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AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST

This AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST, made on this [[ ]] day of [[ ]], amending and restating the Second Amended and Restated Declaration of Trust dated February 28, 2000 (the “Existing Declaration of Trust”),

WITNESSETH that

WHEREAS, this Trust has been formed to carry on the business of an investment company; and

WHEREAS, the Trustees have agreed to manage all property coming into their hands as trustees of a Massachusetts voluntary association with non-transferable shares in accordance with the provisions hereinafter set forth;

NOW, THEREFORE, the Trustees hereby amend and restate the Existing Declaration of Trust to read in its entirety as follows and do declare that they will hold all cash, securities and other assets, which they may from time to time acquire in any manner as Trustees hereunder IN TRUST to manage and dispose of the same upon the following terms and conditions for the benefit of the holders from time to time of Shares in this Trust as hereinafter set forth.

ARTICLE I

Name and Definitions

Name

Section 1. This Trust shall be known as “[[ ]],” and the Trustees shall conduct the business of the Trust under that name or any other name as they may from time to time determine.

Definitions

Section 2. Whenever used herein, unless otherwise required by the context or specifically provided:

(a) The “Trust” refers to the Massachusetts business trust established by the Existing Declaration of Trust, as amended from time to time, including by this Amended and Restated Agreement and Declaration of Trust;

(b) “Trustees” refers to the Trustees of the Trust named herein or elected in accordance with Article IV;

(c) “Shares” means the equal proportionate non-transferable units of interest into which the Interest in the Trust shall be divided from time to time or, if more than one series or class of Shares is authorized by the Trustees, the equal proportionate non-transferable units into which each series or class of Shares shall be divided from time to time;

(d) “Shareholder” means a record owner of Shares;

(e) The “1940 Act” refers to the Investment Company Act of 1940 and the Rules and Regulations thereunder, all as amended from time to time;

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(f) The terms “Affiliated Person”, “Assignment”, “Commission”, “Interested Person”, “Principal Underwriter” and “Majority Shareholder Vote” (the 67% or 50% requirement of the third sentence of Section 2(a)(42) of the 1940 Act, whichever may be applicable) shall have the meanings given them in the 1940 Act;

(g) “Declaration of Trust” shall mean this Amended and Restated Agreement and Declaration of Trust as amended or restated from time to time;

(h) “Bylaws” shall mean the Bylaws of the Trust as amended from time to time;

(i) The term “series” or “series of Shares” refers to the one or more separate series of Shares established by the Trustees from time to time (the intent being that each of such series shall be for U.S. federal income tax purposes, as elected by the Trustees in their sole discretion, consistent with the requirements of the Code, a partnership, a regulated investment company or a disregarded entity); and

(j) The term “class” or “class of Shares” refers to the various classes of Shares of any series established by the Trustees from time to time.

(k) “Book Capital Account” means at any time for any Shareholder and for any series treated as a partnership or disregarded entity for U.S. federal income tax purposes, the Book Capital Account of the Shareholder for such day as determined in accordance with Article III, Section 1 hereof and with Article VI, Section 5 hereof.

(l) “Code” means the Internal Revenue Code of 1986, as amended.

(m) “Interest(s)” means the beneficial interest of a Shareholder in the Trust or applicable series, including all rights, powers and privileges accorded to Shareholders by this Declaration of Trust, which interest with respect to each applicable series may be expressed as a percentage. Such percentage may be determined by calculating, at such times and on such basis as the Trustees shall from time to time determine, (i) with respect to a series treated as a partnership or disregarded entity for U.S. federal income tax purposes, the ratio of each Shareholder’s Book Capital Account balance with respect to such series to the total of all Shareholders’ Book Capital Account balances with respect to such series and (ii) with respect to a series treated as a regulated investment company for U.S. federal income tax purposes, the ratio of each Shareholder’s Shares’ net asset value with respect to such series to the total of all Shareholders’ Shares’ net asset values with respect to such series.

(n) Reference herein to a specified percentage of, or fraction of, Interests means Interests of Shareholders whose combined Book Capital Account balances (or net asset values of their Shares, as applicable) represent such specified percentage or fraction of the combined Book Capital Account balances (or, as applicable, net asset values of Shares) of all, or a specified group of, Shareholders.

(o) “Profit” and “Loss” with respect to a series for an accounting period mean, respectively, the positive or negative amount that results from subtracting (a) the net asset value of the series (or class) as of the first business day of such accounting period (after taking into account any contributions, redemptions, withdrawals, dividends or distributions as of such date) from (b) the net asset value of the series (or class) as of the last business day of such accounting period (before taking into account any contributions, redemptions, withdrawals, dividends or distributions as of such date).

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ARTICLE II

Purpose of Trust

The purpose of the Trust is to provide investors one or more investment programs and to carry on such other business as the Trustees may from time to time determine pursuant to their authority under this Declaration of Trust.

ARTICLE III

Division of Beneficial Interest

Section 1. The Shares of the Trust shall be issued in one or more series as the Trustees may, without shareholder approval, authorize. Each series shall be preferred over all other series in respect of the assets allocated to that series. The Interest in each series shall at all times be divided into Shares, without par value, each of which shall, except as provided below, represent an equal proportionate interest in the series with each other Share of the same series, none having priority or preference over another. The value of an Interest represented by a Shareholder’s Shares of a series treated as a partnership or disregarded entity for U.S. federal income tax purposes shall be equal to the Book Capital Account balance maintained by the Trust with respect to that Interest in such series (and which balance shall equal the net asset value of such Interest). A Shareholder may have separate Interests and, therefore, with respect to a series treated as a partnership or disregarded entity for U.S. federal income tax purposes, separate Book Capital Accounts for each Interest within each such series, each such Interest represented by separate Shares of such series. The value of an Interest represented by a Shareholder’s Shares of a series treated as a regulated investment company for U.S. federal income tax purposes, shall be equal to the net asset value of such Shares. The Trustees may, without Shareholder approval, divide the Shares of any series into two or more classes, Shares of each such class having such preferences and special or relative rights and privileges (including conversion rights, if any) as the Trustees may determine or as shall be set forth in the Bylaws. The number of Shares of the Trust and of any series and classes of the Trust authorized shall be unlimited, except as the Bylaws may otherwise provide or as the Trustees may otherwise determine, and the Shares so authorized may be represented in part by fractional shares. The Trustees may from time to time divide or combine the Shares of any series or class into a greater or lesser number without thereby changing the proportionate Interest in the series or class. The Trustees also may from time to time, without Shareholder approval, combine the Shares of two or more series into a single series or the Shares of two or more classes of any series into a single class.

Ownership of Shares

Section 2. The ownership of Shares shall be recorded on the books of the Trust or a transfer or similar agent. No certificates certifying the ownership of Shares shall be issued except as the Trustees may otherwise determine from time to time. The Trustees may make such rules as they consider appropriate for the issuance of Share certificates, the transfer of Shares and similar matters. The record books of the Trust as kept by the Trust or any transfer or similar agent, as the case may be, shall be conclusive as to who are the Shareholders of each series and class and as to the number of Shares of each series and class held from time to time by each Shareholder.

Investment in the Trust

Section 3. The Trustees shall accept investments in the Trust from such persons and on such terms and for such consideration, which may consist of cash or tangible or intangible property or a combination thereof, as they or the Bylaws from time to time authorize.

All consideration received by the Trust for the issue or sale of Shares of a series, together with all income, earnings, profits, and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation thereof, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably belong solely to that series of Shares for all purposes, subject only to the rights of creditors of

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such series, and shall be so handled upon the books of account of the Trust and are herein referred to as “assets of” such series.

No Preemptive Rights

Section 4. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust.

Derivative Claims

Section 5. The purpose of this Section 5 is to protect the interests of the Trust and the Shareholders by establishing a process that will permit legitimate inquiries and claims to be made and considered while avoiding the time, expense, distraction and other harm that can be caused to the Trust and Shareholders as a result of spurious shareholder demands and derivative actions.

(a) No Shareholder shall commence or maintain a derivative or similar action or proceeding on behalf or for the benefit of the Trust or any series or class to recover a judgment in its favor (a “derivative action”) unless each of the following conditions is met:

(i) The complaining Shareholder was a Shareholder of the series or class on behalf of or in the right of which the derivative action is proposed to be brought (the “affected series or class”) at the time of the action or failure to act complained of, or acquired the Shares afterwards by operation of law from a person who was a Shareholder at that time, and subsequently remains a Shareholder of such series or class for all relevant periods including without limitation when the demand required by subsection (iii) below was made and while the derivative action is maintained;

(ii) The complaining shareholder does not bring or purport to bring the derivative action on behalf of any series or class of the Trust other than the class or series that the Shareholder owns pursuant to subsection (i) above;

(iii) Prior to the commencement of such derivative action, the complaining Shareholder has made a written demand on the Trust, mailed to the Secretary of the Trust at the Trust’s principal office, requesting that the Trustees cause the Trust to file the action itself on behalf of the affected series or class (a “demand”) and setting forth with particularity the nature of the proposed proceeding or claim and the essential facts relied upon by the Shareholder to support the allegations made in the demand;

(iv) The period described in subsections (b) or (e) below has elapsed, unless the Trust notifies the complaining Shareholder by an earlier date of the Trust’s response to the demand; and

(v) The Trust has not notified the complaining Shareholder of any determination by the Trustees or the Shareholders pursuant to this Section 5 that would preclude the complaining Shareholders from commencing or maintaining the derivative action.

(b) Within 90 calendar days of the receipt of a Shareholder demand submitted in accordance with the requirements above, those Trustees who are independent for purposes of considering the demand (the “independent Trustees”) will 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 series or class, as applicable. If, during this 90-day period, those independent Trustees conclude that such determination cannot reasonably be made within the 90-day period, those independent Trustees may extend the 90-day period by a period that the independent Trustees consider will be sufficient to permit them to make such a determination, not to exceed 120 calendar days from the end of the initial 90-day period (such 90-day period, as may be extended as provided hereunder, the “review period”). Notice of any such decision to extend the review period shall be sent to the complaining Shareholder.

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(c) 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 series or 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 series or class of which the Trustee is a Shareholder.

