<SEC-DOCUMENT>0001145443-16-001881.txt : 20160628
<SEC-HEADER>0001145443-16-001881.hdr.sgml : 20160628
<ACCEPTANCE-DATETIME>20160628102538
ACCESSION NUMBER:		0001145443-16-001881
CONFORMED SUBMISSION TYPE:	NSAR-A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20160430
FILED AS OF DATE:		20160628
DATE AS OF CHANGE:		20160628
EFFECTIVENESS DATE:		20160628

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JOHN HANCOCK INVESTORS TRUST
		CENTRAL INDEX KEY:			0000759828
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		NSAR-A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04173
		FILM NUMBER:		161735012

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HANCOCK JOHN INVESTORS TRUST
		DATE OF NAME CHANGE:	19920703
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SIGNATURE   SALVATORE SCHIAVONE
TITLE       TREASURER

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77(C)
<SEQUENCE>2
<FILENAME>d307181_ex99-77c.htm
<DESCRIPTION>EX-99.77(C)
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


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

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

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

<P STYLE="font: 8pt Arial Narrow, Helvetica, Sans-Serif; margin: 6pt 0 0"><B>Proposal:</B> Election of twelve (12) Trustees to
serve for a three-year term ending at the 2018 Annual Meeting of Shareholders. Each Trustee was re-elected by the fund&#8217;s
shareholders and the votes cast with respect to each Trustee are set forth below.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial Narrow, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; padding-top: 2pt; text-align: right; font-size: 7pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-top: 2pt; text-align: right; font-size: 7pt; font-weight: bold">Total votes<BR>
for the nominee</TD>
    <TD STYLE="width: 33%; padding-top: 2pt; text-align: right; font-size: 7pt; font-weight: bold">Total votes withheld<BR>
from the nominee</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 1pt; font-size: 7.5pt; font-weight: bold">Independent Trustees</TD>
    <TD STYLE="padding-top: 1pt; font-size: 7.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; font-size: 7.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">Charles L. Bardelis</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">6,839,573.956</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">366,811.955</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">Peter S. Burgess</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">6,867,892.308</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">338,493.603</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">William H. Cunningham</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">6,876,158.337</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">330,227.574</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">Grace K. Fey</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">6,855,865.653</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">350,520.258</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">Theron S. Hoffman</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">6,851,080.871</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">355,305.040</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">Deborah C. Jackson</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">6,844,991.301</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">361,394.610</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">Hassell H. McClellan</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">6,871,708.871</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">334,677.040</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">James M. Oates</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">6,864,101.871</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">342,284.040</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">Steven R. Pruchansky</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">6,839,022.090</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">367,363.821</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">Gregory A. Russo</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">6,882,963.871</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">323,422.040</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt; font-size: 7.5pt; font-weight: bold">Non-Independent Trustee</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">James R. Boyle</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">6,832,143.272</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">374,242.639</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">Craig Bromley</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">6,819,461.871</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">386,924.040</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1pt">Warren A. Thomson</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">6,837,896.175</TD>
    <TD STYLE="padding-top: 1pt; text-align: right">368,489.736</TD></TR>
</TABLE>

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

<HR SIZE=5 COLOR=GRAY NOSHADE>

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77(Q)(1)
<SEQUENCE>3
<FILENAME>d307181_ex99-77q1itbara.htm
<DESCRIPTION>EX-99.77(Q)(1)
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


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

<HR SIZE="1" COLOR="#000000" NOSHADE WIDTH="50%">

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

<P STYLE="font: 12pt/25.5pt Times New Roman, Times, Serif; margin: 0.3pt 142.65pt 0 158.65pt; text-align: center; text-indent: -0.1pt"><B>TO
THE AMENDED AND</B><BR>
<B>RESTATED <BR>BY-LAWS OF</B></P>

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

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

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

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

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

<HR SIZE="1" COLOR="#000000" NOSHADE WIDTH="50%">

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

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

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

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

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

<HR SIZE=5 COLOR=GRAY NOSHADE>

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.77(Q)(1)
<SEQUENCE>4
<FILENAME>d307181_ex99-77q1itblar.htm
<DESCRIPTION>EX-99.77(Q)(1)
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>January 22, 2016</FONT></B></P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">i</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 92%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">ARTICLE VI - OFFICERS</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">18</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 6.1&nbsp;&nbsp;General Provisions</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">18</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 6.2&nbsp;&nbsp;Election, Term of Office and Qualifications</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">18</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 6.3&nbsp;&nbsp;Resignation; Removal</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">18</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 6.4&nbsp;&nbsp;Powers and Duties of the President</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">19</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 6.5&nbsp;&nbsp;Powers and Duties of Vice Presidents</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">19</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 6.6&nbsp;&nbsp;Powers and Duties of the Treasurer</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">19</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 6.7&nbsp;&nbsp;Powers and Duties of the Secretary</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">19</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 6.8&nbsp;&nbsp;Powers and Duties of Assistant Treasurers</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">19</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 6.9&nbsp;&nbsp;Powers and Duties of Assistant Secretaries</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">20</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 6.10&nbsp;&nbsp;Compensation of Officers and Trustees and Members of the Advisory Board</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">20</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 6.11&nbsp;&nbsp;Designation of Principal Accounting Officer(s) and Principal Financial Officer(s)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">20</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-size: 12pt">ARTICLE VII - SHARES OF BENEFICIAL INTEREST</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">20</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 7.1&nbsp;&nbsp;Share Certificates</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">20</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 7.2&nbsp;&nbsp;Regulations</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">20</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 7.3&nbsp;&nbsp;Lost, Destroyed or Mutilated Certificates</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">21</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 7.4&nbsp;&nbsp;Disclosure of Holdings</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">21</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-size: 12pt">ARTICLE VIII - INDEMNIFICATION</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">21</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-size: 12pt">ARTICLE IX - TERMS OF COMMON SHARES</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">21</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 9.1 &nbsp;Common Shares</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">21</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-size: 12pt">ARTICLE X - FISCAL YEAR</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">22</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-size: 12pt">ARTICLE XI - INSPECTION OF BOOKS</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">22</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-size: 12pt">ARTICLE XII - SEAL</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">22</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-size: 12pt">ARTICLE XIII &#8211; REPORTS TO SHAREHOLDERS</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">22</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-size: 12pt">ARTICLE XIV - SUFFICIENCY AND WAIVERS OF NOTICE</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">22</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-size: 12pt">ARTICLE XV - PROVISIONS IN CONFLICT WITH LAW OR REGULATION</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">23</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 15.1&nbsp;&nbsp;Severability</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">23</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 107.1pt; text-indent: -1in"><FONT STYLE="font-size: 12pt">Section 15.2&nbsp;&nbsp;Invalidity</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">23</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 92%; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-size: 12pt">ARTICLE XVI - GOVERNING LAW</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">23</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.05in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.05in"><FONT STYLE="font-size: 12pt">ARTICLE XVII - AMENDMENTS</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">23</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">ii</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">1</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 3.1 Meetings</U>. Meetings of the Shareholders of the Trust or a Series or Class
thereof shall be held as provided in the Declaration of Trust or required by the 1940 Act at such place within or without the Commonwealth
of Massachusetts as the Trustees shall designate.</FONT></P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">2</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt; color: windowtext">In order for any Shareholder to request a special meeting, one or more
written requests for a special meeting signed by Shareholders (or their duly authorized agents) as of the date of such request
entitled to cast not less than twenty-five percent (25%) (the &ldquo;<U>Special Meeting Percentage</U>&rdquo;) of all of the votes
entitled to be cast at such meeting (the &ldquo;<U>Special Meeting Request</U>&rdquo;) shall be delivered to the Secretary by registered
mail, return receipt requested. In addition, the Special Meeting Request shall set forth the purpose of the meeting and the matters
proposed to be acted on at the special meeting, shall bear the date of signature of each such Shareholder (or other agent) signing
the Special Meeting Request, shall set forth the name and address, as they appear in the Trust&rsquo;s books, of each Shareholder signing
such request (or on whose behalf the Special Meeting Request is signed), the class and number of shares of the Trust which are
owned of record and beneficially by each such Shareholder, and shall set forth all information that each such Shareholder and,
with respect to the beneficial owners of Shares on whose behalf such request is being made, each such beneficial owner of Shares
would be required to disclose in a proxy statement or other filings required to be made in connection with solicitations of proxies
with respect to the proposed business to be brought before the meeting pursuant to Section 14 of the Securities Exchange Act of
1934 (the &ldquo;Exchange Act&rdquo;), as well as the additional information required by 3.8(b) of these By-Laws. Proof of the requesting</FONT></P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">3</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0">Shareholder&rsquo;s or Shareholders&rsquo; ownership of Shares at the time
of request for a special meeting must accompany the Special Meeting Request. Any requesting Shareholder may revoke his, her or
its request for a special meeting at any time by written revocation delivered to the Secretary.</P>

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

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

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">4</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">5</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">6</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">7</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">8</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">9</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">10</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">11</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">12</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: 0.2pt"><FONT STYLE="font-size: 12pt"><U>Section 4.1 Meetings of the Trustees</U>. The Trustees may in their discretion provide
for regular or stated meetings of the Trustees. Notice of regular or stated meetings need not be given. Meetings of the Trustees
other than regular or stated meetings shall be held whenever called by the President, the Chairman, the Vice Chairman or by a Majority
of the Trustees, at the time being in office. Notice of the time and place of each meeting other than regular or stated meetings
shall be given by the Secretary or an Assistant Secretary or by the officer or Trustee</FONT></P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">13</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">14</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

