to the
Fund property </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">for satisfaction of
claims of any nature arising in connection with the affairs of the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>





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</DIV>
<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">19.</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">LIABILITY OF THE ADVISER</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;">In the absence of (a) willful
misfeasance, bad faith or gross negligence on the part of the Adviser</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;"> in performance of its obligations and duties
hereunder, (b) reckless disregard by the Adviser of its obligations and duties
hereunder, or (c)&nbsp;a loss resulting from a breach of fiduciary duty with
respect to the receipt of compensation for services (in which case any award of
damages shall be limited to the period and the amount set forth in Section
36(b)(3) of the 1940 Act), the Adviser shall not be subject to any liability
whatsoever to the Fund, or to any shareholder for any error of judgment,
mistake of law or any other act or omission in the course of, or connected
with, rendering services hereunder including, without limitation, for any
losses that may be sustained in connection with the purchase, holding,
redemption or sale of any security on behalf of the Fund.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:0in;text-indent:0in;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">20.</font></b><b><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font></b><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:1.3pt;">INDEMNIFICATION&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">a.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">To the fullest extent
permitted by applicable law, the Fund shall indemnify the Adviser, its
affiliates and the officers, directors, employees and agents of the Adviser and
its affiliates (each an &#8220;indemnitee&#8221;) against any and all losses, claims,
damages, </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;">liabilities or expenses
(including reasonable counsel fees and expenses) resulting from any claim, </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">demand, action or suit relating to the Fund and
not resulting from the willful misfeasance, bad faith, gross negligence, or
reckless disregard of the indemnitee in the performance of the obligations and
duties of the indenmitee&#8217;s office.&#160; The federal and state securities laws
impose liabilities under certain circumstances on persons who act in good
faith, and therefore nothing in this Agreement will waive or limit any rights
that the Fund may have under those laws.&#160; An indemnitee will not confess any
claim or settle or make any compromise in any instance in which the Fund will
be asked to provide indemnification, except with the Fund&#8217;s prior written
consent.&#160; Any amounts payable by the Fund under this section shall </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;">be satisfied only against the assets of the Fund</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">.&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">b.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">Any indemnification or
advancement of expenses made in accordance with this section shall not prevent
the recovery from any indemnitee of any amount if the indemnitee subsequently
is determined in a final judicial decision on the merits in any action, suit,
investigation or </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;">proceeding involving
the liability or expense that gave rise to the indemnification to be liable to
the Fund</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;"> or its shareholders by reason
of willful misfeasance, bad faith,</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.1pt;">gross negligence,
or reckless</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;"> disregard of the duties
involved in the conduct of the indemnitee&#8217;s </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;">office</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">.&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-right:.05in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:-.5in;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">c.</font><font color=black face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:.2pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">The rights of indemnification </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.3pt;">provided&nbsp;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">
in this section shall not be exclusive of or affect any other rights to which
any person may be entitled by contract or otherwise under law.&#160; Nothing
contained in this section shall affect the power of the Fund to purchase and
maintain liability insurance on behalf of the Adviser or any indemnitee.</font></p>

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

<p align=center style="margin:0in;margin-bottom:12.0pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.15pt;">* * * * *</font></p>





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</DIV>
<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:.05in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">IN WITNESS WHERE</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">O</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">F, the parties hereto have caused this
Agreement to </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">be&nbsp;</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">executed under </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">seal by their duly authorized officers as of the date first mentioned
above.</font></p>

<p style="margin:0in;margin-bottom:.5in;margin-left:3.25in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">JOHN HANCOCK HEDGED
EQUITY &amp; INCOME FUND</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:3.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">By:&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.2pt;">/s/Keith F. Hartstein</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:261.0pt;margin-right:0pt;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.9pt;line-height:13.2pt;">Name:&#160;&#160; Keith F. Hartstein</font></p>

<p style="margin:0in;margin-bottom:.5in;margin-left:4.25in;margin-right:0pt;margin-top:0in;text-indent:-44.65pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.9pt;">Title:&#160;&#160;&#160;&#160; President
and Chief Executive Officer</font></p>

<p style="margin:0in;margin-bottom:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">JOHN
HANCOCK ADVISERS, LLC</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">By:&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.2pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
/s/Jeffrey H. Long</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:27.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.9pt;line-height:13.2pt;">Name:&#160;&#160; Jeffrey H. Long</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:27.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.9pt;line-height:13.2pt;">Title:&#160;&#160;&#160;&#160; Chief Financial Officer</font></p>









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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.3pt;">APPENDIX A</font></u></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.3pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.3pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.3pt;">ADVISORY FEE SCHEDULE</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.3pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:.3pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">T</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">he
Adviser shall be entitled to receive from the Fund compensation in an amount
equal to 1.00% annually of the average daily gross assets of the Fund.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">For these
purposes, &#8220;gross assets&#8221; of the Fund means total assets of the Fund, including
any form of investment leverage, minus all accrued expenses incurred in the
normal course of operations, but not excluding any liabilities or obligations
attributable to investment leverage obtained through (i) indebtedness of any
type (including, without limitation, borrowing through a credit
facility/commercial paper program or other forms of borrowings or the issuance
debt securities), (ii) the issuance of preferred shares or other similar
preference securities, and/or (iii) any other means.</font></p>



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<TYPE>EX-99.77Q2 ITEM 405
<SEQUENCE>4
<FILENAME>hedgedequityitem77q2remrladn.htm
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

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

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

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">HEDGED
EQUITY &amp; INCOME FUND</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Sub-Item
77Q2</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Section
16(a) Beneficial Ownership Reporting Compliance</font></b></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Based
solely on a review of the copies of Forms 3, 4 and 5 furnished to the Fund and
representations that no other reports were required to be filed, the Fund
believes that, during the past fiscal year, its executive officers, Trustees
and 10% shareholders complied with all applicable Section 16(a) filing
requirements, except that Mr. Ladner did not timely file one Form 4 relating to
a purchase of common shares of the Fund due to an administrative error.</font></p>

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<TYPE>EX-99.77Q1 OTHR EXHB
<SEQUENCE>5
<FILENAME>heqby-lawamendment12611final.htm
<DESCRIPTION>AMENDED BY-LAW
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></u></b></p>

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

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

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">JOHN HANCOCK
EMERGING MARKETS INCOME FUND</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">JOHN HANCOCK
FLEXIBLE INCOME OPPORTUNITIES FUND</font></b></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">JOHN HANCOCK HEDGED
EQUITY &amp; INCOME FUND</font></b></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></u></b></p>

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

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">As Amended:&#160;&#160; December
6, 2011 (Article IV)</font></p>

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

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

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

<p style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-indent:.5in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ARTICLE IV&#160; Meetings of Shareholders</font></p>

<p style="margin:0in;margin-bottom:12.0pt;page-break-after:avoid;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SECTION 8.&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Notice of Shareholder Business and Nominations</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160; &nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;(A)&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Annual Meetings of
Shareholders</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; (1) Nominations of persons for election to the Board of
Trustees and the proposal of business to be considered by the shareholders may
be made at an annual meeting of shareholders (a) pursuant to the Trust&#8217;s notice
of meeting; (b) by or at the direction of the Board of Trustees; or&#160; (c) by any
shareholder of the Trust who was a shareholder of record both at the time of
giving of notice provided for in this Section 8(A) and at the time of the
annual meeting, who is entitled to vote at the meeting and who complied with
the notice provisions set forth in this Section 8.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (2)&#160; For
nominations or other business properly to be brought before an annual meeting
by a shareholder pursuant to clause (c) of paragraph (A)(1) of this Section 8,
the shareholder must have given timely notice thereof in writing to the
Secretary of the Trust and such other business must be a proper matter for
shareholder action.&#160; To be timely, a shareholder&#8217;s notice shall be delivered to
the Secretary at the principal executive offices of the Trust by not later than
the close of business on the ninetieth day nor earlier than the close of
business on the one hundred-twentieth day prior to the first anniversary of the
date of mailing of the notice for the preceding year&#8217;s annual meeting;
provided, however, that in the event that the date of the mailing of the notice
for the annual meeting is advanced or delayed by more than thirty days from the
anniversary date of the mailing of the notice for the preceding year&#8217;s annual
meeting, notice by the shareholder to be timely must be so delivered not
earlier than the close of business on the one hundred-twentieth day prior to
the date of mailing of the notice for such annual meeting and not later than
the close of business on the later of the ninetieth day prior to the date of
mailing of the notice for such annual meeting or the tenth day following the
day on which public announcement of the date of mailing of the notice for such
meeting is first made by the Trust.&#160; In no event, shall the public announcement
of a postponement of the mailing of the notice for such annual meeting or of an
adjournment or postponement of an annual meeting to a later date or time commence
a new time period for the giving of a shareholder&#8217;s notice as described above.&#160;
Such shareholder&#8217;s notice shall set forth (a) as to each person whom the
shareholder </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">proposes to nominate for election or
reelection as a Trustee </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">(1) the name, age,
business address and residence address of such person, (2) the class and number
of shares of stock of the Trust that are beneficially owned or owned of record
by such person, (3) the date such shares were acquired and the investment
intent of such acquisition, and (4) </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">all information relating to such
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 under the Securities Exchange Act of 1934, as
amended (the &#8220;Exchange Act&#8221;) (including such person&#8217;s written consent to being
named in the proxy statement as a nominee and to serving as a Trustee if
elected); (b) as to any other business that the shareholder proposes to bring
before the meeting, a brief description of the business desired to be brought
before the meeting, the reasons for conducting such business at the meeting and
any material interest in such business of such shareholder (including any
anticipated benefit to the shareholder therefrom) and of each beneficial owner,
if any, on whose behalf the proposal is made; and (c) as to the shareholder
giving the notice and the beneficial owner, if any, on whose behalf the
nomination or proposal is made (i) the name and address of such shareholder, as
they appear on the Trust&#8217;s books, and of such beneficial owner and (ii) the
class and number of shares of the Trust which are owned beneficially and of
record by such shareholder and such beneficial owner, (iii)</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"> 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 of share price changes
for, or to increase the voting power of, such shareholder or beneficial owner
with respect to any share of the Trust (collectively &#8220;Hedging Activities&#8221;), and
(iv) the extent to which such shareholder or such beneficial owner, if any, has
engaged in Hedging Activities with respect to shares or other equity interests
of any other trust or company; (d) as to the shareholder giving the notice and
any beneficial owner covered by clauses (a) or (b) of this paragraph, the name
and address of such shareholder, as they appear on the Trust&#8217;s stock ledger and
current name and address, if different, of such beneficial owner; and (e) to
the extent known by the shareholder giving the notice, the name and address of
any other shareholder supporting the nominee for election or reelection as a
trustee or the proposal of other business on the date of such shareholder&#8217;s
notice.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (3)&#160;
Notwithstanding anything in the second sentence of paragraph (A)(2) of this
Section 8 to the contrary, in the event that the number of Trustees to be
elected to the Board of Trustees is increased and there is no public
announcement naming all of the nominees for Trustee or specifying the size of
the increased Board of Trustees made by the Trust at least one hundred days
prior to the first anniversary of the preceding year&#8217;s annual meeting, a
shareholder&#8217;s notice required by this Section 8 shall also be considered
timely, but only with respect to nominees for any new positions created by such
increase, if 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 day following the day on which such public announcement is first made by
the Trust.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (B)&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Special
Meetings of Shareholders</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.&#160; Only such business shall be conducted by a
special meeting of shareholders as shall have been brought before the meeting
pursuant to the Trust&#8217;s notice of meeting.&#160; Nominations of persons for election
to the Board of Trustees may be made at a special meeting of shareholders at
which Trustees are to be elected pursuant to the Trust&#8217;s notice of meeting (1)
by or at the direction of the Board of Trustees or (2) provided that </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the Trustees have determined that trustees shall be
elected at such special meeting, by any shareholder of the Trust who is a
shareholder of record both at the time of giving of notice provided for in this
Section 8 and at the time of the special meeting, who is entitled to vote at
the meeting and who complied with the notice procedures set forth in this
Section 8.&#160; In the event the Trust calls a special meeting of shareholders for
the purpose of electing one or more Trustees to the Board of Trustees, any such
shareholder may nominate a person or persons (as the case may be), for election
to such position(s) as specified in the Trust&#8217;s notice of meeting, if the
shareholder&#8217;s notice required by paragraph (A)(2) of this Section 8 shall be
delivered to the Secretary at the principal executive offices of the Trust not
earlier than the close of business on the one hundred-twentieth day prior to
such special meeting and not later than the close of business on the later of
the ninetieth day prior to such special meeting or the tenth day following the day
on which public announcement is first made of the date of the special meeting
and of the nominees proposed by the Board of Trustees to be elected at such
meeting.&#160; In no event, shall the public announcement of a postponement or
adjournment of a special meeting commence a new time period for the giving of a
shareholder&#8217;s notice as described above.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A
Shareholder's notice 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 and residence address of such person, (B) the class
and number of shares of stock of the Trust that are beneficially owned or owned
of record by such person, (C) the date such shares were acquired and the
investment intent of such acquisition, and (D) all other information relating
to such 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
description of the business desired to be brought before the meeting, the
reasons for conducting such business at the meeting and any material interest
in such business of such Shareholder (including any anticipated benefit to the
Shareholder 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,
(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, (2) the class and number of shares of stock of the Trust which are owned
beneficially and of record by such Shareholder and such beneficial owner, (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 of
share price changes for, or to increase the voting power of, such shareholder
or beneficial owner with respect to any share of the Trust (collectively
&#8220;Hedging Activities&#8221;), and (4) the extent to which such shareholder or such
beneficial owner, if any, has engaged in Hedging Activities with respect to
shares or other equity interests of any other trust or company; (iv) as to the
shareholder giving the notice and any beneficial owner covered by clauses (i)
or (ii) of this paragraph, the name and address of such shareholder, as they
appear on the Trust&#8217;s stock ledger and current name and address, if different,
of such beneficial owner; and (v) to the extent known by the shareholder giving
the notice, the name and address of any other shareholder supporting the
nominee for </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">election or reelection as a trustee or the
proposal of other business on the date of such shareholder&#8217;s notice.</font></p>
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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font style=""><i><font style=""><b><i><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></i></b></font></i></font></b></p>





</DIV>
<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.75pt;">JOHN
HANCOCK HEDGED EQUITY FUND</font></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:30.5pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;letter-spacing:-.8pt;line-height:38.6pt;">AGREEMENT AND DECLARATION OF TRUST</font></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:30.5pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:38.6pt;">Dated July </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:38.6pt;">15, </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:38.6pt;">2010&nbsp;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:268.95pt;margin-right:0in;margin-top:5.25pt;text-indent:-23.85pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;line-height:11.45pt;">&nbsp;</font></p>









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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font style=""><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></font></b></p>





</DIV>
<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;text-align:center;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">Table
of Contents</font></u></b></p>