(d) Any decision by the independent Trustees to bring, maintain or settle (or not to bring, maintain or settle) a proceeding in connection with a demand, or to vindicate (or not vindicate) any claim on behalf or for the benefit of the Trust, or to submit the matter to a vote of Shareholders pursuant to subsection (e) below, shall be made by the Trustees in their sole business judgment and shall be binding upon the Shareholders, and no suit, proceeding or other action shall be commenced or maintained after a decision to reject a demand.

(e) In their sole discretion, the Trustees may submit the decision whether to bring an action in response to the demand on behalf of the Trust or any affected series or class to a vote of Shareholders of the Trust or any affected series or class. Notice of any such decision to submit the matter to a vote of Shareholders shall be sent to the complaining Shareholder. The Trust shall notify the complaining Shareholder of the results of such Shareholders’ vote, which shall be binding upon Shareholders, within 180 days of the receipt of such demand submitted in accordance with the requirements of subsection (a) above.

Status of Shares and Limitation of Personal Liability

Section 6. Shares shall be deemed to be personal property giving only the rights provided in this Declaration of Trust or the Bylaws. Every Shareholder by virtue of having become a Shareholder shall be held to have expressly assented and agreed to the terms of this Declaration of Trust and the Bylaws and to have become a party to this Declaration of Trust and the Bylaws. Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust property or right to call for a partition or division of the same or for an accounting, nor shall the ownership of Shares constitute the Shareholders partners. 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.

Direct Claims

Section 7. No class of Shareholders shall have the right to bring or maintain a direct action or claim for monetary dam ages against the Trust or the Trustees predicated upon an express or implied right of action under this Declaration of Trust or the 1940 Act or other federal securities laws, nor shall any single Shareholder, who is similarly situated to one or more other Shareholders with respect to an alleged injury, have the right to bring such an action, unless the class of Shareholders or single Shareholder has obtained authorization from the Trustees to bring the action. The requirement of authorization shall not be excused under any circumstances, including claims of alleged interest on the part of the Trustees. A request for authorization shall be mailed to the Secretary of the Trust at the Trust’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 class of Shareholders or single Shareholder to support the allegations made in the request. The Trustees shall consider such request within 90 days after its receipt by the Trust. In their sole discretion, the Trustees may submit the matter to a vote of Shareholders of the Trust or of any

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series or class of Shares, as appropriate. Any decision by the Trustees to settle or to authorize (or not to settle or to authorize) such court action, proceeding or claim, or to submit the matter to a vote of Shareholders, shall be binding upon the class of Shareholders or single Shareholder seeking authorization.

ARTICLE IV

The Trustees

Election, Tenure and Removal

Section 1. The Trustees as of the date hereof shall be [[ ]] and [[ ]]. A Trustee may be elected either by the Trustees or by the Shareholders. From time to time, the Trustees may fix the number of Trustees or fill vacancies in the Trustees, including vacancies arising from an increase in the number of Trustees. Any Trustee may be removed from office, for any reason or for no reason, (i) by vote of the holders of two-thirds of the outstanding Shares at a meeting of Shareholders called for the purpose of considering the removal of the Trustee, (ii) by declaration in writing signed by the holders of two-thirds of the outstanding Shares filed with the Trust’s custodian; or (iii) by vote of a majority of the remaining Trustees and a majority of the remaining Trustees who are not Interested Persons of the Trust, specifying the date when such removal shall become effective. Each Trustee shall serve during the continued lifetime of the Trust until he or she dies, resigns or is removed, or, if sooner, until the election and qualification of his or her successor. Any Trustee may resign at any time by written instrument signed by him or her and delivered to any officer of the Trust or to a meeting of the Trustees. Such resignation shall be effective upon receipt unless specified to be effective at some other time. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following his or her resignation or removal, or any right to damages on account of such removal. The Shareholders may fix the number of Trustees and elect Trustees at any meeting of Shareholders called by the Trustees for that purpose and to the extent required by applicable law.

Effect of Death, Resignation, etc. of a Trustee

Section 2. The death, declination, resignation, retirement, removal or incapacity of the Trustees, or any one of them, shall not operate to annul the Trust or to revoke any existing agency created pursuant to the terms of this Declaration of Trust.

Powers

Section 3. Subject to the provisions of this Declaration of Trust, the business of the Trust shall be managed by the Trustees, and they shall have all powers necessary or convenient to carry out that responsibility. Without limiting the foregoing, the Trustees may adopt Bylaws not inconsistent with this Declaration of Trust providing for the conduct of the business of the Trust and the regulation and management of the affairs of the Trust and may amend and repeal them to the extent that such Bylaws do not reserve that right to the Shareholders; they may fill vacancies in or add to their number, and may elect and remove, with or without cause, such Trustees and officers and appoint and terminate such agents as they consider appropriate; they may appoint from their own number, and terminate, any one or more committees consisting of two or more Trustees, including an executive committee which may, when the Trustees are not in session, exercise some or all of the power and authority of the Trustees as the Trustees may determine; they may employ one or more custodians of the assets of the Trust and may authorize such custodians to employ subcustodians and to deposit all or any part of such assets in a system or systems for the central handling of securities or with a Federal Reserve Bank, retain a transfer agent or a Shareholder servicing agent, or both, provide for the distribution of Shares by the Trust, through one or more principal underwriters or otherwise, set record dates for the determination of Shareholders with respect to various matters, and in general delegate such authority as they consider desirable to any officer of the Trust, to any committee of the Trustees and to any agent or employee of the Trust or to any such custodian or underwriter.

Without limiting the foregoing, the Trustees shall have power and authority:

(a) To invest and reinvest cash, and to hold cash uninvested;

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(b) To sell, exchange, lend, pledge, mortgage, hypothecate, lease, write options with respect to or otherwise deal in any property rights relating to any or all of the assets of the Trust;

(c) To vote or give assent, or exercise any rights of ownership, with respect to stock or other securities or property; and to execute and deliver proxies or powers of attorney to such person or persons as the Trustees shall deem proper, granting to such person or persons such power and discretion with relation to securities or property as the Trustees shall deem proper;

(d) To exercise powers and rights of subscription or otherwise which in any manner arise out of ownership of securities or other property;

(e) To hold any security or property in a form not indicating any trust, whether in bearer, unregistered or other negotiable form, or in the name of the Trustees or of the Trust or in the name of a custodian, subcustodian or other depositary or a nominee or nominees or otherwise;

(f) Subject to the provisions of Article III, Section 3, to allocate assets, liabilities, income and expenses of the Trust to a particular series of Shares or to apportion the same among two or more series, provided that any liabilities or expenses incurred by or arising in connection with a particular series of Shares shall be payable solely out of the assets of that series; and to the extent necessary or appropriate to give effect to the preferences and special or relative rights and privileges of any classes of Shares, to allocate assets, liabilities, income and expenses of a series to a particular class of Shares of that series or to apportion the same among two or more classes of Shares of that series;

(g) To make, change or revoke any tax election or elections, including, without limitation, to elect, change or revoke any status of a series for U.S. federal income tax purposes;

(h) To consent to or participate in any plan for the reorganization, consolidation or merger of any corporation or issuer, any security of which is or was held in the Trust; to consent to any contract, lease, mortgage, or purchase or sale of property by such corporation or issuer, and to pay calls or subscriptions with respect to any security held in the Trust;

(i) To join other security holders in acting through a committee, depositary, voting trustee or otherwise, and in that connection to deposit any security with, or transfer any security to, any such committee, depositary or trustee, and to delegate to them such power and authority with relation to any security (whether or not so deposited or transferred) as the Trustees shall deem proper, and to agree to pay, and to pay, such portion of the expenses and compensation of such committee, depositary or trustee as the Trustees shall deem proper;

(j) 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;

(k) To enter into joint ventures, general or limited partnerships and any other combinations or associations;

(l) To borrow funds or other property;

(m) To endorse or guarantee the payment of any notes or other obligations of any person; to make contracts of guaranty or suretyship, or otherwise assume liability for payment thereof; and to mortgage and pledge the Trust property or any part thereof to secure any of or all such obligations;

(n) To purchase and pay for entirely out of Trust property such insurance as they may deem necessary or appropriate for the conduct of the Trust’s or a series’ business, including without limitation, insurance policies insuring the assets of the Trust and payment of distributions and principal on its portfolio investments, and insurance policies insuring any or all of the Shareholders, Trustees, officers, employees,

agents, investment advisers or managers, principal underwriters, or independent contractors of the Trust individually against all claims and liabilities of every nature arising by reason of holding, being or having held any such office or position, or by reason of any action alleged to have been taken or omitted by any such person as Shareholder, Trustee, officer, employee, agent, investment adviser or manager, principal underwriter, or independent contractor, including, without limitation, any action taken or omitted that may be determined to constitute negligence, or gross negligence, in each case, whether or not the Trust would have the power to indemnify such person against such liability;

(o) To pay pensions for faithful service, as deemed appropriate by the Trustees, and to adopt, establish and carry out pension, profit-sharing, share bonus, share purchase, savings, thrift and other retirement, incentive and benefit plans, trusts and provisions, including the purchasing of life insurance and annuity contracts as a means of providing such retirement and other benefits, for any or all of the Trustees, officers, employees and agents of the Trust;

(p) Generally, to adopt and cause the implementation of such policies, procedures, guidelines or directives as they deem necessary or appropriate, in their sole discretion, relating to the governance, operation and related matters of the Trust;

(q) To organize, and transfer assets of the Trust into and out of, subsidiaries of the Trust or any series thereof; and

(r) To engage in any other lawful act or activity.

The foregoing enumeration of the powers and authority of the Trustees shall be read as broadly and liberally as possible, it being the intent of the foregoing in no way to limit the Trustees’ powers and authority.

The Trustees shall not in any way be bound or limited by any present or future law or custom in regard to investments by trustees. The Trustees shall not be required to obtain any court order to deal with any assets of the Trust or take any other action hereunder.

Except as otherwise provided herein or from time to time in the Bylaws, any action to be taken by the Trustees may be taken (A) by a majority of the Trustees present at a meeting of the Trustees (a quorum being present), within or without Massachusetts, including any meeting held by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other at the same time (participation by which means shall for all purposes constitute presence in person at a meeting), or (B) by written consents of a majority of the Trustees then in office (which written consents shall be filed with the records of the meetings of the Trustees and shall be treated for all purposes as a vote taken at a meeting of Trustees).