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

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

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

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



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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">15</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/107% Times New Roman, Times, Serif; margin: 0">exercise of power described in this Section 4.10 shall be final
and binding on all Persons, including Shareholders.</P>



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



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



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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">16</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">e)</FONT><FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt">Any Trustee acting in connection with any demand or any proceeding relating to a claim on
behalf of or for the benefit of the Trust or any Class thereof who is not an Interested Person of the Trust shall be deemed to
be independent and disinterested with respect to any actions taken in connection with any such demand, proceeding, or claim. Without
limiting the foregoing, a Trustee otherwise independent for purposes of considering the demand shall not be considered not to be
independent and disinterested by virtue of (i) the fact that such Trustee receives remuneration for his service as a Trustee of
the Trust or as a trustee or director of one or more investment companies with the same or an affiliated investment adviser or
underwriter, (ii) the amount of such remuneration, (iii) the fact that such Trustee was identified in the demand as a potential
defendant or witness or was named as a defendant in any derivative action, or (iv) the fact that the Trustee approved or participated
in the act being challenged in the demand if the act resulted in no material personal benefit to the Trustee or, if the Trustee
is also a Shareholder, no material personal benefit that is not shared pro rata with other Shareholders of the Class of which the
Trustee is a Shareholder.</FONT></P>



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



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



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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 5.1 Executive and Other Committees</U>. The Trustees by vote of a majority of all</FONT></P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">17</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt; color: windowtext">The Trustees, at any regular or
special meeting of the Trustees, may remove any officer with or without cause, by a vote of a Majority of the Trustees present
at any such meeting, at which a quorum is present. Any officer or agent appointed by an officer or committee may be removed with
or without cause by such appointing officer or committee.</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">18</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in">b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 12pt; color: windowtext">Any officer of the Trust may resign
by filing a written resignation with the President or with the Trustees or with the Secretary, which shall take effect on being
so filed or at such time as may otherwise be specified therein.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 6.4 Powers and Duties of the President</U>. The President shall be the chief executive
officer of the Trust and shall preside at all meetings of the Trustees and Shareholders in the absence of the Chairman or a Vice
Chairman. Subject to the control of the Trustees and to the control of any committees of the Trustees, within their respective
spheres as provided by the Trustees, the President shall at all times exercise general supervision over the business and policies
of the Trust. The President shall have the power to employ attorneys and counsel for the Trust or any Series or Class thereof and
to employ such subordinate officers, agents, clerks and employees as the President may find necessary to transact the business
of the Trust or any Series or Class thereof. The President shall also have the power to grant, issue, execute or sign such powers
of attorney, proxies or other documents as may be deemed advisable or necessary in furtherance of the interests of the Trust or
any Series or Class thereof. The President shall have such other powers and duties, as from time to time may be conferred upon
or assigned to the President by the Trustees.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">19</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">a bond for the faithful discharge of his or her duties, if
required so to do by the Trustees, in such sum and with such surety or sureties as the Trustees shall require.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 6.10 Compensation of Officers and Trustees and Members of the Advisory Board</U>.
Subject to any applicable provisions of the Declaration of Trust, the compensation of the officers and Trustees and members of
an advisory board shall be fixed from time to time by the Trustees or, in the case of officers, by any committee or officer upon
whom such power may be conferred by the Trustees. No officer shall be prevented from receiving such compensation as such officer
by reason of the fact that such officer is also a Trustee.</FONT></P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 7.1 Share Certificates</U>. The Trustees may issue Shares either in certificated
or uncertificated form, and if they have issued Shares in certificated form, they may, by written notice to the holders of such
Shares, require the surrender of their certificates to the Trust for cancellation, which surrender and cancellation shall not affect
the ownership of such Shares. For any Shares issued without certificates, the Trust or its transfer agent may either issue receipts
therefor or may keep accounts upon the books of the Trust for the record holders of such Shares, who shall in either case be deemed,
for all purposes hereunder, to be the holders of such Shares as if they had received certificates therefor and shall be held to
have expressly assented and <FONT STYLE="letter-spacing: 0.15pt">agreed</FONT> to the terms hereof and of the Declaration of Trust.
For any Shares for which the Trustees shall issue certificates, each holder of such Shares shall be entitled to a certificate stating
the number of Shares owned by him or her in such form as shall be prescribed from time to time by the Trustees. The certificates
representing Shares shall be signed by the Chairman, President or a Vice-President and by the Treasurer or an Assistant Treasurer,
and sealed with the seal of the Trust. Any or all of the signatures or the seal of the Trust on the certificate may be a facsimile.
In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate
which shall have ceased to be such officer, transfer agent or registrar before such certificate shall be issued, it may be issued
by the Trust with the same effect as if such officer, transfer agent or registrar were still in office at the date of issue.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><U>Section 7.2 Regulations</U>. The Trustees may make such additional rules and regulations,
not inconsistent with these By-Laws, as they may deem expedient concerning the issue, transfer and registration of certificates
for <FONT STYLE="letter-spacing: 0.15pt">Shares</FONT> of the Trust. They may appoint, or authorize any officer or officers to
appoint, one or more transfer agents or one or more transfer clerks and one</FONT></P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">20</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">or more registrars and may require all certificates for Shares
to bear the signature or signatures of any of them.</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">21</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><U>Article
XIII &#8211; REPORTS TO SHAREHOLDERS</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in"><FONT STYLE="letter-spacing: 0.1pt">The
Trustees shall submit to Shareholders such written financial reports of the transactions of the Trust and any Series or Class thereof,
as required by applicable law.</FONT></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-indent: 0.5in"><FONT STYLE="letter-spacing: 0.1pt">Whenever
any notice whatever is required to be given by law, the Declaration of Trust</FONT></P>


<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">22</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0"><FONT STYLE="letter-spacing: 0.1pt">or these By-Laws, a waiver
thereof in writing, signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall
be deemed equivalent thereto. A notice shall be deemed to have been sent by mail, telegraph, cable, wireless, facsimile or electronic
means for the purposes of these By-Laws when it has been delivered to a representative of any entity holding itself out as capable
of sending notice by such means with instructions that it be so sent.</FONT></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: 0.1pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: 0.1pt"><FONT STYLE="font-size: 12pt; letter-spacing: 0.1pt"><U>Section 15.1 Severability</U>. The provisions of these By-Laws
are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with
the 1940 Act, the regulated investment company provisions of the Internal Revenue Code of 1986 or with other applicable binding
laws and regulations, the conflicting provision shall be construed in such a manner consistent with such law as may most closely
reflect the intention of the offending provision; <U>provided</U>, <U>however</U>, that such determination shall not affect any
of the remaining provisions of these By-Laws or render invalid or improper any action taken or omitted prior to such determination.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; letter-spacing: 0.1pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; letter-spacing: 0.1pt"><FONT STYLE="font-size: 12pt; letter-spacing: 0.1pt"><U>Section 15.2 Invalidity</U>. If any provision of these By-Laws
shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision
in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of these
By-Laws in any jurisdiction.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">23</P>