<p align=right style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.5pt;margin-top:11.45pt;text-align:right;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">Page</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_Toc266696361"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">ARTICLE I</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;"> &nbsp;</font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">1</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696362"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section 1.1.&#160;
Name</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">1</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696363"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
1.2.&#160; Definitions</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">1</font></font></a></p>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_Toc266696364"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;">ARTICLE II</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;"> &nbsp;</font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">2</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696365"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section 2.1.&#160;
Management of the Trust</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;"> &nbsp;</font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">2</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696366"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
2.2.&#160; Number of Trustees</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">3</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696367"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
2.3.&#160; Term of Office of Trustees</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">3</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696368"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section 2.4.
Resignation and Appointment of Trustees</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">3</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696369"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
2.5.&#160; Vacancies</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">3</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696370"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
2.6.&#160; Delegation of Power to Other Trustees</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">4</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696371"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
2.7.&#160; Removal of Trustees by the Shareholders</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">4</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696372"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
2.8.&#160; General Powers</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">4</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696373"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
2.9.&#160; Investments</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">4</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696374"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
2.10.&#160; Legal Title</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">6</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696375"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
2.11.&#160; By-Laws</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">6</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696376"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
2.12.&#160; Distribution and Repurchase of Shares</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">6</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696377"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
2.13. Delegation</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">6</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696378"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
2.14.&#160; Collection and Payment</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;"> &nbsp;</font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">6</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696379"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
2.15.&#160; Expenses</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">7</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696380"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
2.16.&#160; Committees</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">7</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696381"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
2.17.&#160; Miscellaneous Powers</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">7</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696382"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
2.18.&#160; Litigation</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">7</font></font></a></p>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_Toc266696383"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;">ARTICLE III</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;"> &nbsp;</font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">8</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696384"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
3.1.&#160; Principal Underwriter</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;"> &nbsp;</font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">8</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696385"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
3.2.&#160; Investment Adviser</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;"> &nbsp;</font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">8</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696386"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
3.3.&#160; Administrator</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;"> &nbsp;</font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">8</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696387"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
3.4.&#160; Other Service Providers</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">8</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696388"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
3.5.&#160; Transfer Agents</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">8</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696389"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
3.6.&#160; Custodian</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">8</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696390"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
3.7.&#160; Affiliations</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">9</font></font></a></p>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_Toc266696391"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.05pt;">ARTICLE IV</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">.. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">9</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696392"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
4.1.&#160; No Personal Liability of Shareholders, Trustees, Officers and Employees</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">9</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696393"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
4.2.&#160; Trustee&#8217;s Good Faith Action: Advice to Others; No Bond or Surety</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">9</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696394"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
4.3.&#160; Indemnification</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">10</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696395"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
4.4.&#160; No Duty of Investigation</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">10</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696396"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
4.5.&#160; Reliance on Records and Experts</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">10</font></font></a></p>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_Toc266696397"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">ARTICLE V</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">.. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">10</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696398"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
5.1.&#160; Shares of Beneficial Interest</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;"> &nbsp;</font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">10</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696399"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
5.2.&#160; Voting Powers</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">11</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696400"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
5.3.&#160; Rights of Shareholders</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">11</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696401"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
5.4.&#160; Trust Only</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">11</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696402"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
5.5.&#160; Issuance of Shares</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">11</font></font></a></p>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_Toc266696403"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.05pt;">ARTICLE VI</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;"> &nbsp;</font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">12</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696404"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
6.1.&#160; Redemptions and Repurchases of Shares</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">12</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696405"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
6.2.&#160; Manner of Payment</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;"> &nbsp;</font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">12</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696406"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
6.3.&#160; Involuntary Redemption</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">12</font></font></a></p>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_Toc266696407"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;">ARTICLE VII</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;"> &nbsp;</font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">12</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696408"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
7.1.&#160; Net Asset Value</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">12</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696409"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
7.2.&#160; Dividends and Distributions</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">13</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696410"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
7.3.&#160; Power to Modify Foregoing Procedures</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">13</font></font></a></p>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_Toc266696411"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">ARTICLE VIII</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;"> &nbsp;</font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">14</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696412"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
8.1.&#160; Duration</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">14</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696413"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
8.2.&#160; Merger or Termination of the Trust or a Series or a Class</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">14</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696414"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
8.3.&#160; Amendments</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">14</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696415"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
8.4.&#160; Certain Transactions</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">15</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696416"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
8.5.&#160; Conversion</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">16</font></font></a></p>


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<p style="margin:0in;margin-bottom:.0001pt;"><a href="#_Toc266696417"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">ARTICLE IX</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">.. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">17</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696418"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
9.1.&#160; Notices</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">17</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696419"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
9.2.&#160; Filing of Copies. References. Headings and Counterparts</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">17</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696420"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
9.3.&#160; Applicable Law</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">.. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">17</font></font></a></p>

<p style="margin-bottom:0in;margin-left:10.0pt;margin-right:0in;margin-top:0in;"><a href="#_Toc266696421"><u><font color=blue face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Section
9.4.&#160; Provisions in Conflict with Law or Regulations</font></u><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">. </font></font><font color=windowtext style="display:none;"><font color=windowtext face="Times New Roman" lang=EN-US style="font-size:10.0pt;text-decoration:none;">17</font></font></a></p>

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<p style="background:white;margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">AGREEMENT AND DECLARATION
OF TRUST, made July 15, 2010 by the Trustees </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">hereunder
and by the holders of beneficial interest to be issued hereunder as hereinafter
provided and</font></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;line-height:12.0pt;">WITNESSETH:</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">WHEREAS, the Trust has been
formed to carry on the business of an investment company; and</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">WHEREAS,
the Trustees have agreed to manage all property coming into their hands as
trustees </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">of a Massachusetts voluntary
association with transferable shares in accordance with the provisions
hereinafter set forth;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">NOW,
THEREFORE, the Trustees declare that all money and property contributed to the
trust established hereunder shall be held and managed under this Agreement and
Declaration of Trust for the benefit of the holders, from time to time, of the
shares of beneficial interest to be issued hereunder and </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">subject to the provisions set forth below.</font></p>

<h1 align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;page-break-after:avoid;text-align:center;"><a name="_Toc266696361"></a><b><font face="times new roman" style="font-size:11.0pt;line-height:12.0pt;">ARTICLE
I</font></b></h1>

<p align=center style="margin:0in;margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:.25in;text-align:center;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">NAME AND DEFINITIONS</font></u></b></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696362"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 1.1. &#160;Name</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The name of the trust created hereby is John
Hancock Hedged Equity Fund.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696363"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 1.2. &#160;Definitions</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; Wherever they are used herein, the following terms
have the following respective meanings:</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;line-height:12.0pt;">(a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">&#8220;Administrator&#8221;
means the party, other than the Trust, to a contract described in Section 3.3 </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">hereof.&nbsp;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:22.9pt;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;line-height:12.0pt;">(b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">&#8220;By-Laws&#8221;
means the By-Laws referred to in Section 2.11 hereof, as from time to time </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">amended.&nbsp;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.65pt;line-height:12.0pt;">(c)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.65pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.45pt;line-height:12.0pt;">&#8220;Class&#8221;
means any class of Shares designated by the Trustees as such following any
division </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">of Shares of the Trust into two
or more Classes as provided in Section 5.1 hereof.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.3pt;line-height:12.0pt;">(d)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.3pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">The term &#8220;Commission&#8221; has the
meaning given the term in the 1940 Act.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.25pt;line-height:12.0pt;">(e)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.25pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">&#8220;Custodian&#8221;
means any Person other than the Trust who has custody of any Trust Property as </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">required by Section 17(f) of the 1940 Act, but does
not include a system for the central handling of</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.25pt;line-height:12.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">securities described in said Section 17(f).</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;line-height:12.0pt;">(f)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&#8220;Declaration&#8221; means this
Declaration of Trust as amended from time to time.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;line-height:12.0pt;">(g)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&#8220;His&#8221; shall include the feminine
and neuter, as well as the masculine, genders.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(h)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">The term &#8220;Interested
Person&#8221; has the meaning specified in the 1940 Act subject, however, to </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">such exceptions and exemptions as may be granted by
the Commission in any rule, regulation or order.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(i)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">&#8220;Investment
Adviser&#8221; means the party, other than the Trust, to an agreement described in </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">Section 3.2 hereof.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(j)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">The &#8220;1940 Act&#8221; means the
Investment Company Act of 1940 and the Rules and Regulations thereunder, as
amended from time to time.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(k)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&#8220;Outstanding Shares&#8221; means those
Shares shown from time to time on the books of the Trust or its Transfer Agent
as then issued and outstanding.</font></p>


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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font style=""><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></font></b></p>





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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(l)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&#8220;Person&#8221; means and includes
individuals, corporations, limited liability companies, </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">partnerships, trusts, associations, firms, joint ventures and other
entities, whether or not legal entities, as </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">well as governments,
instrumentalities, and agencies and political subdivisions thereof, and
quasi-governmental agencies and instrumentalities.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(m)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&#8220;Principal Underwriter&#8221; means a
party, other than the Trust, to a contract described in Section 3.1 hereof.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(n)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.45pt;line-height:12.0pt;">&#8220;Prospectus&#8221;
means the Prospectus and Statement of Additional Information, if any, included </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">in the Registration Statement of the Trust under the
Securities Act of 1933 as such Prospectus and Statement of Additional
Information, if any, may be amended or supplemented and filed with the
Commission from time to time.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(o)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&#8220;Registration Statement&#8221; means the
Registration Statement of the Trust under the Securities </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">Act of 1933 as such Registration Statement may be
amended and filed with the Commission from time to </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">time.&nbsp;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(p)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&#8220;Series&#8221; means any series of
Shares designated by the Trustees as such following the division of Shares of
any Class into two or more Series as provided in Section 5.1 hereof.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(q)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&#8220;Shareholder&#8221; means a record owner
of Outstanding Shares.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(r)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&#8220;Shares&#8221; means the equal
proportionate transferable units of interest into which the beneficial interest
in the Trust shall be divided from time to time, or, if more than one Class or
Series is authorized </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">by the Trustees, the
equal proportionate transferable units into which each Class or Series shall be
divided </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">from time to time.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(s)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&#8220;Transfer Agent&#8221; means any Person
other than the Trust who maintains the Shareholder </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">records of the Trust, such as the list of Shareholders, the number of
Shares credited to each account, and </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">the like.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(t)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&#8220;Trust&#8221; means the Trust named in
Section 1.1.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(u)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">The &#8220;Trustees&#8221; means the persons
who have signed this Declaration, so long as they shall continue in office in
accordance with the terms hereof, and all other persons who now serve or may
from </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">time to time be duly elected,
qualified and serving as Trustees in accordance with the provisions of Article
II hereof and the By-Laws of the Trust, and reference herein to a Trustee or
the Trustees shall refer to such </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">person or persons in his capacity or
their capacities as trustees hereunder.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(v)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&#8220;Trust Property&#8221; means 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, including any and all assets
of or allocated to any Class or Series, as the context may require.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(w)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">Except as such term may be
otherwise defined by the Trustees in connection with any </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">meeting or other action of Shareholders or in
conjunction with the establishment of any Class or Series,</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">the term &#8220;vote&#8221; when used in connection with an
action of Shareholders shall include a vote taken at a </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">meeting of
Shareholders or the consent or consents of Shareholders taken without such a
meeting.</font></p>

<h1 align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;page-break-after:avoid;text-align:center;"><a name="_Toc266696364"></a><b><font face="times new roman" style="font-size:11.0pt;letter-spacing:-.1pt;line-height:12.0pt;">ARTICLE II</font></b></h1>

<p align=center style="background:white;margin:0in;margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:.25in;text-align:center;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;line-height:12.0pt;">TRUSTEES</font></u></b></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><a name="_Toc266696365"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section
2.1.&#160; Management of the Trust</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">.&#160; The business and affairs of the Trust shall be
managed by </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">the Trustees and they shall
have all powers and authority necessary, appropriate or desirable to perform
that function.</font></p>