Payment of Expenses by Trust

Section 4. The Trustees are authorized to pay or to cause to be paid out of the assets of the Trust, all expenses, fees, charges, taxes and liabilities incurred or arising in connection with the Trust, or in connection with the management thereof, including, but not limited to, the Trustees’ compensation and such expenses and charges for the services of the Trust’s officers, employees, any investment adviser, manager or sub-adviser, principal underwriter, auditor, counsel, custodian, transfer agent, shareholder servicing agent, and such other agents or independent contractors and such other expenses and charges as the Trustees may deem necessary or proper to incur, provided, however, that all expenses, fees, charges, taxes and liabilities incurred by or arising in connection with a particular series of Shares, as determined by the Trustees or the President or the Treasurer of the Trust, shall be payable solely out of the assets of that series and may, as the Trustees or such officer from time to time may determine, be allocated to a particular class of Shares of a series or apportioned among two or more classes of Shares of a series.

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Ownership of Assets of the Trust

Section 5. Title to all of the assets of each series of Shares and of the Trust shall at all times be considered as vested in the Trustees.

Advisory, Management and Distribution

Section 6. The Trustees may, at any time and from time to time, contract for exclusive or nonexclusive advisory and/or management services with any corporation, trust, association or other organization (the “Manager”), every such contract to comply with such requirements and restrictions as may be set forth in the Bylaws; and any such contract may provide for, or permit, the hiring of, or delegation to, one or more sub-advisers who shall perform all or part of the obligations of the Manager under such contract and may contain such other terms as the Trustees may determine, including, without limitation, authority to determine from time to time what investments shall be purchased, held, sold or exchanged and what portion, if any, of the assets of the Trust shall be held uninvested and to make changes in the Trust’s investments. The Trustees may also, at any time and from time to time, contract with the Manager or any other corporation, trust, association or other organization, appointing it exclusive or nonexclusive distributor or principal underwriter for the Shares, every such contract to comply with such requirements and restrictions as may be set forth in the Bylaws; and any such contract may contain such other terms as the Trustees may determine.

The fact that:

(i) any of the Shareholders, Trustees or officers of the Trust is a shareholder, director, officer, partner, trustee, employee, manager, adviser, principal underwriter or distributor or agent of or for any corporation, trust, association, or other organization, or of or for any parent or affiliate of any organization, with which an advisory or management contract, or principal underwriter’s or distributor’s contract, or transfer, Shareholder servicing or other agency contract may have been or may hereafter be made, or that any such organization, or any parent or affiliate thereof, is a Shareholder or has an interest in the Trust, or that

(ii) any corporation, trust, association or other organization with which an advisory or management contract or principal underwriter’s or distributor’s contract, or transfer, Shareholder servicing or other agency contract may have been or may hereafter be made also has an advisory or management contract, or transfer, shareholder servicing or other agency contract with one or more other corporations, trusts, associations, or other organizations, or has other business or interests

shall not affect the validity of any such contract or disqualify any Shareholder, Trustee or officer of the Trust from voting upon or executing the same or create any liability or accountability to the Trust or its Shareholders.

Agent for Service of Process

Section 7. The name and address of the resident agent of the Trust on the date hereof in The Commonwealth of Massachusetts is [[ ]].

ARTICLE V

Shareholders’ Voting Powers and Meetings

Voting Powers

Section 1. The Shareholders shall have power to vote only (i) for the election or removal of Trustees as provided in Article IV, Section 1 of this Declaration of Trust, (ii) with respect to any amendment of this Declaration of Trust to the extent and as provided in Article IX, Section 8 of this Declaration of Trust, (iii) with respect to any termination of this Trust to the extent and as provided in Article IX, Section 4 of this Declaration of Trust (for the avoidance of any doubt, Shareholders shall have no separate right to vote with respect to the termination of the Trust if the Trustees exercise their right to terminate the Trust pursuant to Article IX, Section 4 of this Declaration of Trust), and (iv) with respect to such additional matters relating to the Trust as may be required by law, this Declaration of Trust, or the Bylaws, or as the Trustees may consider necessary or desirable. Each whole Share shall

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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. On any matter submitted to a vote of Shareholders, all Shares of the Trust then entitled to vote shall, except as otherwise provided in the Bylaws, be voted in the aggregate as a single class without regard to series or classes of Shares, except that (1) when required by the 1940 Act or when the Trustees shall have determined that the matter affects one or more series or classes of Shares materially differently, Shares shall be voted by individual series or class and (2) when the Trustees have determined that the matter affects only the interests of one or more series or classes, only Shareholders of such series or classes shall be entitled to vote thereon. There shall be no cumulative voting in the election of Trustees. Shares may be voted in person or by proxy. A proxy with respect to Shares held in the name of two or more persons shall be valid if executed by any one of them unless at or prior to exercise of the proxy the Trust receives a specific written notice to the contrary from any one of them. A proxy 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. Until Shares of the Trust are issued, the Trustees may exercise all rights of Shareholders and may take any action permitted or required of the Shareholders by law, this Declaration of Trust, the Bylaws, or any registration of the Trust with the Securities and Exchange Commission (or any successor agency) or any state. Until Shares of any series or class are issued, the Trustees may exercise all rights of Shareholders of that series or class, respectively, and may take any action permitted or required of the Shareholders of that series or class by law, this Declaration of Trust or the Bylaws, or any registration of the Trust with the Securities and Exchange Commission (or any successor agency) or any state.

Meetings

Section 2. Meetings of the Shareholders of any or all series or classes may be called by the Trustees from time to time for the purpose of taking action upon any matter requiring the vote or authority of the Shareholders of such series or classes as herein provided or for such other purposes as may be prescribed by law, by this Declaration of Trust or by the Bylaws. Meetings of the Shareholders may also be called by the Trustees from time to time for the purpose of taking action upon any other matter deemed by the Trustees to be necessary or desirable. A meeting of Shareholders may be held at any place within or without Massachusetts designated by the Trustees. Notice of any meeting of Shareholders, stating the time and place of the meeting, shall be given or caused to be given by the Trustees to each Shareholder entitled to vote at such meeting by mailing such notice, postage prepaid, at least seven days before such meeting, at the Shareholder’s address as it appears on the records of the Trust, or by facsimile or other electronic transmission, at least seven days before such meeting, to the telephone or facsimile number or e-mail or other electronic address as it appears on the records of the Trust. Whenever notice of a meeting is required to be given to a Shareholder under this Declaration of Trust or the Bylaws, a written waiver thereof, executed before or after the meeting by such Shareholder or his or her attorney thereunto authorized and filed with the records of the meeting, shall be deemed equivalent to such notice. Notice of a meeting need not be given to a Shareholder who attends the meeting without protesting prior thereto or at its commencement the lack of notice to such Shareholder.

Quorum and Required Vote

Section 3. Thirty percent of Shares entitled to vote on a particular matter shall be a quorum for the transaction of business on that matter at a Shareholders’ meeting, except that where any provision of law or of this Declaration of Trust or the Bylaws requires that holders of any series or class shall vote as an individual series or class, then thirty percent of the aggregate number of Shares of that series or class entitled to vote shall be necessary to constitute a quorum for the transaction of business by that series or class; provided that the Trustees may in their discretion specify a greater percentage to constitute a quorum as to any matter. 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 larger vote is required by any provision of law or of this Declaration of Trust or the Bylaws, a majority of the Shares voted shall decide any questions and a plurality shall elect a Trustee, provided that where the holders of any series or class vote as an individual series or class, a majority of the Shares of that series or class voted on the matter (or a plurality with respect to the election of a Trustee) shall decide that matter insofar as that series or class is concerned.

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Action by Written Consent

Section 4. Any action taken by Shareholders may be taken without a meeting if Shareholders holding a majority of the Shares entitled to vote on the matter (or such larger proportion thereof as shall be required to act on such matter) or, as applicable, holding a majority of the Shares of any series or class entitled to vote separately on the matter (or such larger proportion as aforesaid) consent to the action in writing and such written consents are filed with the records of the meetings of Shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders.

Inspection of Books and Records

Section 5. No Shareholder shall have any right to examine any books or records of the Trust if the Trust determines that the examination will for any reason be adverse to the interests of the Trust. The Trust’s determination that the examination would be adverse to the interests of the Trust, and the refusal to permit examination, shall be binding upon the Shareholders, and no suit, proceeding or other action shall be commenced or maintained after such decision to reject a demand for examination. There shall be no right for any person to examine any books or records of the Trust if such person is not a Shareholder of the applicable series or class of Shares for all relevant periods including without limitation when the demand to examine any books or records of the Trust was made, during the pendency of any suit, proceeding or other action related to a demand to examine any books or records of the Trust, or during the period of any examination of the books or records of the Trust. This provision is without exclusion to other bases for refusing to permit such examination. In addition, every examination shall be subject to such reasonable regulations as the Trust may establish in regard thereto.

Additional Provisions

Section 6. The Bylaws may include further provisions, not inconsistent with this Declaration of Trust, regarding Shareholders’ voting powers, the conduct of meetings and related matters.

ARTICLE VI

Distributions, Redemptions, Repurchases and Allocations

Distributions

Section 1. The Trustees may each year, or more frequently if they so determine, distribute to the Shareholders of any series solely out of the assets of such series such amounts as the Trustees may determine. Any such distribution to the Shareholders of a particular series shall be made to said Shareholders pro rata in proportion to the number of Shares (which proportion, for an entity treated as a partnership for U.S. federal income tax purposes, shall be reflected in the relative respective Book Capital Account balances) with respect to the Interests of that series held by such Shareholders at the date and time of record established for the payment of such distributions, except to the extent otherwise required or permitted by the preferences and special or relative rights and privileges of any classes of Shares of that series, and any distribution to the Shareholders of a particular class of Shares shall be made to such Shareholders pro rata in proportion to the number of Shares (which proportion, for an entity treated as a partnership for U.S. federal income tax purposes, shall reflect the relative respective Book Capital Account balances) with respect to the Interests of that class held by such Shareholders at the date and time of record established for the payment of such distribution. Such distributions shall be made in cash, Shares or other property, or a combination thereof, as determined by the Trustees. Any such distribution paid in Shares will be paid at the net asset value thereof. The Trustees shall have full discretion to determine which items shall be treated as income and which items as capital and their determinations shall be binding upon the Shareholders.