<P STYLE="font: 10pt/13.9pt Times New Roman, Times, Serif; margin: 13.8pt 0 0; text-align: center">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 92%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><B>Page</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">ARTICLE I NAME AND DEFINITIONS</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 1.1&nbsp;&nbsp;Name and Principal Place of Business</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 1.2&nbsp;&nbsp;Definitions</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">2</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">ARTICLE II TRUSTEES</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 2.1&nbsp;&nbsp;Powers</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">4</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 2.2&nbsp;&nbsp;Legal Title</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 2.3&nbsp;&nbsp;Number of Trustees; Term of Office</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 2.4&nbsp;&nbsp;Qualification of Trustees</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 2.5&nbsp;&nbsp;Election of Trustees</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 2.6&nbsp;&nbsp;Resignation and Removal</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 2.7&nbsp;&nbsp;Vacancies</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 2.8&nbsp;&nbsp;Committees; Delegation</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">13</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 2.9&nbsp;&nbsp;Action Without a Meeting; Participation by Conference Telephone</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 2.10&nbsp;&nbsp;By-Laws</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 2.11&nbsp;&nbsp;No Bond Required</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 2.12&nbsp;&nbsp;Reliance on Experts, Etc.</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 2.13&nbsp;&nbsp;Effect of Issuance of Preferred Shares on Provisions Relating to the Board of Trustees</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">ARTICLE III CONTRACTS</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">16</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 3.1&nbsp;&nbsp;Underwriting Contract</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">16</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 3.2&nbsp;&nbsp;Advisory or Management Contract</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">16</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 3.3&nbsp;&nbsp;Affiliations of Trustees or Officers, Etc.</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">16</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">ARTICLE IV LIMITATION OF LIABILITY; INDEMNIFICATION</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 4.1&nbsp;&nbsp;No Personal Liability of Shareholders, Trustees, Etc.</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 4.2&nbsp;&nbsp;Execution of Documents; Notice; Apparent Authority</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">18</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 4.3&nbsp;&nbsp;Indemnification of Trustees, Officers, Etc.</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">19</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 4.4&nbsp;&nbsp;Indemnification of Shareholders</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">21</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">ARTICLE V SHARES OF BENEFICIAL INTEREST</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 5.1&nbsp;&nbsp;Beneficial Interest</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 5.2&nbsp;&nbsp;Rights of Shareholders</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">22</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 5.3&nbsp;&nbsp;Trust Only; No Implied Duties</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">23</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 5.4&nbsp;&nbsp;Issuance of Shares</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">24</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 5.5&nbsp;&nbsp;Register of Shares</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 5.6&nbsp;&nbsp;Common Share Certificates</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">25</TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 92%; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 5.7&nbsp;&nbsp;Transfer of Shares</TD>
    <TD STYLE="vertical-align: bottom; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">26</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 5.8&nbsp;&nbsp;Voting Powers</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">27</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 5.9&nbsp;&nbsp;Meetings of Shareholders</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">28</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 5.10&nbsp;&nbsp;Action Without a Meeting</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">30</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 5.11&nbsp;&nbsp;Class Designation</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">30</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">ARTICLE VI DETERMINATION OF NET ASSET VALUE; DISTRIBUTIONS</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">31</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 6.1&nbsp;&nbsp;By Whom Determined</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">31</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 6.2&nbsp;&nbsp;When Determined</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">31</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 6.3&nbsp;&nbsp;Computation of Per Common Share Net Asset Value</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">31</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 6.4&nbsp;&nbsp;Interim Determinations</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">33</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 6.5&nbsp;&nbsp;Outstanding Common Shares</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">34</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 6.6&nbsp;&nbsp;Distributions to Shareholders</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">34</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 6.7&nbsp;&nbsp;Power to Modify Foregoing Procedures</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">35</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">ARTICLE VII CUSTODIAN</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">36</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1in; text-indent: -0.5in">Section 7.1&nbsp;&nbsp;Appointment and Duties</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">36</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1in; text-indent: -0.5in">Section 7.2&nbsp;&nbsp;Action Upon Termination of Custodian Agreement</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">37</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1in; text-indent: -0.5in">Section 7.3&nbsp;&nbsp;Central Certificate System, Etc.</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">37</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1in; text-indent: -0.5in">Section 7.4&nbsp;&nbsp;Acceptance of Receipts in Lieu of Certificates</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">38</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in">ARTICLE VIII DURATION; TERMINATION OF TRUST; AMENDMENT; MERGERS, ETC.</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">38</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 8.1&nbsp;&nbsp;Duration and Termination</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">38</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 8.2&nbsp;&nbsp;Amendment Procedure</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">39</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 8.3&nbsp;&nbsp;Merger, Consolidation and Sale of Assets</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">40</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 8.4&nbsp;&nbsp;Incorporation</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">41</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in">ARTICLE IX REPORTS TO SHAREHOLDERS</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">41</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in">ARTICLE X MISCELLANEOUS</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">42</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 10.1&nbsp;&nbsp;Filing</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">42</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 10.2&nbsp;&nbsp;Governing Law</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">42</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 10.3&nbsp;&nbsp;Counterparts</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">42</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 10.4&nbsp;&nbsp;Reliance by Third Parties</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">42</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 10.5&nbsp;&nbsp;Provisions in Conflict with Law or Regulations</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">43</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 1.5in; text-indent: -1in">Section 10.6&nbsp;&nbsp;Section Headings; Interpretation</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">43</TD></TR>
</TABLE>

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

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

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

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

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

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

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

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in">ARTICLE
I </FONT></P>
<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><U>NAME AND DEFINITIONS</U></FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Name and Principal Place of Business</U>. The name of the Trust created hereby
is the &ldquo;John Hancock Investors Trust&rdquo;, and as far as may be practicable, the Trustees shall conduct the business and
activities of the Trust created hereby and execute all documents and take all actions under that name or any other name they may
from time to time determine, which name (and the word &ldquo;Trust&rdquo; whenever used in this Declaration, except where the context
requires otherwise) shall refer to the Trustees in their capacity as Trustees, and not individually</FONT></P>

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify">or personally, and shall not refer to the officers, agents, employees or shareholders of the Trust created hereby
or of such Trustees. The Trust's principal place of business is 601 Congress Street, Boston, Massachusetts 02210.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Definitions</U>. Wherever they are used herein, the following terms have the following
meanings:</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
2.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Powers</U>. The Trustees, subject only to the specific limitations contained in
this Declaration, shall have exclusive and absolute power, control and authority over the Trust Property and over the business
of the Trust to the same extent as if the Trustees were the sole owners of the Trust Property and business in their own right,
including such power, control and authority to do all such acts and things as in their sole judgment and discretion are necessary,
incidental, convenient or desirable for the carrying out of or conducting of the business of the Trust or in order to promote the
interests of the Trust, but with such powers of delegation as may be permitted by this Declaration. The enumeration of any specific
power, control or authority herein shall not be construed as limiting the aforesaid power, control and authority or any other specific
power, control or authority. The Trustees shall have power to conduct and carry on the business of the Trust, or any part thereof,
to have one or more offices and to exercise any or all of its trust powers and rights, in the Commonwealth of Massachusetts, in
any other states, territories, districts, colonies and dependencies of the United States and in any foreign countries. In construing
the provisions of this Declaration, the presumption shall be in favor of</FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify">a grant of power to the Trustees. Such powers of the Trustees
may be exercised without order of or resort to any court.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The power granted
by this Subsection (g) shall include, without limitation, and if otherwise lawful, the power (i) to declare dividends or distributions
or to accrue income to the account of Shareholders of any Class by means of a formula or other similar method of determination
whether or not the amount of such dividend or distribution can be calculated at the time of such declaration; (ii) to establish
record or payment dates for dividends or distributions on any basis, including the power to establish a number of record or payment
dates subsequent to the declaration of any </P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">dividend or distribution; (iii) to establish the same payment date for any number of
dividends or distributions declared prior to such date; and (iv) to provide in advance for conditions under which any dividend
or distribution may be payable in Shares to all or less than all of the Shareholders of a specific Class.</P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="color: #010000">(m)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext">To purchase and pay for entirely out of Trust Property insurance policies insuring
the Shareholders, Trustees, officers, employees and agents of the Trust, the Investment Adviser, </FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: left">the Distributor and dealers or
independent contractors of the Trust against all-claims and liabilities of every nature arising by reason of holding or having
held any such position or by reason of any action taken or omitted by any such Person in such capacity, whether or not constituting
negligence and whether or not the Trust would have the power to indemnify such Person against such liability.</P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="color: #010000">(s)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext">To exercise the right to consent, and to enter into releases, agreements and other
instruments, including, but not limited to, the right to consent or participate in any plan for the reorganization, consolidation
or merger of any corporation or issuer any security of which is or </FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0in">was held by the Trust; to consent to any contract, lease, mortgage,
purchase or sale of such property by said corporation or issuer, and to pay calls or subscriptions with respect to securities held
by the Trust.</P>