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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 2.2.&#160; Number of Trustees</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The number of Trustees shall be such number as
shall be fixed from time to time by a written instrument signed by a majority
of the Trustees, provided, however, that the number of Trustees shall in no
event be less than two (2) nor more than fifteen (15). No reduction in </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">the number of Trustees shall have the effect of
removing any Trustee from office prior to the expiration of his term unless the
Trustee is specifically removed pursuant to Section 2.3 or Section 2.7 of this
Article II </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">at the time of decrease.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696367"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 2.3.&#160; Term of Office of Trustees</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The Board of Trustees shall be divided into three
classes. Within the limits above specified, the number of the Trustees in each
class and the class which each Trustee is assigned shall be determined by
resolution of the Board of Trustees. The term of office of </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">the first class shall expire on the date of the
first annual meeting of Shareholders or special meeting in lieu </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">thereof
following the effective date of the Registration Statement. The term of office
of the second class shall expire on the date of the second annual meeting of
Shareholders or special meeting in lieu thereof following the effective date of
the Registration Statement. The term of office of the third class shall </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">expire on the date of the third annual meeting of
Shareholders or special meeting in lieu thereof following </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">the effective
date of the Registration Statement. Upon expiration of the term of office of
each class as set </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">forth above, the number
of Trustees in such class, as determined by the Board of Trustees, shall be
elected </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">for a term expiring on the date of the third annual meeting of
Shareholders or special meeting in lieu </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">thereof
following such expiration to succeed the Trustees whose terms of office expire.
The Trustees shall </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">be elected at an annual meeting of the Shareholders
or special meeting in lieu thereof called for that purpose, except as provided
in Section 2.3 of this Article and each Trustee elected shall hold office until
his successor shall have been elected and shall have qualified; except (a) that
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
other Trustees, which shall take effect upon such delivery or upon such later
date as is specified therein; (b) that any Trustee may be removed (provided the
aggregate number of Trustees after such removal shall not be less than the
number required by Section 2.2 hereof) for cause, at any time by written
instrument, signed by the at least three-quarters of the then Trustees,
specifying the date when </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">such removal shall
become effective; and (c) that any Trustee who requests in writing to be
retired or who has become incapacitated by illness or injury may be retired by
written instrument signed by a majority of </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">the other Trustees, and he
shall execute and deliver such documents as the remaining Trustees shall require
for the purpose of conveying to the Fund or the remaining Trustees any Fund
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 document as the remaining Trustees shall require as
provided in the preceding sentence.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696368"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 2.4. Resignation and Appointment of Trustees</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">. In case of the declination, death, </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">resignation, retirement, removal or inability of
any of the Trustees, or in case a vacancy shall, by reason of </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">any
increase in number, or for any other reason, exist, the remaining Trustees or,
prior to the public </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">offering of Shares of
the Fund, if only one Trustee shall then remain in office, the remaining
Trustee, shall</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">fill such vacancy by
appointing such other person as they, or anyone of them, in their discretion,
shall see </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">fit. Such appointment shall be evidenced by a written
instrument signed by a majority of the remaining Trustees or by the remaining
Trustee, as the case may be. Any such appointment shall not become </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">effective, however, until the person named in the
written instrument or appointment shall have accepted in </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">writing such
appointment and agreed in writing to be bound by the terms of the Declaration.
The Trustees shall notify Shareholders of such appointment in an appropriate
manner. An appointment of a Trustee may be made by the Trustees then in office
and notice thereof given to Shareholders as aforesaid in anticipation of a
vacancy to occur by reason of retirement, resignation or increase in number of
Trustees effective at a later date, provided that said appointment shall become
effective only at or after the effective date of said retirement, resignation
or increase in number of Trustees. The power of appointment is subject to the
provisions of Section 16(a) of the 1940 Act.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696369"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 2.5.&#160; Vacancies</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The death, declination, resignation, retirement,
removal or incapacity of the Trustees, or any one of them, shall not operate to
annul the Fund or to remove any existing agency created pursuant to the terms
of this Declaration. Whenever a vacancy in the number of Trustees shall occur,
until such vacancy is filled as provided in Section 2.3, the Trustees in
office, regardless of their number, shall have all the duties imposed upon the
Trustees by the Declaration and only such Trustees shall be counted for the
purposes of establishing the existence of a quorum or performing such duties or
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">exercising such powers of the Trustees as described in
this Declaration. A written instrument certifying the existence of such vacancy
signed by a majority of the Trustees shall be conclusive evidence of the
existence of such vacancy.</font></p>
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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696370"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 2.6.&#160; Delegation of Power to Other Trustees</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; Subject to the provisions of the 1940 Act, </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">any Trustee may, by power of attorney, delegate
his power for a period not exceeding six (6) months at </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">any one time to
any other Trustee or Trustees; provided that in no case shall less than two (2)
Trustees </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">personally exercise the powers
granted to the Trustees under the Declaration except as herein otherwise </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">expressly
provided.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696371"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 2.7.&#160; Removal of Trustees by the Shareholders</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The Fund shall comply with the provisions of
Section 16(c)of the 1940 Act as though applicable to the Fund, and with
interpretations </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">hereof by the Commission
staff, insofar as such provisions and interpretations provide for the removal
of </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">trustees of common-law trusts and the calling of Shareholder meetings
for such purpose; provided, however, that the Fund may at any time or from time
to time apply to the Commission for one or more exemptions from all or part of
said Section 16(c) or a staff interpretation thereof and, if exemptive order(s)
or interpretation(s) are issued or provided by the Commission or its staff,
such order(s) or interpretation(s) shall be deemed part of Section 16(c) for
the purpose of applying this Section 2.7.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696372"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 2.8.&#160; General Powers</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The Trustees in all instances shall act as
principals for and on behalf of the Trust and their acts shall bind the Trust.
The business and affairs of the Trust shall be managed by the Trustees and they
shall have full power and authority to do any and all acts and to make and
execute any and all contracts and instruments that they may consider necessary,
appropriate or desirable in connection with the management of the Trust. The
Trustees shall not be bound or limited in any way by present or future laws,
practices or customs in regard to trust investments or to other investments
which may be made by fiduciaries, but shall have full authority and power to
make any and all investments which they, in their uncontrolled discretion,
shall deem proper to promote, implement or accomplish the various objectives
and interests of the Trust and of its Classes and Series. The Trustees </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">shall have full power and authority to adopt such
accounting and tax accounting practices as they consider </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">appropriate for
the Trust and for any Class or Series. The Trustees shall have exclusive and
absolute control 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, and with such full powers of delegation as the
Trustees may exercise from time to time. The Trustees shall have power to conduct
the business of the Trust and carry on its operations in any and all of its
branches and maintain offices both within and without The Commonwealth of
Massachusetts, in any and all states of the United States of America, in the
District of Columbia, and in any and all commonwealths, territories,
dependencies, colonies, possessions, agencies, and instrumentalities of the
United States of America and of foreign governments, and to do all such other
things as they deem necessary, appropriate or desirable in order to promote or
implement the interests of the Trust or of any Class or Series although such
things are not </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">herein specifically
mentioned. Any determination as to what is in the interests of the Trust or of
any Class </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">or Series made by the Trustees in good faith shall be
conclusive and binding upon all Shareholders. In construing the provisions of
this Declaration, the presumption shall be in favor of a grant of plenary power
and authority to the Trustees.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:36.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">The
enumeration of any specific power in this Declaration shall not be construed as
limiting the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">aforesaid general and
plenary powers.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696373"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 2.9.&#160; Investments</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The Trustees shall have full power and authority:</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(a)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">To operate
as and carry on the business of an investment company, and exercise all </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">the powers necessary and appropriate to the conduct of
such operations.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">(b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.05pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">To acquire or buy, and invest
Trust Property in, own, hold for investment or </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">otherwise, and to sell or otherwise dispose of, all types and kinds of
securities and investments of </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">any kind including, but not limited to,
stocks, profit-sharing interests or participations and all other contracts for
or evidences of equity interests, bonds, debentures, warrants and rights to
purchase securities, and interests in loans, certificates of beneficial interest,
bills, notes and all other contracts for or evidences of indebtedness, </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">money market instruments including bank certificates of
deposit, finance paper, commercial paper, bankers&#8217; acceptances and other
obligations, and all other negotiable and non-negotiable securities and
instruments, however </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">named or described,
issued by corporations, trusts, associations or any other Persons, domestic or
foreign, or issued or guaranteed by the United States of America or any agency
or instrumentality </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">thereof, by the government of any foreign country, by
any State, territory or possession of the United States, by any political
subdivision or agency or instrumentality of any state or foreign country, or by
any other government or other governmental or quasi-governmental agency or
instrumentality, domestic or foreign; to acquire and dispose of interests in
domestic or foreign loans made by banks and other financial institutions; to
deposit any assets of the Trust in any </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">bank,
trust company or banking institution or retain any such assets in domestic or
foreign cash or </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">currency; to purchase and sell gold and silver bullion,
precious or strategic metals, and coins and currency of all countries; to
engage in &#8220;when issued&#8221; and delayed delivery transactions; to enter into repurchase
agreements, reverse repurchase agreements and firm commitment agreements; to
employ all types and kinds of hedging techniques and investment management
strategies; and to change the investments of the Trust and of each Class or
Series.</font></p>
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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.25pt;line-height:12.0pt;">(c)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.25pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">To acquire (by
purchase, subscription or otherwise), to hold, to trade in and deal in, to </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">acquire any rights or options to purchase or sell, to
sell or otherwise dispose of, to lend and to pledge any Trust Property or any
of the foregoing securities, instruments or investments; to </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">purchase and sell options on securities,
currency, precious metals and other commodities, indices, </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">futures
contracts and other financial instruments and assets and enter into closing and
other transactions in connection therewith; to enter into all types of
commodities contracts, including, without limitation, the purchase and sale of
futures contracts on securities, currency, precious metals and other
commodities, indices and other financial instruments and assets; to enter into
forward foreign currency exchange contracts and other foreign exchange and
currency </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.35pt;line-height:12.0pt;">transactions of all types and
kinds; to enter into interest rate, currency and other swap </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">transactions;
and to engage in all types and kinds of hedging and risk management
transactions.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;line-height:12.0pt;">(d)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.2pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">To exercise
all rights, powers and privileges of ownership or interest in all securities </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">and other assets included in the Trust Property,
including, without limitation, the right to vote </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">thereon and otherwise act with respect thereto; and to do all acts and
things for the preservation, </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">protection, improvement and enhancement in
value of all such securities and assets.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:22.9pt;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.25pt;line-height:12.0pt;">(e)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.25pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">To acquire (by purchase, lease or
otherwise) and to hold, use, maintain, lease, </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">develop
and dispose of (by sale or otherwise) any type or kind of property, real or
personal, </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">including domestic or foreign currency, and any right or
interest therein.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;line-height:12.0pt;">(f)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.2pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">To borrow money and in this
connection issue notes, commercial paper or other </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">evidence of indebtedness; to secure borrowings by mortgaging, pledging
or otherwise subjecting </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">as security all or any part of the Trust
Property; to endorse, guarantee, or undertake</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;line-height:12.0pt;">
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">the performance of any obligation or
engagement of any other Person; to lend all or any part of </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">the Trust
Property to other Persons; and to issue general unsecured or other obligations
of the Trust, and enter into indentures or agreements relating thereto.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(g)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">To aid, support or assist by
further investment or other action any Person, any </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">obligation of or interest which is included in the Trust Property or in
the affairs of which the Trust </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">or any Class or Series has any direct or
indirect interest; to do all acts and things designed to </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">protect, preserve, improve or enhance the value
of such obligation or interest; and to guarantee or </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">become surety on any
or all of the contracts, securities and other obligations of any such Person.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(h)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">To join other security holders in
acting through a committee, depositary, voting </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">trustee or otherwise, and in that connection to deposit any security
with, or transfer any security to, any such committee, depositary or trustee,
and to delegate to them such power and authority </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">with relation to any
security (whether or not so deposited or transferred) as the Trustees shall </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">deem proper, and to agree to pay, and to pay,
such portion of the expenses and compensation of such committee, depositary or
trustee as the Trustees shall deem proper.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(i)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">To carry on any other business in
connection with or incidental to any of the foregoing </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">powers
referred to in this Declaration, to do everything necessary, appropriate or
desirable for the accomplishment of any purpose or the attainment of any object
or the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">furtherance of any power referred to
in this Declaration, either alone or in association with others, and to do
every other act or thing incidental or appurtenant to or arising out of or
connected with </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">such business or purposes, objects or powers.</font></p>
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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font style=""><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></font></b></p>





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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(j)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">To the extent necessary or
appropriate to give effect to the preferences, special or relative rights and
privileges of any Class or Series, to allocate assets, liabilities, income and </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">expenses of the Trust to particular Classes or
Series or to apportion the same among two or more </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">Classes or Series.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:36.7pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">The
foregoing clauses shall be construed both as objects and powers, and shall not
be held to limit </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">or restrict in any
manner the general and plenary powers of the Trustees.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:36.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">Notwithstanding
any other provision herein, the Trustees shall have full power in their
discretion, without any requirement of approval by Shareholders, to invest part
or all of the Trust Property (or part or </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">all
of the assets of any Class or Series), or to dispose of part or all of the
Trust Property (or part or all of the assets of any Class or Series) and invest
the proceeds of such disposition, in securities issued by one or more other
investment companies registered under the 1940 Act. Any such other investment
company may (but need not) be a trust (formed under the laws of the State of
New York or of any other state) which is classified as a partnership for
federal income tax purposes.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696374"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 2.10.&#160; Legal Title</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; Legal title to all the Trust Property shall be
vested in the Trustees who from time to time shall be in office. The Trustees
may hold any security or other Trust Property in a form </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">not indicating any trust, whether in bearer, unregistered or other
negotiable form, and may cause legal title </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">to any security or other
Trust Property to be held by or in the name of one or more of the Trustees, or
in </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">the name of the Trust or any Class or
Series, or in the name of a custodian, subcustodian, agent, securities
depository, clearing agency, system for the central handling of securities or
other book-entry system, or in </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">the name of a nominee or nominees of the
Trust or a Class or Series, or in the name of a nominee or nominees of a
custodian, subcustodian, agent, securities depository, clearing agent, system
for the central handling of securities or other book-entry system, or in the
name of any other Person as nominee. The right, title and 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,
resignation, removal or death of a Trustee he 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.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696375"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 2.11.&#160; By-Laws</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The Trustees shall have full power and authority to
adopt By-Laws providing for the conduct of the business of the Trust and
containing such other provisions as they deem </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">necessary,
appropriate or desirable, and, subject to the voting powers of one or more
Classes or Series, to </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">amend and repeal such By-Laws. Unless the By-Laws
specifically require that Shareholders authorize or </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">approve the amendment or repeal of a particular provision of the
By-Laws, any provision of the By-Laws </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">may be amended or repealed by the
Trustees without Shareholder authorization or approval.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696376"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 2.12.&#160; Distribution and Repurchase of Shares</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The Trustees shall have full power and authority to
issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell,
reissue, dispose of, transfer, and otherwise deal in Shares. Shares may be sold
for cash or property or other consideration whenever and in such amounts and
manner as the Trustees deem desirable. The Trustees shall have full </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">power to provide for the distribution of Shares
either through one or more principal underwriters or by the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">Trust
itself, or both.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696377"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 2.13. Delegation</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The Trustees shall have full power and authority to
delegate from time to time to such of their number or to officers, employees or
agents of the Trust or to other Persons the doing of such things and execution
of such agreements or other instruments either in the name of the Trust or any
Class or Series of the Trust or the names of the Trustees or otherwise as the
Trustees may deem desirable or expedient.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696378"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 2.14.&#160; Collection and Payment</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The Trustees shall have full power and authority to
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">collect all property due to the Trust; to
pay all claims, including taxes, against the Trust or Trust Property; </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">to prosecute, defend, compromise, settle or abandon any
claims relating to the Trust or Trust Property; to </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">foreclose any
security interest securing any obligations, by virtue of which any property is
owed to the Trust; and to enter into releases, agreements and other
instruments.</font></p>
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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696379"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 2.15.&#160; Expenses</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The Trustees shall have full power and authority to
incur on behalf of the Trust or any Class or Series and pay any costs or
expenses which the Trustees deem necessary, appropriate, desirable or
incidental to carry out, implement or enhance the business or operations of the
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">Trust or any Class or Series thereof, and
to pay compensation from the funds of the Trust to themselves as </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">Trustees.
The Trustees shall determine the compensation of all officers, employees and
Trustees of the Trust. The Trustees shall have full power and authority to
cause the Trust to charge all or any part of any cost, expense or expenditure
(including without limitation any expense of selling or distributing Shares) </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">or tax against the principal or capital of the
Trust or any Class or Series, and to credit all or any part of the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">profit,
income or receipt to the principal or capital of the Trust or any Class or
Series.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696380"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 2.16.&#160; Committees</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The Trustees may appoint from their own number, and
terminate, any one or more committees consisting of two or more Trustees,
including an executive committee which </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">may,
when the Trustees are not in session, exercise some or all of the power and
authority of the Trustees </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">as the Trustees may determine.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696381"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 2.17.&#160; Miscellaneous Powers</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The Trustees shall have full power and authority
to: (a) distribute to Shareholders all or any part of the earnings or profits,
surplus (including paid-in surplus), capital (including paid-in capital) or
assets of the Trust or of any Class or Series, the amount of such distributions
and the manner of payment thereof to be solely at the discretion of the Trustees;
(b) employ, engage or contract with such Persons as the Trustees may deem
desirable for the transaction of the business or operations of the Trust or any
Class or Series thereof; (c) enter into or cause the Trust or any Class or
Series thereof to enter into joint ventures, partnerships (whether as general
partner, limited </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">partner or otherwise) and
any other combinations or associations; (d) purchase and pay for entirely out
of Trust property such insurance as they may deem necessary or appropriate for the
conduct of the business, </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">including, without limitation, insurance
policies insuring the assets of the Trust and payment of distributions and
principal on its portfolio investments, and insurance policies insuring the
Shareholders, Trustees, officers, employees, agents, investment advisers or
managers, principal underwriters, or independent contractors of the Trust
individually against all claims and liabilities of every nature arising by
reason of holding, being or having held any such office or position, or by
reason of any action alleged to have been taken or omitted by any such person
as Shareholder, Trustee, officer, employee, agent, investment adviser or
manager, principal underwriter, or independent contractor, including any action
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">taken or omitted that may be determined to
constitute negligence, whether or not the Trust would have the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">power to
indemnify such person against such liability; (e) establish pension,
profit-sharing, share purchase, and other retirement, incentive and benefit
plans for any Trustees, officers, employees and agents of the Trust; (f)
indemnify or reimburse any Person with whom the Trust or any Class or Series
thereof has dealings, including without limitation the Investment Adviser,
Administrator, Principal Underwriter, Transfer Agent, financial service firms
and other agents, to such extent as the Trustees shall determine; (g) guarantee
the indebtedness or contractual obligations of other Persons; (h) determine and
change the fiscal year of the Trust and the methods by which its books,
accounts and records shall be kept; and (i) 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.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696382"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 2.18.&#160; Litigation</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The Trustees shall have full power and authority,
in the name and on behalf of the Trust, to engage in and to prosecute, defend,
compromise, settle, abandon, or adjust by arbitration or otherwise, any
actions, suits, proceedings, disputes, claims and demands relating to the
Trust, and out of the assets of the Trust or any Class or Series thereof to pay
or to satisfy any liabilities, losses, debts, claims or expenses (including
without limitation attorneys<sup>1</sup> fees) incurred in connection </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">therewith, including those of litigation, and
such power shall include without limitation the power of the Trustees or any
committee thereof, in the exercise of their or its good faith business
judgment, to dismiss </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">or terminate any action, suit, proceeding, dispute,
claim or demand, derivative or otherwise, brought by any Person, including a
Shareholder in his own name or in the name of the Trust or any Class or Series
thereof, whether or not the Trust or any Class or Series thereof or any of the
Trustees may be named </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">individually therein
or the subject matter arises by reason of business for or on behalf of the
Trust or any </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">Class or Series thereof.</font></p>
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<h1 align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;page-break-after:avoid;text-align:center;"><a name="_Toc266696383"></a><b><font face="times new roman" style="font-size:11.0pt;letter-spacing:-.1pt;line-height:12.0pt;">ARTICLE III</font></b></h1>