Redemptions and Repurchases

Section 2. The Trust shall purchase such Shares as are offered by any Shareholder for redemption, upon the presentation of any certificate for the Shares to be purchased, a proper instrument of transfer and a request directed to the Trust or a person designated by the Trust that the Trust purchase such Shares, or in accordance with such other procedures for redemption as the Trustees may from time to time authorize; and the Trust will pay therefor the net asset value thereof, as next determined in accordance herewith, less any applicable redemption

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charge or other charges and/or fees fixed by the Trustees. Except as otherwise provided from time to time in the prospectus of the Trust relating to the particular class or series of Shares, or as the Trustees may otherwise determine, payment for said Shares shall be made by the Trust to the Shareholder within seven days after the date on which the request is made. The obligations set forth in this Section 2 may be suspended or postponed from time to time or at any time in the discretion of the Trustees in accordance with applicable law and regulation, including determinations, exemptions, pronouncements, and regulatory relief issued or promulgated by appropriate governmental authorities. The Trust may also purchase or repurchase Shares at a price not exceeding the net asset value of such Shares in effect when the purchase or repurchase or any contract to purchase or repurchase is made.

The redemption, purchase or repurchase may be made in cash or in other property, or any combination thereof. The composition of any such payment shall be determined by the Trust in its sole discretion, and the Trust shall have no obligation to effect a pro rata division of cash or other property in making any such payment. In no case shall the Trust be liable for any delay of any corporation or other person in transferring securities or other property selected for delivery as all or part of any such payment. In connection with the foregoing, the Trust shall be entitled to withhold from any distribution or payment of the redemption price appropriate reserves for expenses and liabilities of the Trust, including contingent and estimated future liabilities and tax withholdings, as the Trustees may determine, which shall be conclusively binding on the Shareholders.

Redemption at the Option of the Trust

Section 3. The Trust shall have the right at its option and without a vote of the Shareholders at any time and for any or no reason to redeem all or a portion of the Shares of any Shareholder at the net asset value thereof as determined in accordance with this Declaration of Trust and the Bylaws, including, but not limited to: (i) if at such time such Shareholder owns fewer Shares than, or Shares having an aggregate net asset value of less than, an amount determined from time to time by the Trustees; or (ii) to the extent that such Shareholder owns Shares of a particular series of Shares equal to or in excess of a percentage of the outstanding Shares of that series determined from time to time by the Trustees, or representing a percentage of the aggregate net asset value of that series equal to or in excess of a percentage determined from time to time by the Trustees; or (iii) to the extent that such Shareholder owns Shares of the Trust equal to or in excess of a percentage of the outstanding Shares of the Trust or the aggregate net asset value of the Trust determined from time to time by the Trustees; or (iv) if the Trust determines that such Shareholder is engaging in conduct that is harmful to the Trust or any series or class; or (v) that such Shareholder’s continued participation in the Trust would cause, or in the judgment of the Trustees threatens to cause, the Trust to fail to comply with applicable law or to fail to be eligible for any tax withholding, regulatory or registration exemption, including without limitation, due to a determination by the Trustees that such Shareholder’s continued participation in the Trust may cause the Trust to be required to withhold on distributions to such Shareholder by reason of section 1471 et seq. of the Code; or (vi) if the Trust otherwise determines such redemption to be necessary or appropriate.

Determination of Net Asset Value, General Allocations

Section 4. The manner of determining Profit, Loss, net or gross income, gains, deductions or losses, asset values, capital gains, expenses, liabilities reserves and net asset value of any series or class may be established and from time to time altered as necessary or desirable in the judgment of the Trustees including to conform such manner of determination to any other method prescribed or permitted by applicable law. In general all allocations shall be done pro rata based on the number of Shares. All such determinations of net asset value of any Shares of any series or class made by Trustees or their designees shall be binding on all parties concerned.

Special Partnership Provisions – Book Capital Account Balances; Allocations; Allocations for Tax Purposes

Section 5. For any series treated as a partnership (or an entity that is a disregarded entity) for U.S. federal income tax purposes one or more Book Capital Accounts shall be established on the books of the Trust for each Shareholder in such series. The Book Capital Account of each such Shareholder shall be in an amount equal to such Shareholder’s contribution with respect to such series (or class) adjusted as hereinafter provided. At the beginning of each accounting period, the Book Capital Account of each such Shareholder shall be increased by the amount of

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any contributions made to such Book Capital Account as of the beginning of such accounting period and decreased by (i) the amount of any repurchases and redemptions made from or with respect to such Book Capital Account by such Shareholder in the immediately preceding accounting period or (ii) any distributions made to such Shareholder from such Book Capital Account. At the end of each accounting period, the applicable Book Capital Account of each such Shareholder shall be increased or decreased by the amount credited or debited to the applicable Book Capital Account of such Shareholder pursuant to Article VI Section 6. With respect to such series, the Trustees may create a separate Book Capital Account for each contribution with respect to a series or class. Notwithstanding anything else, each such Book Capital Account shall reflect the net asset value of the associated Shares and Interest.

Section 6. As of the end of the last business day of each accounting period, for any series treated as a partnership (or, where applicable, an entity that is a disregarded entity) for U.S. federal income tax purposes, the Profit or Loss, and such other fees and expenses as the Trustees may determine, of each series for such accounting period shall be allocated to all Book Capital Accounts of Shareholders of Interests in that series in proportion to their respective Book Capital Account balances as of the beginning of the first business day of such accounting period (after taking into account any contributions or distributions as of such date).

Section 7. The income, gains, losses, deductions and credits of each series of the Trust which series is treated as a partnership (or, where applicable, an entity that is a disregarded entity) for U.S. federal income tax purposes shall be allocated for U.S. federal, state and local income tax purposes among the Shareholders so as to reflect, in the judgment of the Trustees, the interests of the Shareholders in each series of the Trust as reflected in the Shareholders’ Book Capital Accounts. In this respect, the Trustees are authorized: (i) to select such tax allocation methods as may in the judgment of the Trustees be appropriate to satisfy the requirements of section 704(c) of the Code regarding allocations of income, gain, loss, deduction and credit for U.S. federal income tax purposes, including without limitation an “aggregate approach” involving “partial netting” or “full netting” with respect to reverse section 704(c) allocations to the extent permitted by Treasury Regulation section 1.704-3; (ii) to interpret and apply the allocation provisions hereof as providing for a “qualified income offset”, “minimum gain chargeback” and such other allocation principles as may be required under section 704 of the Code and applicable regulations (provided that if such principles are applied in making allocations hereunder, subsequent allocations shall be made so as to reverse, to the extent possible in the judgment of the Trustees, the effect of the application of such principles); (iii) to determine on a daily, monthly, or other basis items of income, gain, loss, deduction or credit or other items using any permissible method under section 706 of the Code and the regulations thereunder; (iv) to make special allocations of income, gain, loss, deduction or credit to Shareholders who withdraw or otherwise redeem all or part of their Book Capital Accounts (as more fully described in the immediately following sentence); (v) to determine the allocation of specific items of income, gain, loss, deduction and credit of the Trust or applicable series; and (vi) to vary any and all of the foregoing allocation provisions to the extent necessary or appropriate in the judgment of the Trustees to comply with section 704 of the Code and applicable regulations. If a series of the Trust realizes income, gains, deductions or losses for U.S. federal income tax purposes for any fiscal year during or as of the end of which there are one or more Shareholders whose Book Capital Account as of such time exceeds or is less than such Shareholder’s “adjusted tax basis”, for U.S. federal income tax purposes, in such Shareholder’s interest in such series of the Trust as of such time (determined without regard to any adjustments made to such “adjusted tax basis” by reason of any transfer or assignment of such interest and without regard to such Shareholder’s share of the liabilities of such series of the Trust under section 752 of the Code) and any such Shareholders withdraw or otherwise redeem their Book Capital Accounts with respect to such series pursuant to this Agreement (a “Withdrawing Shareholder”), the Trustees may elect to allocate such income, gains, deductions or losses as follows: (i) to one or more Withdrawing Shareholder to reduce or eliminate such excess or negative basis of any such Withdrawing Shareholders and (ii) to the other Shareholders in such series in such manner as shall equitably reflect the amounts allocated to such Shareholders’ Book Capital Accounts pursuant to Article VI Section 5. The Shareholders are aware of the potential income tax consequences of the allocations made by this Article VI Section 7 and hereby agree to be bound by the provisions of this Article VI Section 7 in reporting their shares of Trust income, gain, loss, deduction and credit for income tax purposes.

Section 8. In connection with a redemption, a distribution of Trust property to a Shareholder of a series treated as a partnership for U.S. federal income tax purposes or an assignment or other transfer of all or part of the interest of such a Shareholder in the Trust, each Shareholder hereby agrees promptly to advise the Trust of all details relating to such redemption, distribution or transfer that may be necessary for the Trust (or any series thereof) to

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comply with its obligations under sections 734 and 743 of the Code; and the Shareholder will provide the Trust promptly upon request by the Trustees any information that the Trustees may deem necessary to allow the Trust (or any series thereof) to comply with its obligation to make any basis adjustment required under sections 734 and 743 of the Code along with any other reasonably requested information that is related to such obligation.

Certain Tax Matters

Section 9. The Trustees may withhold and pay over to the Internal Revenue Service (or any other relevant taxing authority) such amounts as the Trustees believe the Trust is required to withhold, pursuant to the Code or any other applicable law, with respect to any distribution, redemption or withdrawal made or deemed made to a Shareholder or on account of a Shareholder’s distributive share of the Trust’s items of gross income, income or gain.

Section 10. If the Trust incurs any obligation to pay any amount in respect of taxes (including withholding taxes imposed on any Shareholder’s or former Shareholder’s share of Trust gross or net income (or items thereof)), income taxes, and any interest, penalties or additions to tax (“Tax Liability”), or the amount of cash or other property to which the Trust otherwise would be entitled is reduced as a result of withholding by other parties in satisfaction of any such Tax Liability, all payments by the Trust in satisfaction of such Tax Liability and all reductions in the amount of cash or fair market value of property to which, but for such Tax Liability, the Trust would have been entitled shall be treated, pursuant to this Article VI Section 9, as distributed (at such time as is determined by the Trustees) to those Shareholders to which the related Tax Liability is attributable.