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

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

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0;" ALIGN="CENTER">9</P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
2.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Legal Title</U>. Legal title to all the Trust Property shall as far as may be
practicable be vested in the name of the Trust, which name shall refer to the Trustees in their capacity as Trustees, and not individually
or personally, and shall not refer to the officers, agents, employees or Shareholders of the Trust or of the Trustees, <U>provided</U>
that the Trustees shall have power to cause legal title to any Trust Property to be held by or in the name of one or more of the
Trustees with suitable reference to their trustee status, or in the name of the Trust, or in a form not indicating any trust, whether
in bearer, unregistered or other negotiable form, or in the name of a Custodian or sub-Custodian or a nominee or nominees or otherwise.
The right, title and interest of the Trustees in the Trust Property shall vest automatically in each Person who may hereafter become
a Trustee. Upon the termination of the term of office of a Trustee, whether upon such Trustee&rsquo;s resignation or removal,
or upon the due election and qualification of his successor or upon the occurrence of any of the events specified in the first
sentence of Section 2.7 hereof or otherwise, such Trustee shall automatically cease to have any right, title or interest in any
of the Trust Property, and the right, title and interest of such Trustee </FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: left">in the Trust Property shall vest automatically in the
remaining Trustees. Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed
and delivered.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
2.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Number of Trustees; Term of Office</U>. The number of Trustees shall be ten, which
number may be increased and thereafter decreased from time to time by a written instrument signed by a majority of the Trustees,
<U>provided</U> that the number of Trustees shall not be fewer than two nor more than fifteen. Each Trustee elected (whenever such
election occurs) shall hold office until his successor is elected and qualified or until the earlier occurrence of any of the events
specified in the first sentence of Section 2.7 hereof.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
2.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Qualification of Trustees</U>. Of the total number of Trustees, at least 40% shall
be persons who are not Interested Persons of the Trust or of the Distributor.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
2.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Election of Trustees</U>. Except as otherwise provided in Section 2.7 and Section
2.13 hereof, the Trustees shall be elected annually at the annual Shareholders&rsquo; meeting. Trustees may succeed themselves
in office. Trustees may be elected at a Shareholders&rsquo; meeting. Trustees shall be elected by a plurality of the votes validly
cast. The election of any Trustee (other than an individual who was serving as a Trustee immediately prior thereto) shall not become
effective, however, until the individual named shall have accepted in writing such election and agreed in writing to be bound by
the terms of this Declaration. Trustees need not own Shares.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
2.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Resignation and Removal</U>. Any Trustee may resign his trust (without need for
prior or subsequent accounting) by an instrument in writing signed by him and delivered to the Chairman of the Board, or the Secretary
or any Assistant Secretary, and such resignation shall be effective upon such delivery, or at any later date specified in the instrument.
Subject to </FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify">the specific rights of any Class of Shares,
any of the Trustees may be removed (provided the aggregate number of Trustees after such removal shall not be less than two) with
cause by the affirmative vote of two-thirds of the remaining Trustees. Subject to the specific rights of any Class of Shares, upon
the resignation or removal of a Trustee, or his otherwise ceasing to be a Trustee, he shall execute and deliver such documents
as the remaining Trustees shall require for the purpose of conveying to the Trust or the remaining Trustees any Trust Property
held in the name of the resigning or removed Trustee. Upon the incapacity or death of any Trustee, his legal representative shall
execute and deliver on his behalf such documents as the remaining Trustees shall require as provided in the preceding sentence.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
2.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Vacancies</U>. Subject to the specific rights of any Class of Shares, the term
of office of a Trustee shall terminate and a vacancy shall occur in the event of the death, retirement, resignation or removal
(whether pursuant to Section 2.6 hereof or otherwise), bankruptcy, adjudicated incompetence or other incapacity to perform the
duties of the office of a Trustee. No vacancy shall operate to annul this Declaration or to revoke any existing agency created
pursuant to the terms of the Declaration. Subject to the specific rights of any Class of Shares, in the case of an existing vacancy,
including a vacancy existing by reason of an increase in the authorized number of Trustees, the remaining Trustees shall, subject
to the requirements of Section 2.4 hereof, fill such vacancy by the appointment of such individual as they in their sole and absolute
discretion shall see fit, made by a written instrument signed by a majority of the Trustees then in office, <U>provided</U> that
immediately after filling any such vacancy (except during the period preceding the initial annual meeting of Shareholders) at least
two-thirds of the Trustees then holding office shall have been elected to such office by the Shareholders. In the event that at
any time less than a majority of the Trustees holding office at that time were elected </FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify">by the Shareholders, a meeting of the Shareholders
shall be held promptly and in any event within 60 days (unless the Commission shall by order extend such period) for the purpose
of electing Trustees to fill any existing vacancies.
No such appointment or election shall become effective, however, until the person named shall have accepted in writing such appointment
or election and agreed in writing to be bound by the terms of this Declaration. Whenever a vacancy in the number of Trustees shall
occur, until such vacancy is filled as provided in this Section 2.7, the Trustees in office, regardless of their number, shall
have all the powers granted to the Trustees and shall discharge all the duties imposed upon the Trustees by the Declaration.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
2.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Committees; Delegation</U>. The Trustees shall have the power to appoint from
their own number, and terminate, any one or more committees consisting of two or more Trustees, including an executive committee
which may exercise some or all of the power and authority of the Trustees as the Trustees may determine (including but not limited
to the power to determine net asset value and net income), subject to any limitations contained in the By-Laws, and in general
to delegate from time to time to one or more of their number or to officers, employees or agents of the Trust such power and authority
and the doing of such things and the execution of such instruments, either in the name of the Trust or the names of the Trustees
or otherwise, as the Trustees may deem expedient, and that, in this regard, without limiting the generality of the foregoing, the
Trustees shall have the power to delegate the authority to declare dividends and other distributions on Common Shares and any Preferred
Shares to a committee constituted for such purpose and the members of which consist of Trustees, officers, employees or agents
of the Trust, <U>provided</U> that no committee shall have the power</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
2.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Action Without a Meeting; Participation by Conference Telephone</U>. Any action
required or permitted to be taken at any meeting of the Trustees (or of any committee of the Trustees) may be taken without a meeting
if written consents thereto are signed by a majority of the Trustees then in office (or by a majority of the members of such committee)
and such written consents are filed with the records of the meetings. Trustees may participate in a meeting of the Trustees (or
of any committee of the Trustees) by means of a conference telephone or similar communications equipment if all individuals participating
can hear each other at the same time. Participation in a meeting by these means shall constitute presence in person at the meeting.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
2.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>By-Laws</U>.
The Trustees may adopt By-Laws not inconsistent with this Declaration or law to provide for the conduct of the business of the
Trust, and may amend or repeal such By-Laws.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
2.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>No
Bond Required</U>. No Trustee shall be obligated to give any bond or other security for the performance of any of his duties hereunder.</FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
2.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Reliance
on Experts, Etc.</U> Each Trustee, officer, agent and employee of the Trust shall, in the performance of his duties, be fully and
completely justified and protected in relying in good faith upon this Declaration, the books of account or other records of the
Trust, or upon reports made to the Trustees (a) by any of the officers or employees of the Trust, (b) by the Investment Adviser,
the Distributor, the Custodian or the Transfer Agent, or (c) by any accountants, selected dealers or appraisers or other agents,
experts or consultants selected with reasonable care by the Trustees, regardless of whether such agent, expert or consultant may
also be a Trustee. The Trustees, officers, agents and employees of the Trust may take advice of counsel with respect to the meaning
and operation of this Declaration, and shall be under no liability for any act or omission in accordance
with such advice or for failing to follow such advice. The exercise by the Trustees of their powers and discretion hereunder and
the construction in good faith by the Trustees of the meaning or effect of any provision of this Declaration shall be binding upon
everyone interested. A Trustee, officer, agent or employee shall be liable for his own willful misfeasance, bad faith, gross negligence
or reckless disregard of the duties involved in the conduct of his office, and for nothing else, and shall not be liable for errors
of judgment or mistakes of fact or law. The exercise by the Trustees of their powers and discretions hereunder shall be binding
upon everyone interested.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
2.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Effect
of Issuance of Preferred Shares on Provisions Relating to the Board of Trustees</U>. Notwithstanding anything to the contrary in
Sections 2.3, 2.5, 2.6 and 2.7 or in any other section of the Declaration, the provision relating to the number and election of
Trustees, their removal and the filling of any vacancy on the Board of Trustees shall be subject to the voting and other rights
established with respect to a particular Class of Shares.</FONT></P>

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

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Underwriting Contract</U>. The Trustees may from time to time enter into an underwriting
contract with another Person (the &ldquo;Distributor&rdquo;) providing for the sale of Shares, pursuant to which the Trustees may
agree to sell the Shares to the Distributor or appoint the Distributor their sales agent for the Shares. Such contract shall contain
such terms and conditions, if any, as may be prescribed in the By-Laws and such further terms and conditions not inconsistent with
the provisions of this Article III or of the By-Laws as the Trustees may in their discretion determine.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Advisory or Management Contract</U>. Subject to approval by a Majority Shareholder
Vote, the Trustees may from time to time enter into an investment advisory or management contract with another Person (the &ldquo;Investment
Adviser&rdquo;) pursuant to which the Investment Adviser shall agree to furnish
to the Trustees management, investment advisory, statistical and research facilities and services, such contract to contain such
other terms and conditions, if any, as may be prescribed in the By-Laws and such further terms and conditions not inconsistent
with the provisions of this Article III, the By-Laws or applicable law as the Trustees may in their discretion determine, including
the grant of authority to the Investment Adviser to determine what securities shall be purchased or sold by the Trust and what
portion of its assets shall be uninvested and to implement its determinations by making changes in the Trust&rsquo;s investments.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
3.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Affiliations of Trustees or Officers, Etc.</U> The fact that any Shareholder,
Trustee, officer, agent or employee of the Trust is a shareholder, member, director, officer, partner, trustee, employee, manager,
adviser or distributor of or for any Person or of or for any </FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: left">parent or affiliate of any Person with which an investment advisory
or management contract, principal underwriter or distributor contract or custodian, transfer agent, disbursing agent or similar
agency contract may have been or may hereafter be made, or that any such Person, or any parent or affiliate thereof, is a Shareholder
of or has any other interest in the Trust, or that any such Person also has any one or more similar contracts with one or more
other such Persons, or has other businesses or interests, shall not affect the validity of any such contract made or that may hereafter
be made with the Trustees or disqualify any Shareholder, Trustee, officer, agent or employee of the Trust from voting upon or executing
the same or create any liability or accountability to the Trustees, the Trust or the Shareholders, <U>provided</U> that the material
facts as to the relationship or interest of any Trustee or officer of the Trust as to such contract or transaction are disclosed
or are known to the Trustees or a committee of Trustees and the Trustees, or a committee of Trustees, authorizes, approves or ratifies
the contract or transaction by the affirmative vote of a majority of disinterested Trustees, even if the disinterested Trustees
constitute less than a quorum; or the material facts as to his or her relationship or interest and as to the contract or transaction are disclosed
or known to the Shareholders and the contract is authorized, approved or ratified by a majority of the vote cast by Shareholders
entitled to vote other than the vote of Shares owned of record or beneficially by the interested Trustee or officer or by an interested
corporation, firm or other entity; or the contract or transaction is fair and reasonable to the Trust. Common or interested Trustees
or the Shares owned by them or by an interested corporation, firm or other entity may be counted in determining the presence of
a quorum at a meeting of Trustees, or a committee of Trustees, or at a meeting of Shareholders, as the case may be, at which the
contract is authorized, approved or ratified.</P>