<p align=center style="background:white;margin:0in;margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:.25in;text-align:center;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">CONTRACTS</font></u></b></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><a name="_Toc266696384"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section
3.1.&#160; Principal Underwriter</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160;
The Trustees may in their discretion from time to time </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">authorize the Trust to enter into one or more contracts providing for
the sale of the Shares. Pursuant to</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">any
such contract the Trust may either agree to sell the Shares to the other party
to the contract or appoint </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">such other party its sales agent for such
Shares. In either case, any such contract shall be on such terms </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">and conditions as the Trustees may in their
discretion determine; and any such contract may also provide </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">for the
sale of Shares by such other party as principal or as agent of the Trust.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696385"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 3.2.&#160; Investment Adviser</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The Trustees may, subject to any approvals by
Shareholders required by applicable law, in their discretion from time to time
authorize the Trust to enter into one or more investment advisory agreements
whereby the other party or parties to any such agreements shall undertake to
furnish the Trust investment advisory and research facilities and services and
such other facilities and services, if any, as the Trustees shall consider
desirable and all upon such terms and conditions as the Trustees may in their
discretion determine. Notwithstanding any provisions of this Declaration, the
Trustees may authorize the Investment Adviser, in its discretion and without
any prior consultation with the Trust, to buy, sell, lend and otherwise trade
and deal in any and all securities, </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">commodity
contracts and other investments and assets of the Trust and to engage in and
employ all types of transactions and strategies in connection therewith. Any
such action taken pursuant to such agreement </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">shall be deemed to have
been authorized by all of the Trustees.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">The
Trustees may also authorize the Trust to employ, or authorize the Investment
Adviser to employ, one or more sub-investment advisers from time to time to
perform such of the acts and services </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">of
the Investment Adviser and upon such terms and conditions as may be agreed upon
between the Investment Adviser and such sub-investment adviser and approved by
the Trustees.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696386"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 3.3.&#160; Administrator</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The Trustees may in their discretion from time to
time authorize the Trust to enter into one or more administration agreements,
whereby the other party to such agreement shall undertake to furnish to the
Trust or a Series or a Class thereof such administrative facilities and </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">services and such other facilities and services,
if any, as the Trustees consider desirable and all upon such </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">terms and
conditions as the Trustees may in their discretion determine.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">The Trustees may also
authorize the Trust to employ or authorize the Administrator to employ one or
more sub-administrators from time to time to perform such of the acts and
services of the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">Administrator and upon such
terms and conditions as may be agreed upon between the Administrator and </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">such
sub-administrator and approved by the Trustees.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696387"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 3.4.&#160; Other Service Providers</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The Trustees may in their discretion from time to
time authorize the Trust to enter into one or more agreements whereby the other
party or parties to any such agreements will undertake to provide to the Trust
or any Class or Series or Shareholders or beneficial </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">owners of Shares such services as the Trustees consider desirable and
all upon such terms and conditions </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">as the Trustees in their discretion
may determine.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696388"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 3.5.&#160; Transfer Agents</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The Trustees may in their discretion from time to
time appoint one or more transfer agents for the Trust or any Class or Series
thereof. Any contract with a transfer agent shall be on such terms and
conditions as the Trustees may in their discretion determine.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696389"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 3.6.&#160; Custodian</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The Trustees may appoint a bank or trust company
having an aggregate capital, surplus and undivided profits (as shown in its
last published report) of at least $2,000,000 as a </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">custodian of the Trust or any Class or Series with authority as its
agent to hold cash and securities owned </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">by the Trust or the Class or Series
and to release and deliver the same and otherwise to perform such </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">duties as the
Trustees may specify, all upon such terms and conditions as may be agreed upon
between the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">Trust and the Custodian.</font></p>
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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696390"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 3.7.&#160; Affiliations</font></u><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&nbsp;</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&#160; The fact
that:</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(i)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">any of the Shareholders, Trustees
or officers of the Trust is a shareholder, creditor, </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">director, officer, partner, trustee or employee of or has any interest
in any Person or any parent or affiliate of any such Person, with which a
contract or agreement of the character described in this Article III has been
or will be made, or that any such Person, or any parent or affiliate thereof,
is a </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">Shareholder of or has an interest in the Trust, or that</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(ii)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">any such Person also has similar
contracts, agreements or plans with other </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">investment
companies (including, without limitation, the investment companies referred to
in the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">last paragraph of Section 2.9) or Persons, or has other business
activities or interests, shall not affect in any way the validity of any such
contract, agreement or plan or disqualify any </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">Shareholder,
Trustee or officer of the Trust from authorizing, voting upon or executing the
same </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">or create any liability or accountability to the Trust or its
Shareholders.</font></p>

<h1 align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;page-break-after:avoid;text-align:center;"><a name="_Toc266696391"></a><b><font face="times new roman" style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">ARTICLE IV</font></b></h1>

<p align=center style="background:white;margin:0in;margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:.25in;text-align:center;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">LIMITATIONS OF LIABILITY
OF SHAREHOLDERS, TRUSTEES AND OTHERS</font></u></b></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><a name="_Toc266696392"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section
4.1.&#160; No Personal Liability of Shareholders, Trustees, Officers and Employees</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; No Shareholder shall be subject to any personal
liability whatsoever to any Person in connection with Trust </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">Property or the acts, obligations or affairs of
the Trust or any Class or Series thereof. All Persons dealing </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">or
contracting with the Trustees as such or with the Trust or any Class or Series
thereof or having any claim against the Trust or any Class or Series thereof
shall have recourse only to the Trust or such Class or Series for the payment
of their claims or for the payment or satisfaction of claims, obligations or </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">liabilities arising out of such dealings or
contracts. No Trustee, officer or employee of the Trust, whether </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">past,
present or future, shall be subject to any personal liability whatsoever to any
such Person, and all such Persons shall look solely to the Trust Property, or
to the assets of one or more specific Class or Series of the Trust if the claim
arises from the act, omission or other conduct of such Trustee, officer or
employee with respect to only such Class or Series, for satisfaction of claims
of any nature arising in connection with the affairs of the Trust or such Class
or Series. If any Shareholder, Trustee, officer or employee, as such, of the
Trust is made a party to any suit or proceeding to enforce any such liability
of </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">the Trust or any Class or Series
thereof, he shall not, on account thereof, be held to any personal liability.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696393"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 4.2.&#160; Trustee&#8217;s Good Faith Action: Advice to Others;
No Bond or Surety</font></u><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&nbsp;</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&#160; The exercise by the Trustees of their powers and
discretions hereunder shall be binding upon all Interested Parties. A Trustee
shall not be liable for errors of judgment or mistakes of fact or law. The
Trustees shall not be responsible or liable in any event for any neglect or
wrongdoing of them or of any officer, agent, employee, consultant, investment
adviser or other adviser, administrator, distributor or principal underwriter,
custodian or transfer, dividend disbursing, shareholder servicing or accounting
agent of the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">Trust, nor shall any Trustee
be responsible for the act or omission of any other Trustee. The Trustees may </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">take
advice of counsel or other experts with respect to the meaning and operation of
this Declaration and their duties as Trustees, and shall be under no liability
for any act or omission in accordance with such advice or for failing to follow
such advice. In discharging their duties, the Trustees, when acting in good
faith, shall be entitled to rely upon the records, books and accounts of the
Trust and upon reports made to </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">the Trustees
by any officer, employee, agent, consultant, accountant, attorney, investment
adviser or other </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">adviser, principal underwriter, expert, professional
firm or independent contractor. The Trustees as such shall not be required to
give any bond or surety or any other security for the performance of their
duties. </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">No provision of this Declaration
shall protect any Trustee or officer of the Trust against any liability to the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">Trust
or its Shareholders to which he would otherwise be subject by reason of his own
willful misfeasance, bad faith, gross negligence or reckless disregard of the
duties involved in the conduct of his office.</font></p>

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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 4.3.&#160; Indemnification</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The Trustees may provide, whether in the By-Laws or
by contract, vote or other action, for the indemnification by the Trust or by
any Class or Series thereof of the Shareholders, Trustees, officers and
employees of the Trust and of such other Persons as the Trustees in the
exercise of their discretion may deem appropriate or desirable. Any such
indemnification may be mandatory or permissive, and may be insured against by
policies maintained by the Trust.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696395"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 4.4.&#160; No Duty of Investigation</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; No purchaser, lender or other Person dealing with
the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">Trustees or any officer, employee or
agent of the Trust or a Class or Series thereof shall be bound to make </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">any
inquiry concerning the validity of any transaction purporting to be made by the
Trustees or by said </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">officer, employee or
agent or be liable for the application of money or property paid, loaned, or
delivered </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">to or on the order of the Trustees or of said officer,
employee or agent. Every obligation, contract, instrument, certificate, Share,
other security or undertaking of the Trust or a Class or Series, and every
other act or thing whatsoever executed in connection with the Trust shall be
conclusively presumed to have been executed or done by the executors thereof
only in their capacity as Trustees under this Declaration or in their capacity
as officers, employees or agents of the Trust. Every written obligation,
contract, instrument, certificate, Share, other security or undertaking of the
Trust or a Class or Series </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">made or issued
by the Trustees shall recite that the same is executed or made by them not
individually, but </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">as Trustees under the Declaration, and that the
obligations of the Trust or a Class or Series thereof under any such instrument
are not binding upon any of the Trustees or Shareholders individually, but bind
only the Trust Property or the Trust Property of the applicable Class or
Series, and may contain any further </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">recital
which they may deem appropriate, but the omission of any such recital shall not
operate to bind the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">Trustees or Shareholders individually.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696396"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 4.5.&#160; Reliance on Records and Experts</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; Each Trustee, officer or employee of the Trust </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">shall, in the performance of his duties, be fully
and completely justified and protected with regard to any act or any failure to
act resulting from reliance in good faith upon the records, books and accounts
of the Trust or a Class or Series thereof, upon an opinion or other advice of
legal counsel, or upon reports made </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">or advice given to the Trust or a
Class or Series thereof by any Trustee or any of the Trust&#8217;s officers or
employees or by the Investment Adviser, the Administrator, the Custodian, a
Principal Underwriter, Transfer Agent, accountants, appraisers or other
experts, advisers, consultants or professionals selected with reasonable care
by the Trustees or officers of the Trust, regardless of whether the person
rendering such report or advice may also be a Trustee, officer or employee of
the Trust.</font></p>

<h1 align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;page-break-after:avoid;text-align:center;"><a name="_Toc266696397"></a><b><font face="times new roman" style="font-size:11.0pt;line-height:12.0pt;">ARTICLE
V</font></b></h1>

<p align=center style="background:white;margin:0in;margin-bottom:.25in;margin-left:0in;margin-right:1.45pt;margin-top:.25in;text-align:center;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;line-height:12.0pt;">SHARES
OF BENEFICIAL INTEREST</font></u></b></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><a name="_Toc266696398"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section
5.1.&#160; Shares of Beneficial Interest</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The interest of the beneficiaries of the Trust
initially shall be divided into common shares of beneficial interest of $.01
par value per share. The number of common shares authorized hereunder is
unlimited. All shares issued, including, without limitation, those </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">issued in connection with a dividend or
distribution or a share split, shall be fully paid and nonassessable. The
Trustees may, without Shareholder approval, authorize one or more Classes of
Shares (which Classes </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">may without Shareholder approval be divided by the
Trustees into two or more Series), Shares of each such Class or Series having
such preferences, voting powers and special or relative rights or privileges </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">(including conversion rights, if any) as the
Trustees may determine and as shall be set forth in a resolution </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">adopted
in accordance with the By-Laws. The number of Shares of each Class or Series
authorized shall be unlimited except as the By-Laws may otherwise provide. The
Trustees may from time to time divide </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">or
combine the Shares of any Class or Series into a greater or lesser number
without thereby changing the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">proportionate beneficial interest in the
Class or Series.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">The
ownership of Shares shall be recorded on the books of the Trust or a transfer
or similar agent. </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">No certificates
certifying the ownership of Shares shall be issued except as the Trustees may
otherwise determine from time to time. The Trustees may make such rules as they
consider appropriate for the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">issuance of
Share certificates, the transfer of Shares and similar matters. The record books
of the Trust as kept by the Trust or any transfer or similar agent, as the case
may be, shall be conclusive as to who are the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">Shareholders
of each Class or Series and as to the number of Shares of each Class or Series
held from time to time by each Shareholder. 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.</font></p>
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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:36.7pt;"><a name="_Toc266696399"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 5.2.&#160; Voting Powers</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; Subject to the voting powers of one or more Classes
or Series, the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">Shareholders shall have
power to vote only (i) with respect to the election of Trustees, (ii) for the
removal </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">of Trustees as provided for herein, (iii) with respect to any
Investment Adviser as required by applicable law, (iv) with respect to any
termination or amendment of this Trust, or with respect to certain </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">transactions, to the extent and as provided in
Article VIII, (v) to the same extent as the stockholders of a </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">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 (vi) with respect to such
additional matters relating to the Trust as may be required by law, this
Declaration, the By-Laws or any registration of the Trust with the Securities
and Exchange Commission (or any successor agency) or any state, or as the
Trustees may consider necessary or desirable. Each whole 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.
Notwithstanding any other provision of this Declaration, on any matter
submitted to a vote of Shareholders, all Shares of the Trust </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">then entitled to vote shall, except as otherwise
provided in the By-Laws or required by applicable law, be </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">voted in the
aggregate as a single Class without regard to Classes or Series. There shall be
no cumulative voting in the election of Trustees.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:36.7pt;"><a name="_Toc266696400"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 5.3.&#160; Rights of Shareholders</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The ownership of the Trust Property of every
description and the right to conduct any business of the Trust are vested
exclusively in the Trustees, and the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">Shareholders
shall have no interest therein other than the beneficial interest conferred by
their Shares, and </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">they shall have no right to call for any partition or
division of any property, profits, rights or interests of the Trust or of any
Class or Series nor can they be called upon to share or assume any losses of
the Trust or of any Class or Series or suffer an assessment of any kind by
virtue of their ownership of Shares. The Shares shall be personal property giving
only the rights specifically set forth in this Declaration. The Shares shall
not entitle the holder to preference, preemptive, appraisal, conversion or
exchange rights, except as the Trustees may specifically determine with respect
to any Class or Series.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:36.7pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">Every Shareholder by
virtue of having become a Shareholder shall be held to have expressly assented
and agreed to the terms of this Declaration and the Bylaws and to have become a
party hereto </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">and thereto. The death of a
Shareholder during the continuance of the Trust shall not operate to terminate </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">the
same nor entitle the representative of any deceased Shareholder to an
accounting or to take any action in court or elsewhere against the Trust or the
Trustees, but only to the rights of said decedent under this Trust.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:36.7pt;"><a name="_Toc266696401"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 5.4.&#160; Trust Only</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; It is the intention of the Trustees to create only
the relationship of Trustee and beneficiary between the Trustees and each
Shareholder from time to time. It is not the intention of the Trustees to
create a general partnership, limited partnership, joint stock association,
corporation, limited liability company, 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 of a joint stock association.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696402"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 5.5.&#160; Issuance of Shares</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The Trustees in their discretion may, from time to
time and without any authorization or vote of the Shareholders, issue Shares of
any Class or Series, in addition to the then issued and Outstanding Shares, 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 appropriate or desirable, 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 reissue and resell full
and fractional Shares held in the treasury. The Trustees may authorize the
issuance of certificates of beneficial interest to evidence the ownership of
Shares. Shares held in the treasury shall not be voted nor shall such Shares be
entitled to any dividends or other distributions declared with respect thereto.
The Trustees in their </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">discretion may also, from time to time and without any authorization or
vote of the Shareholders, issue to </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">the extent consistent with applicable
law securities of the Trust convertible into Shares of the Trust and </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">warrants to purchase securities of the Trust, in
each case pursuant to such terms and under such conditions </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">as the
Trustees may specify in their discretion. Shares of any Class or Series, in
addition to the then </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">issued and outstanding
Shares, and such warrants or convertible securities, may be issued to such
party or </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">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 appropriate or desirable, 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. The officers of the Trust
are severally authorized to take all such actions as may be necessary or
desirable to carry out this Section 5.5.</font></p>
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<h1 align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;page-break-after:avoid;text-align:center;"><a name="_Toc266696403"></a><b><font face="times new roman" style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">ARTICLE VI</font></b></h1>