Section 11. The Trustees shall not be obligated to apply for or obtain a reduction of or exemption from withholding tax on behalf of any Shareholder that may be eligible for such reduction or exemption. Each Shareholder shall furnish the Trustees with such information and forms as such Shareholder may be required to complete where necessary to comply with any and all laws and regulations governing the obligations of withholding tax agents.

Power to Modify Foregoing Procedures

Section 12. Notwithstanding any of the foregoing provisions of this Article VI, all determinations concerning the valuation of securities and other assets of the Trust, the allocation of income, deductions, gains and losses among the Shareholders, including taxes thereon, and tax, financial reporting and accounting determinations, elections, decisions and procedures shall be made by the Trustees, whose determination shall be final and conclusive as to all of the Shareholders.

ARTICLE VII

Compensation and Limitation of Liability of Trustees

Compensation

Section 1. The Trustees as such shall be entitled to reasonable compensation from the Trust; they may fix the amount of their compensation. Nothing herein shall in any way prevent the employment of any Trustee for advisory, management, legal, accounting, investment banking or other services and payment for the same by the Trust.

Limitation of Liability

Section 2. The Trustees shall not be responsible or liable in any event for any neglect or wrongdoing of any officer, agent, employee, manager or principal underwriter of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee, but nothing herein contained shall protect any Trustee against any liability to which he or she 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.

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Every note, bond, contract, instrument, certificate or undertaking and every other act or thing whatsoever issued, 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 issued, executed or done only in or with respect to their or his or her capacity as Trustees or Trustee, and such Trustees or Trustee shall not be personally liable thereon.

ARTICLE VIII

Indemnification

Trustees, Officers, etc.

Section 1. The Trust shall indemnify each of its Trustees and officers, including persons who serve at the Trust’s request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise (each such Trustee, officer or person hereinafter referred to as a “Covered Person”), against all liabilities and expenses, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and accountants’ or counsel fees reasonably incurred by any Covered Person in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or legislative body, in which such Covered Person may be or may have been involved as a party or otherwise or with which such Covered Person may be or may have been threatened, while in office or thereafter, by reason of being or having been such a Covered Person, except with respect to any matter as to which such Covered Person shall have been finally adjudicated in a decision on the merits in any such action, suit or other proceeding not to have acted in good faith in the reasonable belief that such Covered Person’s action was in the best interests of the Trust or that such Covered Person’s action was at least not opposed to the best interests of the Trust and except that no Covered Person shall be indemnified against any liability to the Trust or its Shareholders to which such Covered Person would otherwise be subject by reason of such Covered Person’s willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person’s office. Expenses, including counsel fees so incurred by any such Covered Person (but excluding amounts paid in satisfaction of judgments, in compromise or as fines or penalties), shall be paid from time to time by the Trust in advance of the final disposition of any such action, suit or proceeding upon receipt of an undertaking by or on behalf of such Covered Person to repay amounts so paid to the Trust if it is ultimately determined that indemnification of such expenses is not authorized under this Article VIII, provided, that (a) such Covered Person shall provide security for his or her undertaking, (b) the Trust shall be insured against losses arising from any such advance payments, or (c) either a majority of the disinterested Trustees acting on the matter (provided that a majority of the disinterested Trustees then in office act on the matter), or independent legal counsel in a written opinion, shall have determined based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe such Covered Person ultimately will be entitled to indemnification.

Compromise Payment

Section 2. As to any matter disposed of (whether by a compromise payment, pursuant to a consent decree or otherwise) without an adjudication in a decision on the merits by a court, or by any other body before which the proceeding was brought, that such Covered Person either (a) did not act in good faith in the reasonable belief that such Covered Person’s action was in the best interest of the Trust or that such Covered Person’s action was at least not opposed to the best interests of the Trust or (b) is liable to the Trust or its Shareholders by reason of such Covered Person’s willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person’s office, indemnification shall be provided if (x) approved as in the best interest of the Trust, after notice that it involves such indemnification, by at least a majority of the disinterested Trustees acting on the matter (provided that a majority of the disinterested Trustees then in office act on the matter), upon a determination, based upon a review of readily available facts (as opposed to a full

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trial-type inquiry), that such Covered Person acted in good faith in the reasonable belief that such Covered Person’s action was in the best interests of the Trust or that such Covered Person’s action was at least not opposed to the best interests of the Trust and that such indemnification would not protect such Covered Person against any liability to the Trust or its Shareholders by reason of such Covered Person’s willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person’s office, or (y) there has been obtained an opinion in writing of independent legal counsel, based upon a review of readily available facts (as opposed to a full trial-type inquiry), to the effect that such Covered Person appears to have acted in good faith in the reasonable belief that such Covered Person’s action was in the best interests of the Trust or that such Covered Person’s action was at least not opposed to the best interests of the Trust and that such indemnification would not protect such Covered Person against any liability to the Trust or its Shareholders to which such Covered Person would otherwise be subject by reason of such Covered Person’s willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office. Any approval pursuant to this Section 2 shall not prevent the recovery from any Covered Person of any amount paid to such Covered Person in accordance with this Section 2 as indemnification if such Covered Person is subsequently adjudicated by a court of competent jurisdiction not to have acted in good faith in the reasonable belief that such Covered Person’s action was in the best interests of the Trust or that such Covered Person’s action was at least not opposed to the best interests of the Trust or to have been liable to the Trust or its Shareholders by reason of such Covered Person’s willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person’s office.

Rebuttable Presumption

Section 3. For purposes of the determination or opinion referred to in clause (c) of Section 1 of this Article VIII or clauses (x) or (y) of Section 2 of this Article VIII, the majority of the disinterested Trustees of the Trust acting on the matter or independent legal counsel, as the case may be, shall be entitled to rely upon a rebuttable presumption that the Covered Person acted in good faith in the reasonable belief that such Covered Person’s action was in the best interests of the Trust or that such Covered Person’s action was at least not opposed to the best interests of the Trust and has not engaged in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person’s office.

Indemnification Not Exclusive

Section 4. The right of indemnification hereby provided shall not be exclusive of or affect any other rights to which any such Covered Person may be entitled. As used in this Article VIII, the term “Covered Person” shall include such person’s heirs, executors and administrators, and a “disinterested Trustee” is a Trustee who is not an “interested person” of the Trust as defined in Section 2(a)(19) of the 1940 Act (or who has been exempted from being an interested person by any rule, regulation or order of the Securities and Exchange Commission) and against whom none of the actions, suits or other proceedings in question or another action, suit or other proceeding on the same or similar grounds is then or has been pending. Nothing contained in this Article VIII shall affect any rights to indemnification to which personnel of the Trust, other than Trustees and officers, and other persons may be entitled by contract or otherwise under law, nor the power of the Trust to purchase and maintain liability insurance on behalf of any such person, including any Trustees or officers.

Shareholders

Section 5. 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 of the Trust or of a particular series and not because of his or her acts or omissions or for some other reason, the Shareholder or former Shareholder (or its corporate or other general successor) shall be entitled out of the assets of the series of which he or she is a Shareholder or former Shareholder to be held harmless from and indemnified against all loss and expense arising from such liability.

ARTICLE IX

Miscellaneous

Trustees, Shareholders, etc. Not Personally Liable; Notice

Section 1. All persons extending credit to, contracting with or having any claim against the Trust or a particular series or class of Shares shall look only to the assets of the Trust or, to the extent that the liability relates to assets of a particular series or class, only to the assets belonging to the relevant series or attributable to the relevant class, for payment under such credit, contract or claim, and neither the Shareholders nor the Trustees, nor any of the Trust’s officers, employees or agents, whether past, present or future, shall be personally liable therefor.

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Nothing in this Declaration of Trust shall protect any Trustee against any liability to which such Trustee would otherwise be subject by reason of such Trustee’s willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee.

Every note, bond, contract, instrument, certificate or undertaking made or issued on behalf of the Trust by the Trustees or any Trustee, by any officer or officers or otherwise shall give notice that this Declaration of Trust is on file with the Secretary of State of The Commonwealth of Massachusetts and shall recite that the same was executed or made by or on behalf of the Trust or by them as Trustee or Trustees or as officer or officers and not individually and that the obligations of such instrument are not binding upon any of them or the Shareholders individually but are binding only upon the assets and property of the Trust or upon the assets belonging to the series or attributable to the class for the benefit of which such note, bond, contract, instrument, certificate or undertaking is made or issued, and may contain such further recital as he or she or they may deem appropriate, but the omission thereof shall not operate to bind any Trustee or Trustees or officer or officers or Shareholder or Shareholders or any other person individually.

Trustee’s Good Faith Action, Expert Advice, No Bond or Surety

Section 2. The exercise by the Trustees of their powers and discretions hereunder shall be binding upon everyone interested. A Trustee shall be liable for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and for nothing else. The Trustees may take advice of counsel or other experts with respect to the meaning and operation of this Declaration of Trust, and shall be under no liability for any act or omission in accordance with such advice or for failing to follow such advice. The Trustees shall not be required to give any bond as such, nor any surety if a bond is required.

The appointment, designation or identification of a Trustee as the chairperson or co-chairperson of the Trustees, the lead or assistant lead independent Trustee, a member or chairperson or co-chairperson of a committee of the Trustees, an expert on any topic or in any area (including audit committee financial expert) or having any other special appointment, designation or identification, shall not (a) impose on that person any duty, obligation or liability that is greater than the duties, obligations and liabilities imposed on that person as a Trustee in the absence of the appointment, designation or identification or (b) affect in any way such Trustee’s rights or entitlement to indemnification, and no Trustee who has special skills or expertise, or is appointed, designated or identified as aforesaid, shall (x) be held to a higher standard of care by virtue thereof or (y) be limited with respect to any indemnification or right or privilege to which such Trustee would otherwise be entitled.