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

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>No Personal Liability of Shareholders, Trustees, Etc.</U> No Shareholder shall
be subject to any personal liability whatsoever in connection with Trust Property or the acts, obligations or affairs of the Trust.
All Persons extending credit to, contracting with or having any claim against the Trust shall look only to the assets of the Trust
for payment under such credit, contract or claim, and neither the Shareholders nor the Trustees, nor any of the Trust&rsquo;s officers,
employees or agents, whether past, present or future, shall be personally liable therefor. The Trustees shall not be responsible
or liable in any event for any neglect or wrongdoing of any officer, employee or agent (including, without limitation, the Investment
Adviser, the Distributor, the Custodian and the Transfer Agent) of the Trust, nor shall any Trustee be responsible or liable for
the act or omission of any other Trustee. Nothing in this Declaration shall, however, protect any Trustee, officer, employee or
agent of the Trust against any liability to which such Person would otherwise be subject by reason of willful misfeasance, bad
faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office. To the extent that, at
law or in equity, a Trustee is found to have duties and liabilities relating thereto to the Trust, the Shareholders or any other
Person, a Trustee acting under this Declaration shall not be liable to the Trust, the Shareholders or any other Person
if the Trustee has relied in good faith on the provisions of this Declaration.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Execution of Documents; Notice; Apparent Authority</U>. Every note, bond, contract,
instrument, certificate or undertaking and every other act or thing whatsoever executed or done by or on behalf of the Trust or
the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been executed or done only in or
with respect to their or his or her capacity as Trustees or Trustee, and such Trustees or Trustee shall </FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: left">not be personally liable
thereon. Every note, bond, contract, instrument, certificate or undertaking made or issued by the Trustees or by any officers or
officer shall give notice that this Declaration is on file with the Secretary of State of the Commonwealth of Massachusetts and
shall recite that the obligations of such instruments are not binding upon any of the Trustees, Shareholders, officers, employees
or agents of the Trust individually but are binding only upon the assets and property of the Trust, but the omission thereof shall
not operate to bind any Trustees, Shareholders or officers, employees and agents of the Trust individually. No purchaser, lender,
Transfer Agent or other Person dealing with the Trustees or any officer, employee or agent of the Trust shall be bound to make
any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by such officer, employee or agent
or make any inquiry concerning or be liable for the application of money or property paid, loaned or delivered to or on the order
of the Trustees or of such officer, employee or agent.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Indemnification of Trustees, Officers, Etc.</U> The Trust shall indemnify each
of its Trustees, officers, employees and agents (including any individual who serves at its request as director, officer, partner,
trustee or the like of another organization in which it has any interest as a shareholder, creditor or otherwise) against all liabilities
and expenses, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties,
and counsel fees reasonably incurred by him or her in connection with the defense or disposition of any action, suit or other proceeding, whether
civil or criminal, before any court or administrative or legislative body in which he or she may be or may have been involved as
a party or otherwise or with which he or she may be or may have been threatened, while acting as Trustee or as an officer, employee
or agent of the Trust or the Trustees, as the case may be, or thereafter, by reason of his or her being or having been such a Trustee,
officer,</P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: left">employee or agent, except to the extent required by the 1940 Act, with respect to any matter as to which he or she shall
have been adjudicated to be liable to the Trust or the Shareholders by reason of willful misfeasance, bad faith, gross negligence
or reckless disregard of the duties involved in the conduct of his or her office, and <U>provided</U> that as to any matter disposed
of by settlement or a compromise payment by such Trustee, officer, employee or agent, pursuant to a consent decree or otherwise,
no indemnification either for said payment or for any other expenses shall be provided unless there has been a determination that
such compromise is in the best interests of the Trust and that such Person appears to have acted in good faith in the reasonable
belief that his or her action was in the best interests of the Trust and did not engage in willful misfeasance, bad faith, gross
negligence or reckless disregard of the duties involved in the conduct of his or her office. All determinations that the applicable
standards of conduct have been met for indemnification hereunder shall be made by (a) a majority vote of a quorum consisting of
disinterested Trustees who are not parties to the proceeding relating to indemnification, or (b) if such a quorum is not obtainable
or, even if obtainable, if a majority vote of such quorum so directs, by independent legal counsel in a written opinion, or (c)
a Majority Shareholder Vote (excluding Shares owned of record or beneficially by such individual); and <U>provided</U> that as
to any matter disposed of without a court determination (x) on the merits that such Trustee, officer, employee or agent was not
liable or (y)&nbsp;that such Person was not guilty of willful misfeasance, bad faith, gross negligence or reckless disregard of
the duties involved in the conduct of his or her office, no indemnification shall be provided hereunder unless there has been a
determination by independent legal counsel in a written opinion that such Person did not engage in willful misfeasance,
bad faith, gross negligence or reckless disregard of the duties involved in the </P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: left">conduct of his or her office. The Trustees may
make advance payments in connection with the expense of defending any action with respect to which indemnification might be sought
under this Section 4.3, <U>provided</U> that the indemnified Trustee, officer, employee or agent shall have given a written undertaking
to reimburse the Trust in the event it is subsequently determined that he or she is not entitled to such indemnification and <U>provided</U>
<U>further</U> that (i) the indemnified Trustee, officer, employee or agent shall provide security for his or her undertaking or
(ii) the Trust shall be insured against losses arising by reason of lawful advances or (iii) a majority of a quorum of disinterested
Trustees or an independent legal counsel in a written opinion shall determine, based on a review of readily available facts (as
opposed to a full trial type inquiry), that there is reason to believe that an indemnitee ultimately will be found entitled to
indemnification. The rights accruing to any Trustee, officer, employee or agent under these provisions shall not exclude any other
right to which he or she may be lawfully entitled and shall inure to the benefit of his or her heirs, executors, administrators
or other legal representatives. Any repeal or modification of this Article IV or adoption or modification of any other provision
of this Declaration inconsistent with this Article IV shall be prospective only to the extent that such repeal or modification
would, if applied retroactively, adversely affect any limitation on the liability of any person or indemnification or right to
advancement of any expense available to any person with respect to any act or omission that occurred prior to such repeal, modification
or adoption.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
4.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Indemnification of Shareholders</U>. In case any Shareholder or former Shareholder
shall be held to be personally liable solely by reason of his or her being or having been a Shareholder and not because of acts
or omissions or for some other reason, the Shareholder or former Shareholder (or his or her heirs, executors, administrators or
other legal </FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: left">representatives or in the case of a corporation or other entity, its corporate or other general successor) shall be entitled out of the assets
of the Trust to be held harmless from and indemnified against all loss and expense, including legal expenses reasonably incurred,
arising from such liability. The rights accruing to a Shareholder under this Section 4.4 shall not exclude any other right to which
such Shareholder may be lawfully entitled, nor shall anything contained herein restrict the right of the Trust to indemnify or
reimburse a Shareholder in any appropriate situation even though not specifically provided herein.</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">ARTICLE
V </FONT></P>
<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><U>SHARES OF BENEFICIAL INTEREST</U></FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
5.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Beneficial Interest</U>. The interest of the beneficiaries hereunder shall be
divided into transferable Shares of beneficial interest, with or without par value, as determined by the Trustees. The number of
such Shares of beneficial interest authorized hereunder is unlimited. The Trustees shall have the exclusive authority without the
requirement of Shareholder approval to establish and designate one or more Classes of Shares as the Trustees deem necessary or
desirable. Subject to the rights, preferences and limitations applicable to a specific Class, each Share shall represent an equal
proportionate share in the assets of the Trust. All Shares issued hereunder including, without limitation, Shares issued in connection
with a dividend in Shares or a split in Shares and any Shares currently Outstanding, shall be fully paid and nonassessable.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
5.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Rights of Shareholders</U>. Shares shall be deemed to be personal property giving
only the rights provided in this Declaration. Every Shareholder by virtue of having become a Shareholder shall be bound by the
terms hereof. The ownership of the Trust Property and the right to conduct any business hereinbefore described are vested exclusively
in the Trustees, and the Shareholders shall have no interest therein other than the beneficial </FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: left">interest conferred by their Shares,
and they shall have no right to call for any partition or division of any property, profits, rights or interests of the Trust nor
can they be called upon to share or assume any losses of the Trust or suffer an assessment of any kind by virtue of their ownership
of Shares. The death of a Shareholder during the continuance of the
Trust shall not operate to terminate the same nor to entitle the legal representative of such Shareholder to an accounting or to
take any action in any court or otherwise against other Shareholders or the Trustees or the Trust Property, but only to the rights
of such Shareholder hereunder. The Shares shall be personal property giving only the rights specifically set forth in this Declaration.
For the avoidance of doubt, Shareholders shall have no rights, privileges, claims or remedies under any contract or agreement entered
into by the Trust with any service provider or other agent to or contractor with the Trust, including, without limitation, any
third party beneficiary rights. Neither the Trust nor the Trustees, nor any officer, employee or agent of the Trust shall have
any power to bind personally any Shareholder, nor, except as specifically provided herein, to call upon any Shareholder for the
payment of any sum of money or assessment whatsoever other than such as the Shareholder may at any time personally agree to pay.
The Common Shares shall not entitle the holder to preference, preemptive, appraisal, conversion or exchange rights.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
5.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Trust Only; No Implied Duties</U>. The Trust shall be of the type commonly termed
a Massachusetts business trust. It is the intention of the Trustees to create a voluntary association with transferable shares
(commonly known as a business trust) of the type referred to in Chapter 182 of the General Laws of the Commonwealth of Massachusetts.
It is not the intention of the Trustees to create a general partnership, limited partnership, joint venture, joint stock association
or company, corporation, bailment or any form of legal relationship </FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: left">other than a Massachusetts business trust. Nothing in this
Declaration shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members or joint
venturers. Duties of the Trustees are limited to those imposed by applicable law or expressly stated herein.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
5.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Issuance of Shares</U>.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: #010000">Section
5.4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT STYLE="color: windowtext"><U>General</U>.
The Trustees in their discretion may, from time to time without a vote of the Shareholders, issue Shares, in addition to the then
issued and Outstanding Shares and Shares held in the treasury,
to such party or parties and for such amount and type of consideration, including cash or property, at such time or times and on
such terms as the Trustees may deem best, and may in such manner acquire other assets (including the acquisition of assets subject
to, and in connection with the assumption of, liabilities) and businesses. In connection with any issuance of Shares, the Trustees
may issue fractional Shares and Shares held in the treasury. The Trustees may from time to time divide or combine the Shares of
the Trust or, if the Shares be divided into Classes, of any Class thereof of the Trust, into a greater or lesser number without
thereby changing the proportionate beneficial interests in the Trust or in the Trust Property allocated or belonging to such Class.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 1in"><FONT STYLE="color: #010000">Section
5.4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT STYLE="color: windowtext"><U>On