<p align=center style="background:white;margin:0in;margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:.25in;text-align:center;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">REDEMPTIONS AND
REPURCHASES</font></u></b></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><a name="_Toc266696404"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section
6.1.&#160; Redemptions and Repurchases of Shares</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; From time to time the Trust may redeem or
repurchase its Shares, all upon such terms and conditions as may be determined
by the Trustees and subject to any applicable provisions of the 1940 Act. The
Trust may require Shareholders to pay a withdrawal charge, a sales charge, or
any other form of charge to the Trust, to the underwriter or to any </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">other person designated by the Trustees upon
redemption or repurchase of Trust Shares in such amount as </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">shall be
determined from time to time by the Trustees. The Trust may also charge a
redemption or repurchase fee in such amount as may be determined from time to
time by the Trustees.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696405"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 6.2.&#160; Manner of Payment</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; Payment of Shares redeemed or repurchased may at
the option of the Trustees or such officer or officers as they may duly
authorize for the purpose, in their complete discretion, be made in cash, or in
kind, or partially in cash and partially in kind. In case of payment in </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">kind the Trustees, or their delegate, shall have
absolute discretion as to what security or securities shall be </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">distributed
in kind and the amount of the same, and the securities shall be valued for
purposes of distribution at the figure at which they were appraised in
computing the net asset value of the Shares, </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">provided
that any Shareholder who cannot legally acquire securities so distributed in kind
by reason of the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">prohibitions of the 1940 Act shall receive cash.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696406"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 6.3.&#160; Involuntary Redemption</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; If the Trustees shall, at any time and in good
faith, be of the opinion that direct or indirect ownership of Shares of any
Class or Series or other securities of the Trust has or may become concentrated
in any person to an extent which would disqualify the Trust as a regulated
investment company under the Internal Revenue Code, then the Trustees shall
have the power by lot or other means deemed equitable by them (i) to call for
redemption by any such person a number, or principal amount, of Shares or other
securities of the Trust sufficient to maintain or bring the direct or indirect
ownership of Shares or other securities of the Trust into conformity with the
requirements for </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">such qualification and
(ii) to refuse to transfer or issue Shares or other securities of the Trust to
any person </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">whose acquisition of the Shares or other securities of the
Trust in question would result in such disqualification. The redemption shall
be effected upon such terms and conditions as shall be determined by the
Trustees.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:9.35pt;margin-top:12.0pt;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">The holders of Shares or other securities of the Trust 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 as the
Trustees deem necessary to comply with the provisions of the Internal Revenue
Code, or </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">to comply with the requirements
of any other taxing authority.</font></p>

<h1 align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;page-break-after:avoid;text-align:center;"><a name="_Toc266696407"></a><b><font face="times new roman" style="font-size:11.0pt;letter-spacing:-.1pt;line-height:12.0pt;">ARTICLE VII</font></b></h1>

<p align=center style="background:white;margin:0in;margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:.25in;text-align:center;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">DETERMINATION OF NET
ASSET VALUE, NET INCOME AND DISTRIBUTIONS</font></u></b></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><a name="_Toc266696408"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section
7.1.&#160; Net Asset Value</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160;
The net asset value of each outstanding Share of the Trust or of </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">any Class or Series thereof shall be determined on such
days and at or as of such time or times as the Trustees may determine. Any
reference in this Declaration to the time at which a determination of net asset
value is made shall mean the time as of which the determination is made. The
power and duty to determine and method of determination of net asset value may
be delegated by the Trustees from time to </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">time
to the Investment Adviser, the Administrator, the Custodian, the Transfer Agent
or such other Person </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">or Persons as the Trustees may determine. The value
of the assets of the Trust or any Class or Series thereof shall be determined
in a manner authorized by the Trustees. From the total value of said assets,
there shall be deducted all indebtedness, interest, taxes, payable or accrued,
including estimated taxes on </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.4pt;line-height:12.0pt;">unrealized book
profits, expenses and management charges accrued to the appraisal date, and all
other </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">items in the nature of liabilities which shall be deemed
appropriate by the Trustees, as incurred by or </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">allocated to the Trust or any Class or Series thereof. The resulting
amount, which shall represent the total net assets of the Trust or Class or
Series thereof, shall be divided by the number of Outstanding Shares of the
Trust or Class or Series thereof at that time and the quotient so obtained
shall be deemed to be the net </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">asset value of the Shares of the Trust or
Class or Series thereof. The Trust may declare a suspension of the
determination of net asset value to the extent permitted by the 1940 Act. It
shall not be a violation of </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">any provision
of this Declaration if Shares are sold, redeemed or repurchased by the Trust at
a price other </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">than one based on net asset value if the net asset value
is affected by one or more errors inadvertently made in the pricing of
portfolio securities or other investments or in accruing or allocating income,
expenses, reserves or liabilities. No provision of this Declaration shall be
construed to restrict or affect the right or ability of the Trust to employ or
authorize the use of pricing services, appraisers or any other means, methods,
procedures, or techniques in valuing the assets or calculating the liabilities
of the Trust or any Class or Series thereof.</font></p>
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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696409"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 7.2.&#160; Dividends and Distributions</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; (a) The Trustees may from time to time distribute
ratably among the Shareholders of the Trust or of a Class or Series thereof
such portion of the net earnings or profits, surplus (including paid-in
surplus), capital (including paid-in capital), or assets of the Trust or such
Class or Series held by the Trustees as they may deem appropriate or desirable.
Such </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">distributions may be made in cash,
additional Shares or property (including without limitation any type of </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">obligations
of the Trust or Class or Series or any assets thereof), and the Trustees may
distribute ratably among the Shareholders of the Trust or Class or Series
thereof additional Shares of the Trust or Class or Series thereof issuable
hereunder in such manner, at such times, and on such terms as the Trustees may
deem appropriate or desirable. Such distributions may be among the Shareholders
of the Trust or Class or Series thereof at the time of declaring a distribution
or among the Shareholders of the Trust or Class or Series thereof at such other
date or time or dates or times as the Trustees shall determine. The Trustees </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;line-height:12.0pt;">may always retain from the earnings or profits such
amounts as they may deem appropriate or desirable to </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">pay the expenses and liabilities of the Trust or
a Class or Series thereof or to meet obligations of the Trust or a Class or
Series thereof, together with such amounts as they may deem desirable to use in
the conduct</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">of its affairs or to
retain for future requirements or extensions of the business or operations of
the Trust or </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">such Class or Series. The Trust may adopt and offer to
Shareholders such dividend reinvestment plans, </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">cash dividend payout plans or other distribution plans as the Trustees
may deem appropriate or desirable. The Trustees may in their discretion
determine that an account administration fee or other similar charge </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">may
be deducted directly from the income and other distributions paid on Shares to
a Shareholder&#8217;s account in any Class or Series.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;line-height:12.0pt;">(b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.2pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">The Trustees
may prescribe, in their absolute discretion, such bases and times for
determining </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">the amounts for the
declaration and payment of dividends and distributions as they may deem
necessary, appropriate or desirable.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;line-height:12.0pt;">(c)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;letter-spacing:-.15pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">Inasmuch as the computation of net
income and gains for federal income tax purposes may vary from the computation
thereof on the books of account, the above provisions shall be interpreted to
give the Trustees full power and authority in their absolute discretion to
distribute for any fiscal year as </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">dividends
and as capital gains distributions, respectively, additional amounts sufficient
to enable the Trust </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">or a Class or Series thereof to avoid or reduce
liability for taxes.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:36.7pt;"><a name="_Toc266696410"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 7.3.&#160; Power to Modify Foregoing Procedures</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; Notwithstanding any provision contained in this
Declaration, the Trustees may prescribe, in their absolute discretion, such
other means, methods, procedures or techniques for determining the per Share
net asset value of a Class or Series thereof or the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">income
of the Class or Series thereof, or for the declaration and payment of dividends
and distributions on any Class or Series.</font></p>
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<h1 align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:.25in;page-break-after:avoid;text-align:center;"><a name="_Toc266696411"></a><b><font face="times new roman" style="font-size:11.0pt;line-height:12.0pt;">ARTICLE
VIII</font></b></h1>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.7pt;margin-right:0in;margin-top:.25in;text-align:center;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">DURATION;
TERMINATION OF TRUST OR A CLASS OR SERIES; MERGERS;</font></u></b></p>

<p align=center style="background:white;margin:0in;margin-bottom:.25in;margin-left:.7pt;margin-right:0in;margin-top:0in;text-align:center;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">AMENDMENTS</font></u></b></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><a name="_Toc266696412"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section
8.1.&#160; Duration</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The Trust
shall continue without limitation of time but subject to the provisions of this
Article VIII. The death, declination, resignation, retirement, removal or
incapacity of the Trustees, or any one of them, shall not operate to terminate
or annul the Trust or to revoke any existing agency or delegation or authority
pursuant to the terms of this Declaration or of the By-Laws.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696413"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 8.2.&#160; Merger or Termination of the Trust or a Series
or a Class</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; 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 a meeting of Shareholders called
for the purpose by the affirmative vote of the holders of two-thirds of each
Class and Series of Shares outstanding and entitled to vote (with each such
class and series separately voting thereon as a separate Class or Series), or
by an instrument or instruments in writing without a meeting, consented to by
the holders of two-thirds of each Class and Series of Shares (with each such
Class and Series separately consenting thereto as a separate Class or Series);
provided, however, that if such merger, consolidation, sale, lease or exchange
is recommended by the Trustees, the vote or written consent of the holders of a
majority of the Shares outstanding and entitled to vote shall be sufficient
authorization; and any such </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">merger,
consolidation, sale, lease or exchange shall be deemed for all purposes to have
been accomplished </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">under and pursuant to the statutes of The Commonwealth
of Massachusetts. Upon making provision for the payment of all outstanding
obligations, taxes and other liabilities, (whether accrued or contingent) of
the Trust, the Trustees shall distribute the remaining assets of the Trust
ratably among the holders of the outstanding Shares, except as may be otherwise
provided by the Trustees with respect to any Class or Series of Shares thereof.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">Subject to authorization by the
Shareholders as indicated below in this paragraph, the Trust may at any time
sell and convert into money all of the assets of the Trust, and, upon making
provision for the payment of all outstanding obligations, taxes and other
liabilities (whether accrued or contingent) of the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">Trust, the Trustees shall distribute the remaining
assets of the Trust ratably among the holders of the outstanding Shares, except
as may be otherwise provided by the Trustees with respect to any Class or
Series of Shares. Such action shall first have been authorized at a meeting of
Shareholders called for the purpose by the affirmative vote of the holders of
two-thirds of each Class and Series of Shares </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">outstanding
and entitled to vote (with each such Class and Series separately voting thereon
as a separate </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">Class or Series), or by an instrument or instruments in
writing without a meeting, consented to by the holders of two-thirds of each
Class and Series of Shares (with each such Class and Series separately </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">consenting thereto as a separate Class or
Series); provided, however, that if such action is recommended </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">by the
Trustees, the vote or written consent of the holders of a majority of the
Shares outstanding and entitled to vote shall be sufficient authorization.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">Upon completion of the
distribution of the remaining proceeds or the remaining assets as provided in
this section, the Trust shall terminate and the Trustees shall be discharged of
any and all </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">further liabilities and duties
hereunder and the right, title and interest of all parties shall be cancelled
and </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">discharged.&nbsp;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696414"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 8.3.&#160; Amendments</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The execution of an instrument setting forth the
establishment and designation and the relative rights of any Class or Series of
Shares in accordance with Section 5.1 hereof shall, without any authorization,
consent or vote of the Shareholders, effect an amendment of this Declaration.
Except as otherwise provided in this Section, if authorized by a majority of
the Trustees and by vote of a majority of the outstanding voting securities of
the Trust affected by the amendment (which </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">voting
securities shall, unless otherwise provided by the Trustees, vote together on
such amendment as a single class), or by any larger vote which may be required
by applicable law or this Declaration of Trust in any particular case, the
Trustees may amend or otherwise supplement this Declaration. The Trustees may
also amend this Declaration without the vote or consent of Shareholders to
change the name of the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">Trust or to make
such other changes as do not have a materially adverse effect on the rights or
interests of </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">Shareholders hereunder or if they deem it necessary to
conform this Declaration to the requirements of applicable Federal laws or regulations
or the requirements of the regulated investment company </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.4pt;line-height:12.0pt;">provisions of the Internal Revenue Code, but the Trustees shall not be
liable for failing so to do.</font></p>
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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">No
amendment may be made under this Section which shall amend, alter, change or
repeal any of </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">the provisions of Article
VIII unless the amendment effecting such amendment, alteration, change or </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">repeal shall receive the affirmative vote or
consent of the holders of two-thirds of each Class and Series of </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">Shares
outstanding and entitled to vote (with each such Class and Series separately
voting thereon on consenting thereto as a separate Class or Series). Such
affirmative vote or consent shall be in addition to the vote or consent of the
holders of Shares otherwise required by law or by any agreement between the
Trust and any national securities exchange.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">Nothing contained in this
Declaration shall permit the amendment of this Declaration to impair </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">the exemption from personal liability of the
Shareholders, Trustees, officers, employees and agents of the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">Trust or
to permit assessments upon Shareholders.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">Notwithstanding
any other provision hereof, until such time as a Registration Statement under
the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">Securities Act of 1933, as amended,
covering the first public offering of securities of the Trust shall have become
effective, this Declaration may be terminated or amended in any respect by the
affirmative vote of a majority of the Trustees or by an instrument signed by a
majority of the Trustees.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696415"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 8.4.&#160; Certain Transactions</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; (a) Notwithstanding any other provision of this
Declaration and subject to the exceptions provided in sub-section (d) of this
Section 8.4, the types of transactions described in sub-section (c) of this
Section 8.4 shall require the affirmative vote or consent of the holders </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">of seventy-five percent (75%) of each Class of
Shares outstanding (with each such Class voting separately thereon), when a
Principal Shareholder (as defined in sub-section (b) of this Section 8.4) is
determined by </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">the Trustees to be a party to the transaction. Such
affirmative vote or consent shall be in addition to the vote or consent of the
holders of Shares otherwise required by law or by the terms of any Class or
Series, whether now or hereafter authorized, or by any agreement between the
Trust and any national securities exchange.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">The term &#8220;Principal Shareholder&#8221;
shall mean any Person which is the beneficial owner, directly or indirectly, of
more than five percent (5%) of the Outstanding Shares of the Trust or of any
Class and shall include any &#8220;affiliate&#8221; or &#8220;associate&#8221;, as such terms are
defined in Rule 12b-2 of the General Rules and Regulations under the Securities
Exchange Act of 1934. For the purpose of this Section 8.4, in addition to the
Shares which a Person beneficially owns directly, (a) a Person shall be deemed
to be the beneficial owner of any Shares (i) which the Trustees determine it
has the right to acquire pursuant to any agreement or upon exercise of
conversion rights or warrants, or otherwise (but </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">excluding Share options granted by the Trust) or (ii) which the
Trustees determine are beneficially owned, </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">directly or indirectly
(including Shares deemed owned through application of clause (i) above), by any
other Person with which it or its &#8220;affiliate&#8221; or &#8220;associate&#8221; (as defined above)
has any agreement, arrangement or understanding for the purpose of acquiring,
holding, voting or disposing of Shares, or which is its affiliate or associate,
and (b) the outstanding Shares shall include Shares deemed owned </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">through application of clauses (i) and (ii) above
but shall not include any other Shares which are not at the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">time issued
and outstanding but may be issuable pursuant to any agreement, or upon exercise
of conversion rights or warrants, or otherwise.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(c)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">This Section 8.4 shall apply to
the following transactions:</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:12.0pt;">(i)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.4pt;line-height:12.0pt;">The merger or
consolidation of the Trust or any subsidiary of the Trust with or </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">into any Principal Shareholder.</font></p>