Liability of Third Persons Dealing with Trustees

Section 3. No person dealing with the Trustees shall be bound to make any inquiry concerning the validity of any transaction made or to be made by the Trustees or to see to the application of any payments made or property transferred to the Trust or upon its order.

Duration and Termination of Trust

Section 4. Unless terminated as provided herein, the Trust shall continue without limitation of time. The Trust may be terminated at any time by vote of at least 66-2/3% of the Shares of each series, voting separately by series, or by the Trustees by written notice to the Shareholders. Any series may be terminated at any time by vote of at least 66-2/3% of the Shares of that series; alternatively, any series or class may be terminated at any time by the Trustees by written notice to the Shareholders of that series or class. Nothing in this Declaration of Trust or the Bylaws shall restrict the power of the Trustees to terminate any series or class by written notice to the Shareholders of such series or class, whether or not such Shareholders have voted (or are proposed to vote) with respect to a merger, reorganization, sale of assets or similar transaction involving such series or class.

Upon termination of the Trust (or any series or class, as the case may be), after paying or otherwise providing for all charges, taxes, expenses and liabilities belonging, severally, to each series (or the applicable series or attributable to the particular class, as the case may be), whether due or accrued or anticipated as may be

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determined by the Trustees, the Trust shall, in accordance with such procedures as the Trustees consider appropriate, reduce the remaining assets belonging, severally, to each series (or the applicable series or attributable to the particular class, as the case may be), to distributable form in cash or shares or other securities or property, or any combination thereof, and distribute them to the Shareholders of that series (or class, as the case may be), as a series (or class, as the case may be), ratably according to the number of Shares of that series (or class, as the case may be) held by the several Shareholders on the date of termination.

Reorganizations

Section 5. The Trust, or any one or more series of the Trust, may, either as the successor, survivor or non-survivor, (1) consolidate or merge with one or more other trusts, series (including any series of the Trust), sub-trusts, partnerships, limited liability companies, associations or corporations organized under the laws of the Commonwealth of Massachusetts or any other jurisdiction, to form a consolidated or merged trust, series (including any series of the Trust), sub-trust, partnership, limited liability company, association or corporation under the laws of the Commonwealth of Massachusetts or any other jurisdiction or (2) transfer all or a substantial portion of its assets to one or more other trusts, series (including any series of the Trust), sub-trusts, partnerships, limited liability companies, associations or corporations organized under the laws of the Commonwealth of Massachusetts or any other jurisdiction, or have one or more such trusts, series, sub-trusts, partnerships, limited liability companies, associations or corporations transfer all or a substantial portion of its assets to it, any such consolidation, merger or transfer to be upon such terms and conditions as are specified in an agreement and plan of reorganization authorized and approved by the Trustees and entered into by the Trust, or one or more series, as the case may be, in connection therewith. Any such consolidation, merger or transfer may be authorized by vote of a majority of the Trustees then in office without the approval of Shareholders of the Trust or relevant series.

Filing and Copies, References, Headings

Section 6. The original or a copy of this instrument and of each amendment hereto shall be kept at the office of the Trust where it may be inspected by any Shareholder. Anyone dealing with the Trust may rely on a certificate by an officer of the Trust as to any matters in connection with the Trust hereunder, and, with the same effect as if it were the original, may rely on a copy certified by an officer of the Trust to be a copy of this instrument or of any amendments hereto. In this instrument and in any such amendment, references to this instrument and all expressions like “herein”, “hereof” and “hereunder” shall be deemed to refer to this instrument as amended or affected by any such amendments. Headings are placed herein for convenience of reference only and shall not be taken as a part hereof or control or affect the meaning, construction or effect of this instrument. This instrument may be executed in any number of counterparts each of which shall be deemed an original.

Applicable Law

Section 7. This Declaration of Trust is made in The Commonwealth of Massachusetts, and it is created under and is to be governed by and construed and administered according to the laws of said Commonwealth. The Trust shall be of the type commonly called a Massachusetts business trust and, without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust.

Amendments

Section 8.

(a) Except as specifically provided in this Declaration of Trust, the Trustees may amend or otherwise supplement the Declaration of Trust by making an amendment, a Declaration of Trust supplemental hereto or an amended and restated Declaration of Trust by an instrument in writing executed by a majority of the Trustees. Shareholders shall have the right to vote only on any amendment (i) that would affect their right to vote granted in Article V Section 1 hereof; (ii) as may be required by law to be approved by Shareholders; or (iii) submitted to them by the Trustees. Notwithstanding the preceding sentence, the Trustees may, without any Shareholder vote, amend this Declaration of Trust (x) to supply any omission or

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to cure, correct or supplement any ambiguous, defective or inconsistent provision hereof, or (y) if they deem it necessary or advisable, to conform the Declaration of Trust to the requirements of applicable law, including the 1940 Act or the Code, but the Trustees shall not be liable for failing to do so, or, (z) with respect to an amendment affecting a series or class, for any reason at any time, if there are no Shares of such series or class outstanding at that time. Except as otherwise specifically provided in this Declaration of Trust, any amendment on which Shareholders have the right to vote shall require an affirmative vote of the holders of at least a majority of the Shares outstanding and entitled to vote, except that an amendment which in the determination of the Trustees shall affect the holders of one or more series or but not the holders of all outstanding series, or shall affect the holders of one or more classes of a series but not the holders of all outstanding Shares of all classes, shall be authorized as to any such series or class by the affirmative vote of the holders of at least a majority of the Shares of such affected series or class outstanding and entitled to vote, and no vote of Shareholders of a series or class not determined by the Trustees to be affected shall be required.

(b) Nothing contained in the Declaration of Trust shall permit the amendment of the Declaration of Trust (i) to impair the exemption from personal liability of the Shareholders, former Shareholders, Trustees or former Trustees, (ii) to permit assessments upon Shareholders of the Trust, or (iii) to limit the rights to indemnification provided in Article VIII with respect to actions or omissions prior to such amendment.

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IN WITNESS WHEREOF, each undersigned has hereunto set his or her hand and seal for himself and his assigns, as of the day and year first above written.

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Trustees and Address:

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Trust Address:

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Resident Agent:

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APPENDIX H

MASTER TRUST COMPARISON CHART

	Issue	Current Declaration of Trust Provision (the “Current Declaration”)	Proposed Declaration of Trust Provision (the “Proposed Declaration”)
I.	Shareholder Rights
1.	Required Vote (Current Declaration, Section I.2(k); Proposed Declaration, Article V, Section 3)	The Current Declaration does not provide a default required vote. Rather, it provides the vote required for specific actions, such as when interestholders vote with respect to the removal of Trustees, an amendment to the Current Declaration, liquidation of a series of the Trust or termination of the Trust or a series thereof or incorporation of the Trust. Interestholders’ right to vote on these matters, including the required vote, is discussed in item (2) immediately below and in items (3), (4), (9) and (14) of this chart.	Thirty percent of shares entitled to vote on a particular matter shall be a quorum for the transaction of business on that matter at a shareholders’ meeting, except that where any provision of law or of the Proposed Declaration or the Bylaws requires that holders of any series or class shall vote as an individual series or class, then thirty percent of the aggregate number of shares of that series or class entitled to vote shall be necessary to constitute a quorum for the transaction of business by that series or class; provided that the Trustees may in their discretion specify a greater percentage to constitute a quorum as to any matter. 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 larger vote is required by any provision of law or of the Proposed Declaration or the Bylaws, a majority of the shares voted shall decide any questions and a plurality shall elect a Trustee, provided that where the holders of any series or class vote as an individual series or class, a majority of the shares of that series or class voted on the matter (or a plurality with respect to the election of a Trustee) shall decide that matter insofar as that series or class is concerned.
2.	Shareholder Voting Rights (Current Declaration, Sections II.2, II.3, VI.4(g), IX.2, IX.3 and IX.5; Proposed Declaration, Article V, Section 1)	The Current Declaration does not contain a section that lists interestholder voting rights. Through various provisions, the Current Declaration provides that interestholders have the right to vote: (i) for the election and removal of Trustees as provided in Sections II.2 and II.3,1	The shareholders shall have power to vote only (i) for the election or removal of Trustees as provided in Article IV, Section 1 of the Proposed Declaration,6 (ii) with respect to any amendment of the Proposed Declaration to the extent and as provided in Article IX, Section

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1 Under Section II.2 of the Current Declaration, Trustees may be elected by shareholders, and the Trustees must adopt bylaws not inconsistent with the Current Declaration or any provision of law to provide for election of trustees by shareholders at such time or times as the Trustees shall determine to be necessary or desirable. Article III, Section 3 of the Trust’s current bylaws addresses vacancies on the Board and provides that, in the event that at any time less than a majority of the Trustees holding office were elected by shareholders, the Board shall call a meeting of

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(ii)

(iii)

(iv)

with respect to amendments to the Current Declaration to the extent and as provided in Section IX.3,2

with respect to fund liquidations and terminations of the Trust or a series thereof to the extent and as provided in Sections VI.4(g) and IX.2,3 and

with respect to incorporation of the Trust to the extent and as provided in Section IX.5.4

8 of the Proposed Declaration,7

(iii) with respect to any termination of the Trust to the extent and as provided in Article IX, Section 4 of the Proposed Declaration (for the avoidance of any doubt, shareholders shall have no separate right to vote with respect to the termination of the Trust if the Trustees exercise their right to terminate the Trust pursuant to Article IX, Section 4 of the Proposed Declaration),8 and

(iv) with respect to such additional matters relating to the Trust as may be required by law, the Proposed

shareholders for the purposes of electing Trustees to fill any existing vacancies. Article IV, Section 1 of the Proposed Declaration provides that shareholders may fix the number of Trustees and elect Trustees at any meeting of shareholders called by the Trustees for that purpose and to the extent required by applicable law. Under the Proposed Declaration, shareholders would retain their right under the Current Declaration to remove Trustees. Under each of the Current Declaration and the Proposed Declaration, shareholders may remove any Trustee from office by vote of the holders of two-thirds of the outstanding shares at a meeting of shareholders called for the purpose of considering the removal of the Trustee, or by declaration in writing signed by the holders of two-thirds of the outstanding shares filed with the Trust’s custodian. For additional information on removal of Trustees, please see item (14) of this chart and item (9) of Proposal 3 of the proxy statement.