Merger or Consolidation</U>. In connection with the acquisition of assets (including the acquisition of assets subject to, and
in connection with the assumption of, liabilities), businesses or stock of another Person, the Trustees may issue or cause to be
issued Shares and accept in payment therefor, in lieu of cash, such assets or businesses at their market value (as determined by
the Trustees) or such stock at the market value (as determined by the Trustees) of the assets held by such other Person, either
with or without adjustment for </FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: left">contingent costs or liabilities, <U>provided</U> that the funds of the Trust are permitted by law
to be invested in such assets, businesses or stock.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 1in"><FONT STYLE="color: #010000">Section
5.4.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT STYLE="color: windowtext"><U>Fractional
Shares</U>. The Trustees may issue and sell fractions of Shares, to two decimal places (or in the case of Preferred Shares such
number of decimal places set forth in the By-Laws), having pro rata all the rights of full Shares of such Class, including, without
limitation, the right to vote and to receive dividends and distributions.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
5.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Register of Shares</U>. A register shall be kept at the principal office of the
Trust or an office of the Transfer Agent which shall contain the names and addresses of the Shareholders and the number of Shares
of a Class held by them respectively and a record of all transfers thereof. Such register shall be
conclusive as to who are the holders of the Shares and who shall be entitled to receive dividends or distributions or otherwise
to exercise or enjoy the rights of Shareholders. Except as provided for as to a specific Class, no Shareholder shall be entitled
to receive payment of any dividend or distribution, nor to have notice given to him as herein or in the By-Laws provided, until
he has given his address to the Transfer Agent or such other officer or agent of the Trust as shall keep the said register for
entry thereon.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
5.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Common Share Certificates</U>.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 1in"><FONT STYLE="color: #010000">Section
5.6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT STYLE="color: windowtext"><U>General</U>.
Each Shareholder shall be entitled to a certificate stating the number of Common Shares he or she owns, in such form as shall be
prescribed from time to time by the Trustees. Such certificates shall be signed by the Chairman of the Board, President or Vice
President and by the Treasurer or Assistant Treasurer. Such signatures may be facsimile if the certificate is signed by a Transfer
Agent, or by a registrar, other than a Trustee, officer or employee of the Trust. In case any officer who has signed or whose facsimile
signature has been </FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: left">placed on such certificate shall cease to be such officer before such certificate is issued, it may be issued
by the Trust with the same effect as if he or she were such officer at the time of its issue.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">In lieu of issuing certificates
for Shares, the Trustees or the Transfer Agent may either issue receipts therefor or may keep accounts upon the books of the Trust
for the record holders of such Shares, who shall in either case be deemed, for all purposes hereunder, to be the holders of certificates
for such Shares as if they had accepted such certificates and shall be held to have expressly assented and agreed to the terms
hereof.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 1in"><FONT STYLE="color: #010000">Section
5.6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT STYLE="color: windowtext"><U>Loss
of Certificates</U>. In case of the alleged loss or destruction or the mutilation of a share certificate, a duplicate certificate
may be issued in place thereof, upon such terms as the Trustees shall prescribe.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 1in"><FONT STYLE="color: #010000">Section
5.6.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT STYLE="color: windowtext"><U>Issuance
of New Certificates to Pledgee</U>. A pledgee of Shares transferred as collateral security shall be entitled to a new certificate
if the instrument of transfer substantially describes the debt or duty
that is intended to be secured thereby. Such new certificate shall express on its face that it is held as collateral security,
and the name of the pledgor shall be stated thereon, who alone shall be liable as a shareholder and entitled to vote thereon.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 1in"><FONT STYLE="color: #010000">Section
5.6.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT STYLE="color: windowtext"><U>Discontinuance
of Issuance of Certificates</U>. The Trustees may at any time discontinue the issuance of Share certificates and may, by written
notice to each Shareholder, require the surrender of share certificates to the Trust for cancellation. Such surrender and cancellation
shall not affect the ownership of Shares in the Trust.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
5.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Transfer of Shares</U>. Subject to the terms established for a specific Class,
Shares shall be transferable on the records of the Trust upon delivery to the Trust or the Transfer Agent or Agents of appropriate
evidence of assignment, transfer, succession or </FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: left">authority to transfer accompanied by any certificate or certificates representing
such Shares previously issued to the transferor. Upon such delivery, the transfer shall be recorded on the register of the Trust.
Until such record is made, the Trustees, the Transfer Agent, and the officers, employees and agents of the Trust shall not be entitled
or required to treat the assignee or transferee of any Share as the absolute owner thereof for any purpose, and accordingly shall
not be bound to recognize any legal, equitable or other claim or interest in such Share on the part of any Person, other than the
holder of record, whether or not any of them shall have express or other notice of such claim or interest.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
5.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext">Voting Powers. The Shareholders shall have power to vote only: (a) for the election
of Trustees as provided in Section 2.5, Section 2.7 and Section 2.13 hereof; (b) with respect to any investment advisory or management
contract entered into pursuant to Section 3.2 hereof; (c) with respect to any termination of the Trust, as provided in Section
8.1 hereof; (d) with respect to any amendment of this Declaration to the extent and as provided in Section 8.2 hereof; (e) with
respect to any merger, consolidation or sale of assets of the Trust as provided in Section 8.3 hereof; (f) with respect to incorporation
of the Trust to the extent and as provided in Section 8.4 hereof; (g) to the same extent as the stockholders of a Massachusetts
business corporation as to whether or not a court action, proceeding or claim should or should not be brought or maintained derivatively
or as a class action on behalf of the Trust or the Shareholders; and (h) with respect to such additional matters relating to the
Trust as may be required by this Declaration or the By-Laws or by reason of the registration of the Trust or the Shares with the
Commission or any State or by any applicable law or any regulation or order of the Commission or any State or as the Trustees may
consider necessary or desirable. On any matter required or permitted to be voted on by the Shareholders, all </FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: left">Shares then entitled
to vote shall be voted in the aggregate as a single class without regard to Class, except (x) when required by this Declaration,
the By-Laws (including the provisions thereof establishing the rights of a specific Class of Shares), the 1940 Act, or when the
Trustees shall have determined that any matter to be submitted to a vote of the Shareholders affects the rights or interests of
the Shareholders of one or more Classes materially differently, Shares shall be voted by each such affected Class individually;
and (y) when the Trustees shall have determined that the matter affects only the interests of one or more Classes, then only the
Shareholders of such affected Class shall be entitled to vote thereon. Each Share shall be entitled to one vote as to any matter
on which it is entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote. The Trustees may,
in conjunction with the establishment of any further Classes of Shares, establish conditions under which the several Classes of
Shares shall have separate voting rights or no voting rights. There shall be no cumulative voting in the election of Trustees.
The By-Laws may include further provisions for Shareholders&rsquo; votes and meetings and related matters. Shares may be voted
in person or by proxy. Until Shares are issued, the Trustees may exercise all rights of Shareholders (including the right to authorize
an amendment to this Declaration under Section 8.2 hereof) and may take any action required by law, the By-Laws or this Declaration
to be taken by Shareholders.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
5.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Meetings of Shareholders</U><FONT STYLE="color: windowtext">.
An annual meeting of the Shareholders shall be held on the date fixed in the By-Laws for the purpose of reelecting Trustees or
electing new Trustees in place of and to succeed those in office at that time or to fill vacancies and, for such other purposes
as may be specified by the Trustees. If any such annual meeting shall not be held as above provided, a special meeting may be held
in lieu thereof at any time and any business which might have been transacted at such </FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: left">annual meeting may be transacted at such
special meeting and for all purposes hereof such special meeting shall be deemed to be an annual meeting duly held as herein provided.
Special meetings of the Shareholders may be called at any time by the Chairman of the Board, the President or any vice President
of the Trust, or by a majority of the Trustees for the purpose of taking action upon any matter requiring the vote or authority
of the Shareholders as herein provided or upon any other matters deemed to be necessary or desirable. A special meeting of Shareholders
may also be called at any time upon the written request of a holder or the holders of not less than 25% of all of the Common Shares
entitled to be voted at such meeting, <U>provided</U> that the Shareholder or Shareholders requesting such meeting shall have paid
to the Trust the reasonably estimated cost of preparing and mailing the notice thereof, which the Secretary shall determine and
specify to such Shareholder or Shareholders. A majority of the Shares entitled to vote shall be a quorum for the transaction of
business at a Shareholders&rsquo; meeting, except that where the By-Laws so require or the Trustees provide that holders of any
Class or Classes shall vote as a Class or Classes, then a majority of the aggregate number of Shares of that Class or Classes entitled
to vote shall be necessary to constitute a quorum for the transaction of business by that Class or Classes. Any lesser number shall
be sufficient for adjournments. Any adjourned session or sessions may be held within a reasonable time after the date set for the
original meeting without the necessity of further notice. Except when a different vote is required by any provision of the By-Laws
or this Declaration or, when such a different vote is not specifically provided in this Declaration or the By-Laws, the Trustees
shall in their discretion require a different vote or the
vote of a majority of different percentage of the Shares of one or more particular Classes, a majority of the Shares voted shall
decide any question and a plurality shall elect a Trustee.</P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
5.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Action
Without a Meeting</U>. Any action which may be taken by Shareholders may be taken without a meeting if such proportion of Shareholders
as is required to vote for approval of the matter by law, the Declaration or the By-Laws consents to the action in writing and
the written consents are filed with the records of Shareholders&rsquo; meetings. Such consents shall be treated for all purposes
as a vote taken at a Shareholders&rsquo; meeting.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
5.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Class
Designation</U>. Without limiting the authority of the Trustees to establish and designate any further Classes, the Trustees hereby
establish a single Class of Shares, designated as the Common Shares. The Trustees may divide the Shares of the Trust into one or
more Classes. Any Shares of any further Classes that may from time to time be established and designated by the Trustees, shall
be established and designated, and the variations in the relative rights and preferences as between the different Classes shall
be fixed and determined by the Trustees; provided, that all Shares shall be identical except for such variations as shall be fixed
and determined between different Classes by the Trustees in establishing and designating such Class. Unless otherwise designated
by the Trustees in the By-laws or resolutions establishing a Class, the purchase price, the method of determining the net asset
value, and the relative liquidation, voting, dividend and other rights and preferences of holders of a Class shall be as set forth
in the Trust&rsquo;s Registration Statement on Form N-2 under the Securities Act of 1933 and/or the 1940 Act relating to the issuance
of Shares of such Class. To the extent that the Trustees authorize and issue Preferred Shares, they are hereby authorized and empowered
to amend or supplement this Declaration, including an amendment or modification to the rights of any Outstanding Shares at the
time of such amendment or supplement, as they deem necessary or appropriate, including to comply with the requirements of the 1940
Act or requirements imposed by the rating agencies or other persons,</FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: left">all without the approval of Shareholders. Any such supplement or amendment shall be filed as is necessary. The Trustees are also
authorized to take such actions and retain such Persons as they see fit to offer and sell such securities.</P>