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<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:12.0pt;">(ii)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">The issuance of any securities of
the Trust to any Principal Shareholder for cash.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:12.0pt;">(iii)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">The sale,
lease or exchange of all or any substantial part of the assets of the Trust </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">to any Principal Shareholder (except assets determined
by the Trustees to have an aggregate fair market value of less than $1,000,000,
aggregating for the purpose of such computation all assets sold, leased or
exchanged in any series of similar transactions within a twelve-month period or
assets sold in the ordinary course of business).</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:12.0pt;">(iv)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">The sale, lease or exchange to or
with the Trust or any subsidiary thereof, in </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">exchange
for securities of the Trust, of any assets of any Principal Shareholder (except
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">assets determined by the Trustees to have an aggregate fair market value
of less than $1,000,000 aggregating for the purpose of such computation all
assets sold, leased or exchanged in any series of similar transactions within a
twelve-month period).</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:27.2pt;margin-top:12.0pt;text-align:justify;text-indent:36.25pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">For
purposes of this sub-section 8.4(c), the term &#8220;Principal Shareholder&#8221; shall
include all </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">subsidiaries, affiliates,
associates, or other persons acting in concert with any Principal Shareholder.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:11.45pt;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(d)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">The provisions of this Section 8.4
shall not be applicable to (i) any of the transactions described in sub-section
(c) of this Section 8.4 if the Trustees shall by resolution have approved a
memorandum of understanding with such Principal Shareholder with respect to and
substantially </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">consistent with such
transaction, or (ii) any such transaction with any Person of which a majority
of the</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">outstanding shares of all
classes of stock normally entitled to vote in the election of directors is
owned of </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">record or beneficially by the Trust and its subsidiaries.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(e)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">The Trustees shall have the power
to determine for the purposes of this Section 8.4 on the basis of information
known to the Trust, whether (i) a Person beneficially owns more than five
percent (5%) of the outstanding Shares or is otherwise a Principal Shareholder,
(ii) a Person is an &#8220;affiliate&#8221; or </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">&#8220;associate&#8221;
(as defined above) of another, (iii) the assets being acquired or leased to or
by the Trust or any subsidiary thereof constitute a substantial part or the
assets of the Trust and have an aggregate fair market </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">value of less than
$1,000,000, (iv) the memorandum of understanding referred to in sub-section (d)
hereof is substantially consistent with the transaction covered thereby, and
(v) the provisions of the Section 8.5 otherwise apply to any Person or
transaction. Any such determination shall be conclusive and binding for all
purposes of this Section 8.4.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:36.7pt;"><a name="_Toc266696416"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 8.5.&#160; Conversion</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; Notwithstanding any other provisions of this
Declaration, the conversion of the Trust from a &#8220;closed-end company&#8221; to an &#8220;open-end
company,&#8221; as those terms are defined in Section 5(a)(2) and 5(a)(1),
respectively, of the 1940 Act shall require the affirmative vote or </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">consent of the holders of two-thirds of each
Class outstanding (with each Class separately voting thereon </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">or
consenting thereto as a separate Class). Such affirmative vote or consent shall
be in addition to the vote or consent of the holders of the Shares otherwise
required by law or by the terms of any Class or Series, whether now or
hereafter authorized, or by any agreement between the Trust and any national </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">securities exchange. However, if such conversion
is recommended by at least 75% of the Trustees then in </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">office, the vote
or written consent of the holders of a majority of the outstanding voting securities
of the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">Trust (which voting securities shall
vote separately on the matter by class) shall be sufficient to authorize </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">such
conversion.</font></p>




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<h1 align=center style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><b><font face="times new roman" style="font-size:11.0pt;line-height:12.0pt;">ARTICLE IX</font></b></h1>

<p align=center style="background:white;margin:0in;margin-bottom:.25in;margin-left:0in;margin-right:0in;margin-top:.25in;text-align:center;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">MISCELLANEOUS</font></u></b></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:2.15pt;text-indent:36.7pt;"><a name="_Toc266696418"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 9.1.&#160; Notices</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; Notwithstanding any other provision of this
Declaration, any and all notices to which any Shareholder may be entitled and
any and all communications shall be deemed duly served or given if mailed,
postage prepaid, addressed to any Shareholder of record at his last known
address as recorded on the register of the Trust. If and to the extent
consistent with applicable law, a </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">notice of
a meeting, an annual report, and any other communication to Shareholders need
not be sent to a </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">Shareholder (i) if an annual report and a proxy
statement for two consecutive shareholder meetings have been mailed to such
Shareholder&#8217;s address and have been returned as undeliverable, (ii) if all, and
at least two, checks (if sent by first class mail) in payment of distributions
on Shares during a twelve-month period have been mailed to such Shareholder&#8217;s
address and have been returned as undeliverable or (iii) in any other case in
which a proxy statement concerning a meeting of security holders is not
required to be given pursuant to the Commission&#8217;s proxy rules as from time to
time in effect under the Securities Exchange Act of 1934, as amended. However,
delivery of such proxy statements, annual reports and </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">other communications shall resume if and when such Shareholder delivers
or causes to be delivered to the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">Trust written notice setting forth such
Shareholder&#8217;s then current address.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696419"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 9.2.&#160; Filing of Copies. References. Headings and
Counterparts</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The
original or a copy of this instrument, of any amendment hereto and of each
declaration of trust supplemental hereto, shall be </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">kept at the office of the Trust. Anyone dealing with the Trust may rely
on a certificate by a Trustee or an officer of the Trust as to whether or not
any such amendments or supplemental declarations of trust have been made and as
to any matters in connection with the Trust hereunder, and, with the same
effect as if it</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;"> </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">were the original,
may rely on a copy certified by a Trustee or an officer of the Trust to be a
copy of this </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">instrument or of any such amendment hereto or supplemental
declaration of trust.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">In this instrument or in any
such amendment or supplemental declaration of trust, references to this
instrument, and all expressions such as &#8220;herein&#8221;, &#8220;hereof&#8221;, and &#8220;hereunder&#8221;,
shall be deemed to refer to this instrument as amended or affected by any such
supplemental declaration of trust. Headings are placed herein for convenience
of reference only and in case of any conflict, the text of this instrument,
rather than the headings, shall control. This instrument may be executed in any
number of counterparts each of which shall be deemed an original, but such
counterparts shall constitute one instrument. A r</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">estated Declaration, integrating into a single instrument all of the
provisions of the Declaration which are </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">then in effect and operative,
may be executed from time to time by a majority of the Trustees then in office
and filed with the Massachusetts Secretary of State. A restated Declaration
shall, upon execution, be conclusive evidence of all amendments and
supplemental declarations contained therein and may thereafter be referred to
in lieu of the original Declaration and the various amendments and supplements
thereto.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696420"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 9.3.&#160; Applicable Law</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; The Trust set forth in this instrument is made in
The Commonwealth of Massachusetts, and it is created under and is to be
governed by and construed and administered according to the laws of said
Commonwealth. The Trust shall be of the type commonly </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">called a Massachusetts business trust, and without limiting the
provisions hereof, the Trust may exercise </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">all powers which are
ordinarily exercised by such a trust.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;text-indent:.5in;"><a name="_Toc266696421"></a><u><font face="times new roman" lang=EN-US style="font-size:11.0pt;font-style:normal;font-weight:normal;line-height:12.0pt;">Section 9.4.&#160; Provisions in Conflict with Law or Regulations</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">.&#160; (a) The provisions of this </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">Declaration are severable, and if the Trustees shall determine, with
the advice of legal counsel, that any of </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">such provisions is in conflict
with the 1940 Act, the Internal Revenue Code of 1986 or with other applicable
laws and regulations, the conflicting provision shall be construed in such a
manner consistent with such law as may most closely reflect the intention of
the offending provision; provided, however, 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.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:12.0pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">(b)</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;line-height:12.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">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 </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;line-height:12.0pt;">shall not in </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">any manner affect such provision in any other
jurisdiction or any other provision of this Declaration in any jurisdiction.</font></p>
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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font style=""><b><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></b></font></b></p>





</DIV>
<p style="background:white;margin:0in;margin-bottom:.5in;margin-left:0in;margin-right:.05in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">IN
WITNESS WHEREOF, the undersigned, being all of the current Trustees of the
Trust, have executed this instrument this 15th day of July 2010.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:12.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;</font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">/s/James R. Boyle</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">/s/John G. Vrysen</font></u></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; James R. Boyle, as Trustee&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; John
G. Vrysen, as Trustee</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; and not Individually&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; and
not Individually</font></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:.5in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">THE
COMMONWEALTH OF MASSACHUSETTS</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:24.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">Suffolk, ss.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Boston,
Massachusetts</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:24.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">On this 15th day of July, 2010, before me, the
undersigned notary public, personally appeared the above named James R. Boyle
and John G. Vrysen, proved to me through satisfactory evidence of
identification, which consisted of personal knowledge, to be the persons whose
names are signed on the preceding document in my presence and who swore or
affirmed to me that the contents of the document are truthful and accurate to
the best their knowledge and belief.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:24.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Before
me,</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;margin-top:24.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">/s/Robert
J. Wanek</font></u></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; My
commission expires:</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; November
15, 2015</font></p>




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<SEQUENCE>7
<FILENAME>jh_hedgedequityincomeby-laws.htm
<DESCRIPTION>BY-LAWS
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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font style=""><b><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>





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

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

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

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

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">JOHN HANCOCK HEDGED
EQUITY &amp; INCOME FUND</font></p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 2.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Election of
Officers</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; The officers of the Trust shall be elected by the Trustees.
Except as provided in Section 3 of this Article II, each officer elected by the
Trustees shall hold office at the pleasure of the Trustees.&#160; Any two or more
offices may be held by the same person.&#160; Any Trustee or officer may be but need
not be a Shareholder of the Trust.&#160; The officers shall hold office until their
successors are chosen and qualified.</font></p>

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

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

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

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

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

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

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

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

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

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

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 2.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Executive and
other Committees</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; The Trustees may elect from their own number an
executive committee to consist of not less than three nor more than five
members, which shall have the power and duty to conduct the current and
ordinary business of the Trust while the Trustees are not in session, and such
other powers and duties as the Trustees may from time to time delegate to such
committee.&#160; The Trustees may also elect from their own number other committees
from time to time, the </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">number composing such committees
and the powers conferred upon the same to be determined by the Trustees.&#160;
Without limiting the generality of the foregoing, the Trustees may appoint a
committee consisting of less than the whole number of Trustees then in office,
which committee may be empowered to act for and bind the Trustees and the
Trust, as if the acts of such committee were the acts of all the Trustees then
in office, with respect to the institution, prosecution, dismissal, settlement,
review, investigation or other disposition of any dispute, claim, action, suit
or proceeding which shall be pending or threatened to be brought before any
court, administrative agency or other adjudicatory body.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 3.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Chairman of the
Trustees</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; The Trustees shall appoint from among their number a Chairman.&#160;
The Chairman shall preside at the meetings of the Trustees and may call
meetings of the Trustees and of any committee thereof whenever he deems it
necessary or desirable to do so.&#160; The Chairman may in his discretion preside at
any meeting of the shareholders, and may delegate such authority to another
Trustee or officer of the Trust.&#160; The Chairman shall exercise and perform such
additional powers and duties as from time to time may be assigned to him by the
Trustees, and shall have the resources and authority appropriate to discharge
the responsibilities of the office.</font></p>

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

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

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

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 5.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Treasurer</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160;
The Treasurer shall deliver all funds of the Trust or any Series or Class
thereof which may come into his hands to such Custodian as the Trustees may
employ.&#160; He 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 he 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 by the Trustees.&#160; The Treasurer shall give a bond for the faithful
discharge of his 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="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

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

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 7.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Other Officers</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; Other officers
elected by the Trustees shall perform such duties as the Trustees may from time
to time designate.</font></p>

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

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

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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION
9.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Designation of Principal Accounting Officer(s) and Principal
Financial Officer(s)</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; 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 purposes of signing registration statements
of the Trust in conformity with the requirements of the Securities Act of 1933,
as amended.</font></p>

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

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

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

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

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

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 1.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; Meetings of shareholders, at which the shareholders shall
elect Trustees and transact such other business as may properly come before the
meeting, shall be held annually so long as required by the American Stock
Exchange, New York Stock Exchange or such other exchange or trading system on
which shares are principally traded.&#160; Meetings of the shareholders (or any
class or series) may be called at any time by the President, and shall be
called by the President or the Secretary at the request, in writing or by
resolution, of a majority of the Trustees, or at the written request of the
holder or holders of twenty-five percent (25%) or more of the total number of
the then issued and outstanding shares of the Trust entitled to vote at such
meeting.&#160; Any such request shall state the purposes of the proposed meeting.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 2.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Place of
Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; Meetings of the shareholders shall be held at the principal
place of business of the Trust in Boston, Massachusetts, unless a different
place within the United States is designated by the Trustees and stated as
specified in the respective notices or waivers of notice with respect thereto.</font></p>

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

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

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

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

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

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

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

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

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; All elections of
Trustees shall be conducted in any manner approved at the meeting of the
shareholders at which said election is held, and shall be by ballot if so
requested by any shareholder entitled to vote thereon.&#160; The Trustees shall be
elected by the Shareholders owning of record a plurality of the Shares voting
at a meeting of Shareholders on a date fixed by the Trustees.&#160; 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 hereinabove
provided, by persons entitled to vote thereon.</font></p>