2 Under Section IX.3 of the Current Declaration, the declaration of trust may be amended by shareholder vote or by written consent of shareholders. The Trustees also have the authority under the Current Declaration to amend the declaration of trust without shareholder approval so long as such amendment does not adversely affect the rights of any shareholder with respect to which such amendment is or purports to be applicable. The Proposed Declaration would expand, to a certain extent, the Trustees’ current authority to amend the declaration of trust without obtaining a shareholder vote. Under the Proposed Declaration, the Trustees would generally have the authority to amend the declaration of trust without shareholder approval except when such amendment would affect shareholders’ right to vote granted in Article V, Section 1 of the Proposed Declaration (described in the accompanying text), and any amendment that is required by law to be approved by shareholders and subject to a few further limitations. For additional information, please see item (3) of this chart and item (3) of Proposal 3 of the proxy statement.

3 Under the Current Declaration, shareholders may terminate the Trust or any series thereof by the affirmative vote of the holders of not less than two-thirds of the shares of the Trust or appropriate series, unless the Trustees recommend such termination, in which case the vote of a majority of the shares of the Trust or appropriate series voted on the matter is required. The Current Declaration also provides that the liquidation of a series in which there are shares outstanding may be authorized by an instrument in writing, without a meeting, signed by a majority of the then Trustees, subject to the approval of (i) 67% or more of the shares of that series present or represented by proxy at a meeting of shareholders, or (ii) more than 50% of all shares of that series, whichever is less. Shareholders would retain their right under the Current Declaration to terminate the Trust or any series thereof by vote of shareholders, although the Proposed Declaration would modify the required vote. Under the Proposed Declaration, shareholders may terminate the Trust by vote of at least 66 2/3% of the shares of each series, voting separately by series, and shareholders of a series of the Trust may terminate such series by vote of 66 2/3% of the shares of that series. For additional information, please see item (4) of this chart and item (4) of Proposal 3 of the proxy statement.

4 The Current Declaration explicitly provides that the Trustees shall have the authority to organize or assist in organizing a corporation or other organization to take over all of the property of the Trust or carry on any business in which the Trust directly or indirectly has any interest, and to sell, convey and transfer such property to such organization (among other actions) with the approval of a majority of the shares of the Trust voted on the matter. Under the Proposed Declaration, the Trust or any series may merge or consolidate with, or transfer all or a substantial portion of its assets to, another trust, series or organization. Any such consolidation, merger or transfer may be authorized by the Trustees without the approval of shareholders of the Trust or the relevant series unless otherwise required by applicable law. In accordance with this provision and the Trustees’ authority to exercise all powers necessary or appropriate to carry out their responsibility to manage the business of the Trust, the Trustees

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					Declaration, or the Bylaws, or as the Trustees may consider necessary or desirable. Each whole share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional share shall be entitled to a proportionate fractional vote. On any matter submitted to a vote of shareholders, all shares of the Trust then entitled to vote shall, except as otherwise provided in the Bylaws, be voted in the aggregate as a single class without regard to series or classes of shares, except that (1) when required by the 1940 Act or when the Trustees shall have determined that the matter affects one or more series or classes of shares materially differently, shares shall be voted by individual series or class and (2) when the Trustees have determined that the matter affects only the interests of one or more series or classes, only shareholders of such series or classes shall be entitled to vote thereon. There shall be no cumulative voting in the election of Trustees.
3.	Declaration of Trust Amendment Procedure (Current Declaration, Section IX.3, Proposed Declaration, Article IX, Section 8)		General Authority of Trustees: The Trustees may also amend the Current Declaration without the vote or consent of the Holders (i) to change the name of the Trust or any series or classes of shares, (ii) to supply any omission, or cure, correct or supplement any ambiguous, defective or inconsistent provision hereof, (iii) if they deem it necessary to conform this declaration to the requirements of applicable federal or state laws or regulations or the requirements of the Internal Revenue Code, or to eliminate or reduce any federal, state or local taxes which are or may be payable by the Trust or the Holders, but the Trustees shall not be liable for failing to do so, or (iv) for any other purpose which does not adversely affect the rights of any Holder with respect to which the amendment is or		General Authority of Trustees: Except as specifically provided in the Proposed Declaration, the Trustees may amend or otherwise supplement the Proposed Declaration by making an amendment, a declaration of trust supplemental hereto or an amended and restated declaration of trust by an instrument in writing executed by a majority of the Trustees. Without limiting the foregoing or shareholder rights set forth below, the Trustees may, without any shareholder vote, amend the Proposed Declaration (x) to supply any omission or to cure, correct or supplement any ambiguous, defective or inconsistent provision hereof, or (y) if they deem it necessary or advisable, to conform the Proposed Declaration to the requirements of applicable law, including the 1940 Act or the Internal Revenue Code of 1986, as amended (the “Code”), but the Trustees

would have the authority to organize or assist in organizing a corporation or other organization to take over all of the property of the Trust or a series or carry on any business in which the Trust directly or indirectly has any interest, and to sell, convey and transfer such property to such organization (among other actions), without shareholder approval, except to the extent required by applicable law, which does require shareholder approval in certain instances. For additional information, please see item (9) of this chart and item (6) of Proposal 3 of the proxy statement.

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		purports to be applicable. Interestholder Rights: The Current Declaration may be amended by a Majority Interests Vote or such greater vote as may be prescribed in the Current Declaration at a meeting of Holders, or by written consent without a meeting. The provisions of the preceding sentence may not be amended except by vote of the Holders of not less than two-thirds of the Interests. No amendment may be made under this Section IX.4 which would change any rights with respect to any Interests in the Trust or of any series of the Trust by reducing the amount payable thereon upon liquidation of the Trust or of such series of the Trust or by diminishing or eliminating any voting rights pertaining thereto, except with the vote or consent of the Holders of not less than two-thirds of any Interests in the Trust or of such series or by such other vote as may be established by the Trustees with respect to any series or class. Other amendment provisions/limitations on Trustee authority: Nothing contained in the Current Declaration shall permit the amendment of the Current Declaration to impair the exemption from personal liability of the Trustees, officers, employees and agents of the Trust.	shall not be liable for failing to do so, or, (z) with respect to an amendment affecting a series or class, for any reason at any time, if there are no shares of such series or class outstanding at that time. Shareholder Rights: Shareholders shall have the right to vote only on any amendment (i) that would affect their right to vote granted in Article V, Section 1 of the Proposed Declaration; (ii) as may be required by law to be approved by shareholders; and (iii) submitted to them by the Trustees. Except as otherwise specifically provided in the Proposed Declaration, any amendment on which shareholders have the right to vote shall require an affirmative vote of the holders of at least a majority of the shares outstanding and entitled to vote, except that an amendment which in the determination of the Trustees shall affect the holders of one or more series but not the holders of all outstanding series, or shall affect the holders of one or more classes of a series but not the holders of all outstanding shares of all classes, shall be authorized as to any such series or class by the affirmative vote of the holders of at least a majority of the shares of such affected series or class outstanding and entitled to vote, and no vote of shareholders of a series or class not determined by the Trustees to be affected shall be required. Other amendment provisions/limitations on Trustee authority: Nothing contained in the Proposed Declaration shall permit the amendment of the Proposed Declaration (i) to impair the exemption from personal liability of the shareholders, former shareholders, Trustees or former Trustees, (ii) to permit assessments upon shareholders of the Trust, or (iii) to limit the rights to indemnification provided in Article VIII with respect to actions or omissions prior to such amendment.
4.	Termination of Trust, Series and Classes; Liquidation of Series (Current Declaration, Sections VI.4(f), VI.4(g) and IX.2; Proposed Declaration, Article IX, Section 4)	The Trust or any series may be terminated either by (i) resolution of the Board of Trustees with notice in writing to the Holders, (ii) the affirmative vote of the Holders of not less than two-thirds of the Interests at any meeting of Holders or the appropriate series thereof, or (iii) a Majority Interests Vote if such termination is recommended by the	Unless terminated as provided herein, the Trust shall continue without limitation of time. The Trust may be terminated at any time by vote of at least 66-2/3% of the shares of each series, voting separately by series, or by the Trustees by written notice to the shareholders. Any series may be terminated at any time by vote of at least 66-2/3% of the shares of that series;

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		Trustees. The foregoing provisions may not be amended except by the approval by the Holders of not less than two-thirds of the Interests. At any time that there are no Interests outstanding of any particular series or class previously established and designated, the Trustees may, by a resolution adopted by a majority of their number, abolish that series or class and the establishment and designation thereof. Each resolution referred to in this paragraph shall have the status of an amendment to the Current Declaration. The liquidation of any particular series in which there are Interests then outstanding may be authorized by an instrument in writing, without a meeting, signed by a majority of the Trustees then in office, subject to the approval by a Majority Interests Vote as that term is defined in Section I.2(k)(iii). Section I.2(k)(iii) requires the vote of (i) 67% or more of the Interests present or represented by proxy at a meeting of Holders, or (ii) more than 50% of all Interests, whichever is less.	alternatively, any series or class may be terminated at any time by the Trustees by written notice to the shareholders of that series or class. Nothing in the Proposed Declaration or the Bylaws shall restrict the power of the Trustees to terminate any series or class by written notice to the shareholders of such series or class, whether or not such shareholders have voted (or are proposed to vote) with respect to a merger, reorganization, sale of assets or similar transaction involving such series or class.
5.	Inspection of Books and Records (Current Declaration, N/A; Proposed Declaration, Article V, Section 5)	No corresponding provision.	No shareholder shall have any right to examine any books or records of the Trust if the Trust determines that the examination will for any reason be adverse to the interests of the Trust. The Trust’s determination that the examination would be adverse to the interests of the Trust, and the refusal to permit examination, shall be binding upon the shareholders, and no suit, proceeding or other action shall be commenced or maintained after such decision to reject a demand for examination. There shall be no right for any person to examine any books or records of the Trust if such person is not a shareholder of the applicable series or class of shares for all relevant periods including without limitation when the demand to examine any books or records of the Trust was made, during the pendency of any suit, proceeding or other action related to a demand to examine any books or records of the Trust, or during the period of any examination of the books or records of the Trust. This provision is without exclusion to other bases for refusing to permit such examination. In addition, every