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>By Whom Determined</U>. The Trustees shall have the power and duty to determine
from time to time the net asset value per share of the Common Shares. They may appoint one or more Persons to assist them in the
determination of the value of securities in the Trust&rsquo;s portfolio and to make the actual calculations pursuant to their directions.
Any determination made pursuant to this Article VI shall be binding on all parties concerned.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>When Determined</U>. The net asset value shall be determined at such times as
the Trustees shall prescribe in accordance with the applicable provisions of the 1940 Act and regulations and orders from time
to time in effect thereunder. The Trustees may suspend the determination of net asset value to the extent permitted by the 1940
Act or the regulations and orders from time to time in effect thereunder.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
6.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Computation of Per Common Share Net Asset Value</U>.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 1in"><FONT STYLE="color: #010000">Section
6.3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT STYLE="color: windowtext"><U>Net
Asset Value Per Common Share</U>. The net asset value of each Common Share as of any particular time shall be the quotient obtained
by dividing the value of the net assets of the Trust (determined in accordance with Section 6.3.2) by the total number of outstanding
Common Shares.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 1in"><FONT STYLE="color: #010000">Section
6.3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT STYLE="color: windowtext"><U>Value
of the Net Assets of the Trust</U>. The value of the net assets of the Trust as of any particular time shall be the value of the
Trust&rsquo;s assets less its liabilities, determined and computed as follows:</FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Trust&rsquo;s Assets</U>. The Trust&rsquo;s assets shall be deemed to include:
(i) all cash on hand or on deposit, including any interest accrued thereon, (ii) all bills and demand notes and accounts receivable,
(iii) all securities owned or contracted for by the Trustees, (iv) all stock and cash dividends and cash distributions payable
to but not yet received by the Trustees (when the valuation of the underlying security is being determined ex-dividend), (v) all
interest accrued on any interest-bearing securities owned by the Trustees (except accrued interest included in the valuation of
the underlying security) and (vi) all other property of every kind and nature, including prepaid expenses.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Valuation of Assets</U>. The value of such assets is to be determined as follows:</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"> <U>Cash and Prepaid Expenses</U>. The value of any cash on hand and of any prepaid
expenses shall be deemed to be their full amount.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Other Current Assets</U>. The value of any accounts receivable and cash dividends
and interest declared or accrued as aforesaid and not yet received shall be deemed to be the full amount thereof, unless the Trustees
shall determine that any such item is not worth its full amount. In such case the value of the item shall be deemed to be its reasonable
value, as determined by the Trustees.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Securities and Other Property</U>. A security for which market quotations are
readily available which is not subject to restrictions against sale and has a remaining maturity of more than 60 days from the
date of valuation shall be valued on the basis of such quotations. Any security which has a remaining maturity of 60 days or less
may be valued on the basis of market quotations or may be valued at cost plus earned discount; if such security was acquired with
a remaining </FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify">maturity of more than 60 days, the cost thereof for purposes of such valuation shall be deemed to
be the value on the sixty-first day prior to maturity. Any security for which market quotations are not readily available and any
other property the valuation of which is not provided for above, shall be valued at its fair market value as determined in such
manner as the Trustees shall from time to time prescribe by resolution. For the purposes of this Article VI, market quotations
shall not be deemed to be readily available if in the judgment of the Trustees such quotations, if any, do not afford a fair and
adequate basis for valuing holdings of securities of a size normally held by the Trust, whether due to the infrequency or size
of the transactions represented by such quotations or otherwise.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Liabilities</U>. The Trust&rsquo;s liabilities shall not be deemed to include
any Common Shares and surplus or the liquidation preference of any Preferred Shares, but they shall be deemed to include: (i) all
bills and accounts payable, (ii) all administrative expenses accrued and unpaid, (iii)&nbsp;all contractual obligations for the
payment of money or property, including the amount of any declared but unpaid dividends upon Shares and the amount of all income
accrued but not paid to Shareholders, (iv) all reserves authorized or approved by the Trustees for taxes or contingencies and (v)
all other liabilities of whatsoever kind and nature except any liabilities represented by Shares and surplus.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
6.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Interim Determinations</U>. Any determination of net asset value other than as
of the close of trading on the New York Stock Exchange may be made either by appraisal or calculation or estimate. Any such calculation
or estimate shall be based on changes in market value of representative or selected securities or on changes in recognized market
averages </FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: left">since the last closing appraisal and made in a manner which in the opinion of the Trustees will fairly reflect the changes
in the net asset value.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
6.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Outstanding Common Shares</U><FONT STYLE="color: windowtext">.
For the purposes of this Article VI, outstanding Common Shares shall mean those Common Shares shown from time to time on the books
of the Trust or the Transfer Agent as then issued and outstanding, adjusted as follows:</FONT></P>

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
6.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Distributions to Shareholders</U>. Subject to the rights, preferences and limitations
of any Class of Shares and without limiting the powers of the Trustees under </FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: left">Subsection (f) of Section 2.1 of Article II hereof,
the Trustees may at any time and from time to time, as they may determine, allocate or distribute to Shareholders such income and
capital gains, accrued or realized, as the Trustees may determine, after providing for actual, accrued or estimated expenses and
liabilities (including such reserves as the Trustees may establish) determined in accordance with generally accepted accounting
practices. Subject to the rights, preferences and limitations of any Class of Shares, the Trustees shall have full discretion to
determine which items shall be treated as
income and which items as capital and their determination shall be binding upon the Shareholders. Subject to the rights, preferences
and limitations of any Class of Shares, such distributions shall be made in cash, property or Common Shares or any combination
thereof as determined by the Trustees. Subject to the rights, preferences and limitations of any Class of Shares, any such distribution
paid in Common Shares shall be paid at the net asset value thereof as determined pursuant to this Article VI. Subject to the rights,
preferences and limitations of any Class of Shares, the Trustees may adopt and offer to Shareholders such dividend reinvestment
plans, cash dividend payout plans or related plans as the Trustees shall deem appropriate. Subject to the rights, preferences and
limitations of any Class of Shares, inasmuch as the computation of net income and gains for federal income tax purposes may vary
from the computation thereof on the books of the Trust, the above provisions shall be interpreted to give the Trustees the power
in their discretion to allocate or distribute for any fiscal year as ordinary dividends and as capital gains distributions, respectively,
additional amounts sufficient to enable the Trust to avoid or reduce liability for taxes.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
6.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Power to Modify Foregoing Procedures</U>. Notwithstanding any of the foregoing
provisions of this Article VI, the Trustees may prescribe, in their absolute </FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: left">discretion, such other bases and times for the determination
of the per share net asset value of Common Shares as may be permitted by, or as they may deem necessary or desirable to enable
the Trust to comply with, any provision of the 1940 Act, any rule or regulation thereunder or any order of exemption issued by
the Commission, all as in effect now or as hereafter amended or modified.</P>