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

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

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 7.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Consents</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160;
Any action which may be taken by shareholders may be taken without a meeting if
a majority of shareholders entitled to vote on the matter (or such larger
proportion thereof as shall be required by law, the Declaration or these
By-Laws for approval of such matter) consent to the action in writing and the
written consents are filed with the records of the meetings of shareholders.&#160;
Such consents shall be treated for all purposes as a vote taken at a meeting of
shareholders.</font></p>

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

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

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


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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (A)&#160;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Annual Meetings of Shareholders</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; (1) Nominations of persons for
election of the Board of Trustees and the proposal of business to be considered
by the shareholders may be made at an annual meeting of shareholders (a)
pursuant to the notice of meeting described in Section 3 of this Article of
these By-Laws; (b) by or at the direction of the Board of Trustees; or&#160; (c) by
any shareholder of the Trust who was a shareholder of record at the time of
giving of notice provided for in Section 3 of this Article of these By-Laws,
who is entitled to vote at the meeting and who complied with the notice
provisions set forth in this Section 8.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (2)&#160; For
nominations or other business properly to be brought before an annual meeting
by a shareholder pursuant to clause (c) of paragraph (A)(1) of this Section 8,
the shareholder must have given timely notice thereof in writing to the
Secretary of the Trust and such other business must be a proper matter for shareholder
action.&#160; To be timely, a shareholder&#8217;s notice shall be delivered to the
Secretary at the principal executive offices of the Trust not later than the
close of business on the ninetieth day nor earlier than the close of business
on the one hundred-twentieth day prior to the first anniversary of the
preceding year&#8217;s annual meeting; provided, however, that in the event that the
date of the annual meeting is more than thirty days before or more than sixty
days after such anniversary date, notice by the shareholder to be timely must
be so delivered not earlier than the close of business on the later of the
ninetieth day prior to such annual meeting or the tenth day following the day
on which public announcement of the date of such meeting is first made. &#160;In no
event, shall the public announcement of an adjournment of an annual meeting
commence a new time period for the giving of a shareholder&#8217;s notice as
described above.&#160; Such shareholder&#8217;s notice shall set forth (a) as to each
person whom the shareholder proposes to nominate for election or reelection as
a Trustee </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">(1) the name, age, business
address and residence address of such person, (2) the class and number of
shares of stock of the Trust that are beneficially owned or owned of record by
such person, (3) the date such shares were acquired and the investment intent
of such acquisition, and (4) </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">all information relating to such person
that is required to be disclosed in solicitations of proxies for election of
trustees/directors in an election contest, or is otherwise required, in each
case pursuant to Regulation 14A under the Securities Exchange Act of 1934, as
amended (the &#8220;Exchange Act&#8221;) and Rule 14a-11 thereunder (including such
person&#8217;s written consent to being named in the proxy statement as a nominee and
to serving as a Trustee if elected); (b) as to any other business that the
shareholder proposes to bring before the meeting, a brief description of the
business desired to be brought before the meeting, the reasons for conducting
such business at the meeting and any material interest in such business of such
shareholder and the beneficial owner, if any, on whose behalf the proposal is
made; and (c) as to the shareholder giving the notice and the beneficial owner,
if any, on whose behalf the nomination or proposal is made (i) the name and
address of such shareholder, as they appear on the Trust&#8217;s books, and of such
beneficial owner and (ii) the class/series and number of shares of the Trust
which are owned beneficially and of record by such shareholder and such
beneficial owner, (iii)</font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;"> 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 of share price changes for, or to increase the voting power of,
such shareholder or beneficial owner with respect to any share of the Trust (collectively
&#8220;Hedging Activities&#8221;), and (iv) the extent to which such shareholder or such
beneficial owner, if any, has engaged in Hedging Activities with respect to
shares or other equity interests of any other trust or company; (d) as to the
shareholder giving the notice and any beneficial owner covered by clauses (a)
or (b) of this paragraph, the name and address of such shareholder, as they
appear on the Trust&#8217;s stock ledger and current name and address, if different,
of such beneficial owner; and (e) to the extent known by the shareholder giving
the notice, the name and address of any other shareholder supporting the
nominee for election or reelection as a trustee or the proposal of other
business on the date of such shareholder&#8217;s notice.</font></p>


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

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (3)&#160;
Notwithstanding anything in the second sentence of paragraph (A)(2) of this
Section 8 to the contrary, in the event that the number of Trustees to be
elected to the Board of Trustees is increased and there is no public
announcement naming all of the nominees for Trustee or specifying the size of
the increased Board of Trustees made by the Trust at least one hundred days
prior to the first anniversary of the preceding year&#8217;s annual meeting, a
shareholder&#8217;s notice required by this Section 8 shall also be considered
timely, but only with respect to nominees for any new positions created by such
increase, if it shall be delivered to the Secretary at the principal executive
offices of the Trust not later than the close of business on the tenth day
following the day on which such public announcement is first made by the Trust.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (B)&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Special
Meetings of Shareholders</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; Only such business shall be conducted by a
special meeting of shareholders as shall have been brought before the meeting
pursuant to the Trust&#8217;s notice of meeting.&#160; Nominations of persons for election
to the Board of Trustees may be made at a special meeting of shareholders at
which Trustees are to be elected pursuant to the Trust&#8217;s notice of meeting (1)
by or at the direction of the Board of Trustees or (2) by any shareholder of
the Trust who is a shareholder of record at the time of giving of notice
provided for in this Section 8, who shall be entitled to vote at the meeting
and who complies with the notice procedures set forth in this Section 8.&#160; In
the event the Trust calls a special meeting of shareholders for the purpose of
electing one or more Trustees to the Board of Trustees, any such shareholder
may nominate a person or persons (as the case may be), for election to such
position(s) as specified in the Trust&#8217;s notice of meeting, if the shareholder&#8217;s
notice required by paragraph (A)(2) of this Section 8 shall be delivered to the
Secretary at the principal executive offices of the Trust not earlier than the
close of business on the one hundred-twentieth day prior to such special
meeting and not later than the close of business on the later of the ninetieth
day prior to such special meeting or the tenth day following the day on which
public announcement is first made of the date of the special meeting and of the
nominees proposed by the Board of Trustees to be elected at such meeting.&#160; In
no event, shall the public announcement or adjournment of a special meeting
commence a new time period for the giving of a shareholder&#8217;s notice as
described above.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; A Shareholder's
notice 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 and residence address of such person, (B) the class and number
of shares of stock of the Trust that are beneficially owned or owned of record
by such person, (C) the date such shares were acquired and the investment
intent of such acquisition, and (D) all other information relating to such
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
description of the business desired to be brought before the meeting, the
reasons for conducting such business at the meeting and any material interest
in such business of such Shareholder (including any anticipated benefit to the
Shareholder 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,
(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, (2) the class and number of shares of stock of the Trust which are owned
beneficially and of record by such Shareholder and such beneficial owner, (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 of </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">share price changes for, or to increase the voting power
of, such shareholder or beneficial owner with respect to any share of the Trust
(collectively &#8220;Hedging Activities&#8221;), and (4) the extent to which such
shareholder or such beneficial owner, if any, has engaged in Hedging Activities
with respect to shares or other equity interests of any other trust or company;
(iv) as to the shareholder giving the notice and any beneficial owner covered
by clauses (i) or (ii) of this paragraph, the name and address of such
shareholder, as they appear on the Trust&#8217;s stock ledger and current name and
address, if different, of such beneficial owner; and (v) to the extent known by
the shareholder giving the notice, the name and address of any other
shareholder supporting the nominee for election or reelection as a trustee or
the proposal of other business on the date of such shareholder&#8217;s notice.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

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

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

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

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

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

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

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

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

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

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

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

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 1.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Meetings</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160;
The Trustees may in their discretion provide for regular or stated meetings of
the Trustees.&#160; Meetings of the Trustees other than regular or stated meetings
shall be held whenever called by the Chairman, President or by any other
Trustee at the time being in office.&#160; Any or all of the Trustees may
participate in a meeting by means of a conference telephone or similar
communications equipment by means of which all persons participating in the
meeting can hear each other at the same time, and participation by such means
shall constitute presence in person at a meeting.</font></p>

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

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

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 3.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Consents</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160;
Any action required or permitted to be taken at any meeting of the Trustees may
be taken by the Trustees without a meeting if a written consent thereto is
signed by all the Trustees and filed with the records of the Trustees&#8217;
meetings.&#160; A Trustee may deliver his consent to the Trust by facsimile machine
or other graphic communication equipment.&#160; Such consent shall be treated as a
vote at a meeting for all purposes.</font></p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 1.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Inspection of
Books</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; The Trustees shall from time to time determine whether and to what
extent, and at what times and places, and under what conditions and regulations
the accounts and books of the Trust or any of them shall be open to the
inspection of the shareholders; and no shareholder shall have any right to
inspect any account or book or document of the Trust except as conferred by law
or authorized by the Trustees or by resolution of the shareholders.</font></p>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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





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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">SECTION 2.&#160;&#160;&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Indemnification
of Trustees and Officers</font></u><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">.&#160; The Trust shall indemnify each person who was or
is a party or is threatened to be made a party to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative
or investigative, by reason of the fact that he is or has been a Trustee,
officer, employee or agent of the Trust, or is or has been serving at the
request of the Trust as a Trustee, director, officer, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise,
against expenses (including attorneys&#8217; fees), judgments, fines and amounts paid
in settlement actually and reasonably incurred by him in connection with such
action, suit or proceeding, provided that:</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;margin-right:.5in;margin-top:0in;text-align:justify;text-indent:-1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (a)&#160;&#160;&#160;&#160;&#160;&#160;&#160; such
person acted in good faith and in a manner he reasonably believed to be in or
not opposed to the best interests of the Trust,</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;margin-right:.5in;margin-top:0in;text-align:justify;text-indent:-1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (b)&#160;&#160;&#160;&#160;&#160;&#160;&#160; with
respect to any criminal action or proceeding, he had no reasonable cause to
believe his conduct was unlawful,</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;margin-right:.5in;margin-top:0in;text-align:justify;text-indent:-1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (c)&#160;&#160;&#160;&#160;&#160;&#160;&#160; unless
ordered by a court, indemnification shall be made only as authorized in the
specific case upon a determination that indemnification of the Trustee,
officer, employee or agent is proper in the circumstances because he has met
the applicable standard of conduct set forth in subparagraphs (a) and (b) above
and (e) below, such determination to be made based upon a review of readily
available facts (as opposed to a full trial-type inquiry) by (i) vote of a
majority of the Disinterested Trustees acting on the matter (provided that a
majority of the Disinterested Trustees then in office act on the matter) or
(ii) by independent legal counsel in a written opinion,</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;margin-right:.5in;margin-top:0in;text-align:justify;text-indent:-1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (d)&#160;&#160;&#160;&#160;&#160;&#160;&#160; in
the case of an action or suit by or in the right of the Trust to procure a
judgment in its favor, no indemnification shall be made in respect of any
claim, issue or matter as to which such person shall have been adjudged to be
liable for negligence or misconduct in the performance of his duty to the Trust
unless and only to the extent that the court in which such action or suit is
brought, or a court of equity in the county in which the Trust has its
principal office, shall determine upon application that, despite the
adjudication of liability but in view of all the circumstances of the case, he
is fairly and reasonably entitled to indemnify for such expenses which such
court shall deem proper, and</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;margin-right:.5in;margin-top:0in;text-align:justify;text-indent:-1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (e)&#160;&#160;&#160;&#160;&#160;&#160;&#160; no
indemnification or other protection shall be made or given to any Trustee or
officer of the Trust against any liability to the Trust or to its security
holders to which he would otherwise be subject by reason of willful
misfeasance, bad faith, gross negligence or reckless disregard of the duties
involved in the conduct of his office.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Expenses (including
attorneys&#8217; fees) incurred with respect to any claim, action, suit or proceeding
of the character described in the preceding paragraph shall be paid by the
Trust in advance of the final </font><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">disposition thereof upon
receipt of an undertaking by or on behalf of such person to repay such amount
unless it shall ultimately be determined that he is entitled to be indemnified
by the Trust as authorized by this Article, provided that either:</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;margin-right:.5in;margin-top:0in;text-align:justify;text-indent:-1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (1)&#160;&#160;&#160;&#160;&#160;&#160;&#160; such
undertaking is secured by a surety bond or some other appropriate security
provided by the recipient, or the Trust shall be insured against losses arising
out of any such advances; or </font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:1.5in;margin-right:.5in;margin-top:0in;text-align:justify;text-indent:-1.5in;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (2)&#160;&#160;&#160;&#160;&#160;&#160;&#160; a
majority of the Disinterested Trustees acting on the matter (provided that a
majority of the Disinterested Trustees act on the matter) or an independent
legal counsel in a written opinion shall determine, based upon a review of
readily available facts (as opposed to a full trial-type inquiry), that there
is reason to believe that the recipient ultimately will be found entitled to
indemnification.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; As used in this
Section 2, a &#8220;Disinterested Trustee&#8221; is one who is not (i) an &#8220;Interested
Person,&#8221; as defined in the Act, of the Trust (including anyone who has been
exempted from being an &#8220;Interested Person&#8221; by any rule, regulation, or order of
the Commission), or (ii) involved in the claim, action, suit or proceeding.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The termination of
any action, suit or proceeding by judgment, order, settlement, conviction, or
upon a plea of nolo contendere or its equivalent, shall not, of itself, create
a presumption that the person did not act in good faith and in a manner which
he reasonably believed to be in or not opposed to the best interests of the
Trust, or with respect to any criminal action or proceeding, had reasonable
cause to believe that his conduct was unlawful.</font></p>

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Dated July 15, 2010</font></p>




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<DESCRIPTION>SUBADVISORY AGREEMENT
<TEXT>

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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">JOHN HANCOCK HEDGED EQUITY &amp; INCOME FUND</font></b></p>