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
7.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Appointment and Duties</U>. Subject to the 1940 Act and such rules, regulations
and orders as the Commission may adopt, the Trustees shall employ a bank or trust company having a capital, surplus and undivided
profits of at least $2,000,000 as Custodian with authority as the agent of the Trust,
but subject to such restrictions, limitations and other requirements, if any, as may be contained in the By-Laws of the Trust:</P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
7.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Action Upon Termination of Custodian Agreement</U>. Upon termination of a Custodian
agreement or inability of any Custodian to continue to serve, the Trustees shall promptly appoint a successor Custodian, but in
the event that no successor Custodian can be found who has the required qualifications and is willing to serve, the Trustees shall
call as promptly as possible a special Shareholders&rsquo; meeting to determine whether the Trust shall function without a Custodian or shall be
liquidated. If so directed by vote of the holders of a majority of the Common Shares outstanding and entitled to vote, the Custodian
shall deliver and pay over all Trust Property held by it as specified in such vote.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
7.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Central Certificate System, Etc.</U> Subject to such rules, regulations and orders
as the Commission may adopt, the Trustees may direct the Custodian to deposit all or any part of the securities owned by the Trust
in a system for the central handling of securities established by a national securities exchange or a national securities association
registered with the Commission under the Securities Exchange Act of 1934, or such other person as may be permitted by the Commission,
or otherwise in accordance with the 1940 Act, pursuant to which system all securities of any particular class or series of any
issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry </FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: left">without physical
delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the order of the Trust.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
7.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Acceptance of Receipts in Lieu of Certificates</U>. Subject to such rules, regulations
and orders as the Commission may adopt, the Trustees may direct the Custodian to accept written receipts or other written evidences
indicating purchases of securities held in book-entry form in the Federal Reserve System in accordance with regulations promulgated
by the Board of Governors of the Federal Reserve System and the local Federal Reserve Banks in lieu of receipt of certificates
representing such securities.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><FONT STYLE="text-transform: uppercase; color: #010000">ARTICLE
VIII </FONT></P>
<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0in"><U>DURATION; TERMINATION OF TRUST; AMENDMENT; MERGERS, ETC.</U></FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
8.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Duration and Termination</U>.</FONT></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext">The Trust shall carry on no business except for the purpose of winding up its affairs.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext">The Trustees shall proceed to wind up the affairs of the Trust and all of the powers
of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power
to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, transfer or otherwise dispose
of all or any part of the remaining Trust Property to one or more persons at public or private sale for consideration which may
consist in whole </FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify">or in part of cash, securities or other property of any kind, discharge or pay its liabilities, and do all other
acts appropriate to liquidate its business, <U>provided</U> that any sale, conveyance, assignment, exchange, transfer or other
disposition of all or substantially all the Trust Property that requires Shareholder approval under Section 8.3 hereof shall receive
the approval so required.</P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(iii)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext">After paying or adequately providing for the payment of all liabilities, and upon
receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute
the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights.</FONT></P>

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
8.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Amendment Procedure</U>.</FONT></P>

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

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify">personal liability of the Shareholders, Trustees, officers,
employees and agents of the Trust or to permit assessments upon Shareholders.</P>

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

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

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

<P STYLE="color: #010000; font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt">Section
8.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Merger, Consolidation and Sale of Assets</U><FONT STYLE="color: windowtext">.
Subject to the rights of a specific Class of Shares, the Trust may merge or consolidate with any other corporation, association,
trust or other organization or may sell, lease or exchange all or substantially all of the Trust Property, including its good will,
upon such terms and conditions and for such consideration when and as authorized at any Shareholders&rsquo; meeting called for
the purpose by a Majority Shareholder Vote.</FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
8.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Incorporation</U>. With the approval of a Majority Shareholder Vote and subject
to the rights of a specific Class of Shares, the Trustees may cause to be organized or assist in organizing under the laws of any
jurisdiction a corporation or corporations or any other trust, partnership, association or other organization to take over all
of the Trust Property or to carry on any business in which the Trust shall directly or indirectly have any interest, and may sell,
convey and transfer the Trust Property to any such corporation, trust, partnership, association or other organization in exchange
for the shares or securities thereof or otherwise, and may lend money to, subscribe for the shares or securities of, and enter
into any contracts with any such corporation, trust, partnership, association or other organization, or any corporation, partnership,
trust, association or other organization in which the Trust holds or is about to acquire shares or any other interest. The Trustees
may also cause a merger or consolidation between the Trust or any successor thereto and any such corporation, trust, partnership,
association or other organization. Nothing contained herein shall be construed as requiring approval of Shareholders for the Trustees
to organize or assist in organizing one or more corporations, trusts, partnerships, associations or other organizations and selling,
conveying or transferring less than all or substantially all of the Trust Property to such organization or entities.</FONT></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
10.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Filing</U>.
This Declaration and any amendment hereto shall be filed with the Secretary of the Commonwealth of Massachusetts and in such other
places as may be required under the laws of the Commonwealth of Massachusetts and may also be filed or recorded in such other places
as the Trustees deem appropriate. Unless any such amendment sets forth some later time for the effectiveness of such amendment,
such amendment shall be effective upon its filing with the Secretary of the Commonwealth of Massachusetts. A restated Declaration,
integrating into a single instrument all of the provisions of this Declaration which are then in effect and operative, may be executed
from time to time by a majority of the Trustees and shall, upon filing with the Secretary of the Commonwealth of Massachusetts,
be conclusive evidence of all amendments contained therein and may hereafter be referred to in lieu of the original Declaration
and the various amendments thereto.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
10.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Governing
Law</U>. This Declaration is executed by the Trustees and delivered in the Commonwealth of Massachusetts and with reference to
the laws thereof, and the rights of all parties and the validity and construction of every provision hereof shall be subject to
and construed according to the laws of said Commonwealth.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
10.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Counterparts</U>.
This Declaration may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such
counterparts, together, shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original
counterpart.</FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
10.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext"><U>Reliance by Third Parties</U><FONT STYLE="color: windowtext">.
Any certificate executed by an individual who, according to the records of the Trust, appears to be a Trustee hereunder, certifying
to: (a) the number or identity of Trustees or Shareholders, (b) the due authorization of the execution of </FONT></P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify">any instrument or writing,
(c) the form of any vote passed at a meeting of Trustees or Shareholders, (d) the fact that the number of Trustees or Shareholders
present at any meeting or executing any written instrument satisfies the requirements of this Declaration, (e) the form of any
By-Laws adopted by or the identity of any officers elected by the Trustees or (f) the existence of any fact or facts which in any
manner relate to the affairs of the Trust, shall be conclusive evidence as to the matters so certified in favor of any Person dealing
with the Trustees and their successors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24 0 12pt 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
10.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT STYLE="color: windowtext"><U>Provisions
in Conflict with Law or Regulations.</U></FONT></P>

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><FONT STYLE="color: windowtext">The provisions of this Declaration are severable, and if the Trustees shall determine,
with the advice of counsel, that any of such provisions is in conflict with requirements of the 1940 Act, would be inconsistent
with any of the conditions necessary for qualification of the Trust as a regulated investment company under the United States Internal
Revenue Code or is inconsistent with other applicable laws and regulations, such provision shall be deemed never to have constituted
a part of this Declaration, <U>provided</U> that such determination shall not affect any of the remaining provisions of this Declaration
or render invalid or improper any action taken or omitted prior to such determination.</FONT></P>

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: justify; text-indent: 22.5pt"><FONT STYLE="color: #010000">Section
10.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT><FONT STYLE="color: windowtext"><U>Section
Headings; Interpretation.</U> Section headings in this Declaration
are for convenience of reference only, and shall not limit or otherwise affect the meaning hereof. References in this Declaration
to &ldquo;this Declaration&rdquo; shall be deemed to refer to this Declaration as from time to time amended, and all expressions
such as &ldquo;hereof&rdquo;, &ldquo;herein&rdquo; and &ldquo;hereunder&rdquo; </P>

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify">shall be deemed to refer to this Declaration and
not exclusively to the article or section in which such words appear.</P>

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

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

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

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

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

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

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

<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned have executed this instrument as of the 22nd day
of January, 2016.</P>

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

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

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

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

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

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

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