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

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

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

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

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">AGREEMENT made
this 24th day of May, 2011, between John Hancock Advisers, LLC, a Delaware
limited liability company (the &#8220;Adviser&#8221;), and Wellington Management Company,
LLP, a Massachusetts limited liability partnership (the &#8220;Subadviser&#8221;). In
consideration of the mutual covenants contained herein, the parties agree as
follows:</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">1.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">APPOINTMENT OF SUBADVISER</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Subadviser
undertakes to act as the investment subadviser to and, subject to the supervision
of the Trustees of John Hancock Hedged Equity &amp; Income Fund (the &#8220;Fund&#8221;)
and the terms of this Agreement, to manage the investment and reinvestment of
the assets of the Fund, including an equity strategy (the &#8220;Equity Strategy&#8221;), a
systematic option overlay strategy (the &#8220;Option Strategy&#8221;) and all other types
of investments, each as described in the Fund&#8217;s registration statement.&#160; The
Subadviser will be an independent contractor and will have no authority to act
for or represent the Fund or Adviser in any way or otherwise be deemed an agent
unless expressly authorized in this Agreement or in another writing by the Fund
and Adviser.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SERVICES TO BE RENDERED BY THE SUBADVISER TO THE FUND</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">a.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Subject always to the direction and control of the Trustees of the Fund,
the Subadviser will manage the investments and determine the composition of the
assets of the Fund.&#160; In fulfilling its obligations to manage the investments
and reinvestments of the assets of the Fund&#8217;s portfolio, the Subadviser will:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;text-indent:-27.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">i.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">obtain and evaluate pertinent economic, statistical, financial and other
information affecting the economy generally and individual companies or
industries the securities of which are included in the Fund&#8217;s portfolio or are
under consideration for inclusion in the Fund&#8217;s portfolio;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;text-indent:-27.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;text-indent:-27.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ii.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">formulate and implement a continuous investment program for the Fund
relating to both the Equity Strategy and the Option Strategy (and other types
of investments as described in the Fund&#8217;s registration statement) consistent
with the investment objectives and related investment policies for the Fund as
described in the Fund&#8217;s registration statement, as amended;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;text-indent:-27.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;text-indent:-27.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">iii.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">take whatever steps are necessary to implement these investment programs
by the purchase and sale of securities and options, including the placing of
orders for such purchases and sales, and by managing all cash in the Fund&#8217;s
portfolio;</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;text-indent:-27.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">iv.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">in connection with any purchase and sale of options for the Fund related
to the implementation of the Option Strategy, the Subadviser will arrange for the
transmission to the custodian for the Fund (the &#8220;Custodian&#8221;) on a daily basis
such </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">confirmation, trade tickets, and other documents
and information, including, but not limited to, Cusip, Cedel, or other numbers
that identify options to be purchased or sold on behalf of the Fund, as may be
reasonably necessary to enable the Custodian to perform its administrative and
recordkeeping responsibilities with respect to the Fund.&#160; The Subadviser will
be responsible for managing required collateral levels in connection with the
Option Strategy, including instructions to the Custodian to post collateral and
to call for collateral from counterparties, as necessary. The Subadviser will
provide reports with respect to its collateral management activities as agreed to
by the Adviser and the Subadviser;</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;text-indent:-27.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;text-indent:-27.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">v.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">regularly report to the Trustees of the Fund with respect to the
implementation of the Equity Strategy and the Option Strategy; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;text-indent:-27.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:63.0pt;text-indent:-27.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">vi.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">provide assistance with and make recommendations for the fair value of
securities and options held by the Fund&#8217;s portfolio for which market quotations
are not readily available or which may be identified for review from time to
time by either the Fund or the Subadviser.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">b.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Subadviser, at its expense, will furnish (i) all necessary investment
and management facilities, including salaries of personnel required for it to
execute its duties faithfully, and (ii) administrative facilities, including
bookkeeping, clerical personnel and equipment necessary for the efficient
conduct of the investment affairs of the Fund (excluding determination of net
asset value and fund accounting services).</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">c.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Subadviser will select brokers and dealers to effect all
transactions, subject to the following conditions: the Subadviser will place
all orders with brokers, dealers, or issuers, and will negotiate brokerage
commissions if applicable. The Subadviser is directed at all times to seek to
execute brokerage transactions for the Fund in accordance with such policies or
practices as may be established by the Trustees and described in the Fund&#8217;s
registration statement as amended. The Subadviser may pay a broker-dealer which
provides research and brokerage services a higher spread or commission for a
particular transaction than otherwise might have been charged by another
broker-dealer, if the Subadviser determines that the higher spread or
commission is reasonable in relation to the value of the brokerage and research
services that such broker-dealer provides, viewed in terms of either the
particular transaction or the Subadviser&#8217;s overall responsibilities with
respect to accounts managed by the Subadviser. The Subadviser may use for the
benefit of the Subadviser&#8217;s other clients, or make available to companies
affiliated with the Subadviser or to its directors for the benefit of its
clients, any such brokerage and research services that the Subadviser obtains
from brokers or dealers.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">d.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Subadviser will maintain all accounts, books and records with
respect to the services it provides to the Fund as are required of an
investment adviser of a registered investment company pursuant to the
Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;) and
Investment Advisers Act of 1940, as amended (the &#8220;Investment Advisers Act&#8221;) and
the rules thereunder.</font></p>

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


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<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">e.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Subadviser shall vote proxies relating to the Fund&#8217;s investment
securities in accordance with the Fund&#8217;s proxy voting policies and procedures,
which provide that the Subadviser shall vote all proxies relating to securities
held by the Fund and, subject to the Fund&#8217;s policies and procedures, shall use
proxy voting policies and procedures adopted by the Subadviser in conformance
with Rule 206(4)-6 under the Investment Advisers Act. The Subadviser shall
review its proxy voting activities on a periodic basis with the Trustees.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">3.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">COMPENSATION OF SUBADVISER</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">For the services provided to the
Fund, the Adviser will pay the Subadviser with respect to the Fund the
compensation specified in Appendix A to this Agreement payable monthly in
arrears on the last business day of each month.&#160; The fee will be appropriately
prorated to reflect any portion of a calendar month that this Agreement is not
in effect among the parties.&#160; The Adviser is solely responsible for the payment
of fees to the Subadviser, and the Subadviser agrees to seek payment of its
fees solely from the Adviser.&#160; The Fund shall have no liability for
Subadviser&#8217;s fee hereunder.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">4.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">LIABILITY OF SUBADVISER</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Neither the
Subadviser nor any of its partners or employees shall be liable to the Adviser
or Fund for any loss suffered by the Adviser or Fund resulting from its acts or
omissions as Subadviser to the Fund, except for losses resulting from willful
misfeasance, bad faith, or gross negligence in the performance of, or from the
reckless disregard of, the duties of the Subadviser or any of its partners or
employees.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">5.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SUPPLEMENTAL ARRANGEMENTS</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Subadviser
may enter into arrangements with other persons affiliated with the Subadviser
to better enable it to fulfill its obligations under this Agreement for the
provision of certain personnel and facilities to the Subadviser.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">6.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">REGULATION&nbsp;</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Subadviser
shall submit to all regulatory and administrative bodies having jurisdiction
over the services provided pursuant to this Agreement any information, reports
or other material which any such body by reason of this Agreement may request
or require pursuant to applicable laws and regulations.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">7.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">DURATION AND TERMINATION OF AGREEMENT</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">This Agreement shall become
effective on the date first indicated above, subject to the condition that the
Fund&#8217;s Board, including a majority of those Trustees who are not interested
persons (as such term is defined in the Investment Company Act) of the Adviser
or the Subadviser, and the holders of interests in the Fund, shall have
approved this Agreement in the manner required by the Investment Company Act.&#160;
Unless terminated as provided herein, this </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Agreement
shall remain in full force and effect through and including the second
anniversary of the date first indicated above, and shall continue in full force
and effect indefinitely thereafter, but only so long as such continuance is
specifically approved at least annually by (a) the Board, or by the vote of a
majority of the outstanding voting securities (as defined in the Investment
Company Act) of the Fund, and (b) the vote of a majority of those Trustees who
are not interested persons (as such term is defined in the Investment Company
Act) of any such party to this Agreement cast in person at a meeting called for
the purpose of voting on such approval.&#160; This Agreement may be terminated at
any time, without the payment of any penalty, by the Trustees of the Fund, or
by the vote of a majority of the outstanding voting securities of the Fund, on
sixty days&#8217; written notice to the Adviser and the Subadviser, or by the Adviser
or Subadviser on sixty days&#8217; written notice to the Fund and the other party.&#160;
This Agreement will automatically terminate, without the payment of any
penalty, in the event of its assignment (as defined in the Investment Company
Act) or in the event the Advisory Agreement between the Adviser and the Fund
terminates for any reason. </font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">8.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">PROVISION OF CERTAIN INFORMATION BY SUBADVISER</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Subadviser
will promptly notify the Adviser in writing of the occurrence of any of the
following events:</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">a.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the Subadviser fails to be registered as an investment adviser under the
Investment Advisers Act or under the laws of any jurisdiction in which the
Subadviser is required to be registered as an investment adviser in order to
perform its obligations under this Agreement;</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">b.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the Subadviser is served or otherwise receives notice of any action,
suit, proceeding, inquiry or investigation, at law or in equity, before or by
any court, public board or body, involving the affairs of the Fund; and</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">c.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">the managing general partner or controlling partner of the Subadviser or
any of the portfolio managers of the Fund portfolio change.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">9.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">USE OF NAME</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Adviser
will not use the Subadviser&#8217;s name in Fund literature without prior review and
approval by the Subadviser, which will not be unreasonably withheld or
delayed.&#160; The Subadviser agrees not to use the names, or any derivatives of the
names &#8220;John Hancock,&#8221; &#8220;John Hancock Advisers, LLC,&#8221; &#8220;John Hancock Hedged Equity
&amp; Income Fund&#8221; or the names of any such entities affiliates without first
obtaining the applicable entity&#8217;s express, written consent prior to the use of
such name.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">10.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">AMENDMENTS TO THE AGREEMENT</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">This Agreement
may be amended by the parties only if such amendment is specifically approved
by the vote of a majority of the Trustees of the Fund who are not interested
persons of any party to this Agreement cast in person at a meeting called for
the purpose of voting on such </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">approval. Any required
shareholder approval shall be effective if a majority of the outstanding voting
securities of the Fund vote to approve the amendment.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">11.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ENTIRE AGREEMENT</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">This Agreement
contains the entire understanding and agreement of the parties.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;page-break-after:avoid;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">12.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">HEADINGS&nbsp;</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The headings in the sections of this Agreement are inserted for
convenience of reference only and shall not constitute a part hereof.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;page-break-after:avoid;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">13.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">NOTICES&nbsp;</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">All notices required to be given pursuant to this Agreement shall be
delivered or mailed to the last known business address of the Fund or
applicable party in person or by registered mail or a private mail or delivery
service providing the sender with notice of receipt.&#160; Notice shall be deemed
given on the date delivered or mailed in accordance with this paragraph.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">14.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SEVERABILITY&nbsp;</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Should any
portion of this Agreement for any reason be held to be void in law or in
equity, the Agreement shall be construed, insofar as is possible, as if such
portion had never been contained herein.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">15.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">GOVERNING LAW</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The provisions
of this Agreement shall be construed and interpreted in accordance with the
laws of The Commonwealth of Massachusetts, or any of the applicable provisions
of the Investment Company Act. To the extent that the laws of The Commonwealth
of Massachusetts, or any of the provisions in this Agreement, conflict with
applicable provisions of the Investment Company Act, the latter shall control.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">16.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">LIMITATION OF LIABILITY</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Agreement
and Declaration of Fund, a copy of which, together with all amendments thereto
(the &#8220;Declaration&#8221;), is on file in the office of the Secretary of The
Commonwealth of Massachusetts, provides that the name &#8220;John Hancock Hedged
Equity &amp; Income Fund&#8221; refers to the Trustees under the Declaration
collectively as Trustees, but not as individuals or personally; and no Trustee,
shareholder, officer, employee or agent of the Fund shall be held to any
personal liability, nor shall resort be had to their private property, for the
satisfaction of any obligation or claim, in connection with the affairs of the
Fund, but only the assets belonging to the Fund shall be liable.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">17.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CONFIDENTIALITY OF FUND PORTFOLIO HOLDINGS</font></p>

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


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<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Subadviser agrees to treat the Fund portfolio holdings
as confidential information in accordance with the Fund&#8217;s &#8220;Policies and
Procedures Regarding Disclosure of Portfolio Holdings&#8221; as such Policy may be
amended from time to time, and to prohibit its employees from trading on any
such confidential information. </font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The parties
acknowledge and agree that during the term of this Agreement the parties may
have access to information that is proprietary or confidential to both parties
or their respective affiliates (&#8220;Confidential Information&#8221;).&#160; The parties agree
that their respective officers and employees shall treat all such Confidential
Information as confidential and proprietary and will not use or disclose
Confidential Information for any purpose other than in connection with the
exercise of their responsibilities under this Agreement, except in the
following circumstances:&#160; (i) where any Confidential Information is made
publicly available other than in breach of this Agreement; and (ii) where
disclosure is required by law or requested by any governmental or regulatory
authority that may have jurisdiction over either party, in which case such
party shall request confidential treatment of such information whenever
possible. </font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Furthermore, and
notwithstanding anything in this Section to the contrary, the Subadviser may
aggregate Fund data with similar data of other customers of the Subadviser
(&#8220;Aggregated Data&#8221;) and may use Aggregated Data for purposes of constructing
statistical models so long as such Aggregated Data represents a sufficiently
large sample that no Fund data can be identified either directly or by
inference or implication.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">18.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">CONSULTATION WITH SUBADVISERS TO OTHER FUND PORTFOLIOS</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">As required by
Rule 17a- 10 under the Investment Company Act, the Subadviser is prohibited
from consulting with the entities listed below concerning transactions for a
Portfolio in securities or other assets:</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">1.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">other subadvisers to the Fund; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.75in;text-indent:-.25in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">other subadvisers to a portfolio under common control with the Fund.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;page-break-after:avoid;text-indent:-.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">19.</font><font face="times new roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">COMPLIANCE&nbsp;</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Upon execution
of this Agreement, the Subadviser shall provide the Adviser with the
Subadviser&#8217;s written policies and procedures (&#8220;Compliance Policies&#8221;) as
required by Rule 206(4)-7 under the Investment Advisers Act.&#160; Throughout the
term of this Agreement, the Subadviser shall promptly submit to the Adviser:
(i) any material changes to the Compliance Policies, (ii) notification of the
commencement of a regulatory examination by the Securities and Exchange
Commission and documentation describing the results of any such examination of
the Subadviser if such results could have an adverse impact on Subadviser&#8217;s
ability to provide the services contemplated herein to the Fund, (iii)
documentation of any formal review of the Subadviser&#8217;s Compliance Policies and
(iv) notification of any material compliance matter that relates to the
services provided by the Subadviser to the Fund including but not limited to
any material violation of the Compliance Policies or of the Subadviser&#8217;s code
of ethics. Throughout the term of this Agreement, the Subadviser shall provide
the Adviser with any certifications, </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">information and
access to personnel and resources (including those resources that will permit
testing of the Compliance Policies by the Adviser) that the Adviser may
reasonably request to enable the Fund to comply with Rule 38a-1 under the
Investment Company Act.</font></p>
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* * * *</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed by their duly authorized officers as of the date first
mentioned above.</font></p>

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

<p style="margin:0in;margin-bottom:.0001pt;margin-left:2.75in;text-indent:-2.75in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; JOHN
HANCOCK ADVISERS, LLC</font></p>

<p style="margin:0in;margin-bottom:.5in;margin-left:225.35pt;margin-right:0in;margin-top:0in;text-indent:-225.35pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; By:&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/Jeffrey H. Long</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:27.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.2pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name:&#160;&#160;&#160;&#160;&#160;&#160;&#160; Jeffrey
H. Long</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:27.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:13.2pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Title:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Chief
Financial Officer</font></p>

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

<p style="margin:0in;margin-bottom:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; WELLINGTON
MANAGEMENT COMPANY, LLP</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; By:&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;
</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/Pamela Dippel</font></u></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name:&#160;&#160;&#160;&#160; Pamela
Dippel</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Title:&#160;&#160;&#160;&#160;&#160;&#160;&#160; Senior
Vice President</font></p>

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









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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">APPENDIX A</font></u></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;text-decoration:none;">&nbsp;</font></b></p>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Annual
Investment Sub-Advisory Fee</font></b></p>

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

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Adviser shall pay the Subadviser a fee, computed daily
and payable monthly in arrears, at an annual rate of 0.XX% of the Fund&#8217;s
average gross assets.&#160; For these purposes, &#8220;gross assets&#8221; of the Fund means
total assets of the Fund, including any form of investment leverage, minus all
accrued expenses incurred in the normal course of operations, but not excluding
any liabilities or obligations attributable to investment leverage obtained
through (i) indebtedness of any type (including, without limitation, borrowing
through a credit facility/commercial paper program or other forms of borrowings
or the issuance debt securities), (ii) the issuance of preferred shares or
other similar preference securities, and/or (iii) any other means.</font></p>



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