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			examination shall be subject to such reasonable regulations as the Trust may establish in regard thereto.
II.	Trustee Rights and Powers
6.	Trustees’ Manner of Acting (Current Declaration, Section III.10; Proposed Declaration, Article IV, Section 3)	Except as otherwise provided herein or in the Bylaws or by any provision of law, any action to be taken by the Trustees may be taken by a majority of the Trustees present at a meeting of Trustees (a quorum being present), including any meeting held by means of a conference telephone circuit or similar communications equipment by means of which all persons participating in the meeting can hear each other, or by written consents of all the Trustees.	Except as otherwise provided herein or from time to time in the Bylaws, any action to be taken by the Trustees may be taken (A) by a majority of the Trustees present at a meeting of the Trustees (a quorum being present), within or without Massachusetts, including any meeting held by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other at the same time (participation by which means shall for all purposes constitute presence in person at a meeting), or (B) by written consents of a majority of the Trustees then in office (which written consents shall be filed with the records of the meetings of the Trustees and shall be treated for all purposes as a vote taken at a meeting of Trustees).
7.	Trustees’ Delegation of Authority (Current Declaration, Section II.5; Proposed Declaration, N/A)	Any Trustee may, by power of attorney, delegate his or her power for a period not exceeding six (6) months at any one time to any other Trustee or Trustees; provided that in no case shall less than two (2) Trustees personally exercise the powers granted to the Trustees under the Current Declaration except as herein otherwise expressly provided.	No corresponding provision.
8.	Merger, Consolidation and Sale of Assets (Current Declaration, Section IX.4; Proposed Declaration Article IX, Section 5, Article III, Section 1)	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 goodwill, upon such terms and conditions and for such consideration when and as authorized by the Trustees.	The Trust, or any one or more series of the Trust, may, either as the successor, survivor or non-survivor, (1) consolidate or merge with one or more other trusts, series (including any series of the Trust), sub-trusts, partnerships, limited liability companies, associations or corporations organized under the laws of the Commonwealth of Massachusetts or any other jurisdiction, to form a consolidated or merged trust, series (including any series of the Trust), sub-trust, partnership, limited liability company, association or corporation under the laws of the Commonwealth of Massachusetts or any other jurisdiction or (2) transfer all or a substantial portion of its assets to one or more other trusts, series (including any series of the Trust), sub-trusts, partnerships, limited liability companies, associations or corporations organized under the laws of the Commonwealth of

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			Massachusetts or any other jurisdiction, or have one or more such trusts, series, sub-trusts, partnerships, limited liability companies, associations or corporations transfer all or a substantial portion of its assets to it, any such consolidation, merger or transfer to be upon such terms and conditions as are specified in an agreement and plan of reorganization authorized and approved by the Trustees and entered into by the Trust, or one or more series, as the case may be, in connection therewith. Any such consolidation, merger or transfer may be authorized by vote of a majority of the Trustees then in office without the approval of shareholders of the Trust or relevant series. The Trustees also may from time to time, without shareholder approval, combine the shares of two or more series into a single series or the shares of two or more classes of any series into a single class.
9.	Incorporation (Current Declaration, Section IX.5; Proposed Declaration, N/A)	Upon a Majority Interests Vote, the Trustees may cause to be organized or assist in organizing a corporation or corporations under the law of any jurisdiction or a trust, partnership, association or other organization to take over the Trust Property or to carry on any business in which the Trust directly or indirectly has any interest, and to sell, convey and transfer the Trust Property to any such corporation, trust, partnership, association or other organization in exchange for the equity interests thereof or otherwise, and to lend money to, subscribe for the equity interests of, and enter into any contract with any such corporation, trust, partnership, association or other organization, or any corporation, trust, partnership, association or other organization in which the Trust holds or is about to acquire equity interests. 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 if and to the extent permitted by law. Nothing contained herein shall be construed as requiring approval of the Holders for the Trustees to organize or assist in organizing one or more corporations, trusts, partnerships, associations or other organizations and	No corresponding provision.

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		selling, conveying or transferring a portion of the Trust Property to one or more of such organizations or entities.
10.	Trustees’ Authority to Hire Subadvisors (Current Declaration, Sections IV.1 and IV.2; Proposed Declaration, Article IV, Section 6)	Subject to applicable provisions of the 1940 Act, the Trustees may in their discretion from time to time enter into one or more investment advisory and management contracts or, if the Trustees establish multiple series, separate investment advisory and management contracts with respect to one or more series whereby the other party or parties to any such contracts shall undertake to furnish the Trust or such series such management, investment advisory, administration, accounting, legal, statistical and research facilities and services, promotional or marketing activities, and such other facilities and services, if any, as the Trustees shall from time to time consider desirable and all upon such terms and conditions as the Trustees may in their discretion determine. Notwithstanding any provisions of the Current Declaration, the Trustees may authorize the Investment Advisers, or any of them, under any such contracts (subject to such general or specific instructions as the Trustees may from time to time adopt) to effect purchases, sales, loans or exchanges of portfolio securities and other investments of the Trust on behalf of the Trustees or may authorize any officer, employee or Trustee to effect such purchases, sales, loans or exchanges pursuant to recommendations of such Investment Advisers, or any of them (and all without further action by the Trustees). Any such purchases, sales, loans and exchanges shall be deemed to have been authorized by all of the Trustees. The Trustees may in their discretion from time to time enter into an administration contract whereby the other party shall agree to provide the Trustees or the Trust administrative personnel and services to operate the Trust on a daily or other basis, on such terms and conditions as the Trustees may in their discretion determine. Such services may be provided by one or more persons or entities.	The Trustees may, at any time and from time to time, contract for exclusive or nonexclusive advisory and/or management services with any corporation, trust, association or other organization (the “Manager”), every such contract to comply with such requirements and restrictions as may be set forth in the Bylaws; and any such contract may provide for, or permit, the hiring of, or delegation to, one or more sub-advisers who shall perform all or part of the obligations of the Manager under such contract and may contain such other terms as the Trustees may determine, including, without limitation, authority to determine from time to time what investments shall be purchased, held, sold or exchanged and what portion, if any, of the assets of the Trust shall be held uninvested and to make changes in the Trust’s investments. The Trustees may also, at any time and from time to time, contract with the Manager or any other corporation, trust, association or other organization, appointing it exclusive or nonexclusive distributor or principal underwriter for the shares, every such contract to comply with such requirements and restrictions as may be set forth in the Bylaws; and any such contract may contain such other terms as the Trustees may determine.
11.	Redemption by Trust	Each Interest shall be subject to	The Trust shall have the right at its option

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	(Current Declaration, Section VII.2; Proposed Declaration, Article VI, Section 3)	repurchase by the Trust at the option of the Trust at the redemption price determined in accordance with Section VII.1: (i) at any time if the Trustees determine, in their sole discretion, that failure to so redeem may have materially adverse consequences to the Holders, or (ii) upon such other conditions with respect to maintenance of Holder accounts of a minimum amount as may from time to time be determined by the Trustees. Upon such decrease or Redemption the Holder so decreased or redeemed shall have no further right with respect thereto other than to receive payment of such redemption price.	and without a vote of the shareholders at any time and for any reason or no reason to redeem all or a portion of the shares of any shareholder at the net asset value thereof as determined in accordance with the Proposed Declaration and the Bylaws, including, but not limited to: (i) if at such time such shareholder owns fewer shares than, or shares having an aggregate net asset value of less than, an amount determined from time to time by the Trustees; or (ii) to the extent that such shareholder owns shares of a particular series of shares equal to or in excess of a percentage of the outstanding shares of that series determined from time to time by the Trustees, or representing a percentage of the aggregate net asset value of that series equal to or in excess of a percentage determined from time to time by the Trustees; or (iii) to the extent that such shareholder owns shares of the Trust equal to or in excess of a percentage of the outstanding shares of the Trust or the aggregate net asset value of the Trust determined from time to time by the Trustees; or (iv) if the Trust determines that such shareholder is engaging in conduct that is harmful to the Trust or any series or class; or (v) that such shareholder’s continued participation in the Trust would cause, or in the judgment of the Trustees threatens to cause, the Trust to fail to comply with applicable law or to fail to be eligible for any tax withholding, regulatory or registration exemption, including without limitation, due to a determination by the Trustees that such shareholder’s continued participation in the Trust may cause the Trust to be required to withhold on distributions to such shareholder by reason of section 1471 et seq. of the Code; or (vi) if the Trust otherwise determines such redemption to be necessary or appropriate.
12.	Suspension of Right of Redemption (Current Declaration, Section VII.3; Proposed Declaration, Article VI, Section 2)	The Trustees may declare a suspension of the right of decrease or redeem interests or postpone the date of payment of the proceeds of a decrease or Redemption as and to the extent consistent with applicable law. Such suspension shall take effect at such time as the Trust shall specify but not later than the close of business on the business day next following the declaration of suspension, and thereafter there shall be	The Trust shall purchase such shares as are offered by any shareholder for redemption, upon the presentation of any certificate for the shares to be purchased, a proper instrument of transfer and a request directed to the Trust or a person designated by the Trust that the Trust purchase such shares, or in accordance with such other procedures for redemption as the Trustees may from time to time authorize; and the Trust will pay therefor the net asset value

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		no right of decrease, Redemption or payment on decrease or Redemption until the Trust shall declare the suspension at an end. In the case of a suspension of the right of decrease or Redemption, a Holder may either withdraw his request to decrease or redeem Interests or receive payment based on the net asset value existing after the termination of the suspension.	thereof, as next determined in accordance herewith, less any applicable redemption charge or other charges and/or fees fixed by the Trustees. Except as otherwise provided from time to time in the prospectus of the Trust relating to the particular class or series of shares, or as the Trustees may otherwise determine, payment for said shares shall be made by the Trust to the shareholder within seven days after the date on which the request is made. The obligations set forth in this paragraph may be suspended or postponed from time to time or at any time in the discretion of the Trustees in accordance with applicable law and regulation, including determinations, exemptions, pronouncements, and regulatory relief issued or promulgated by appropriate governmental authorities.
13.	Authority to Combine Classes (Current Declaration, Section N/A; Proposed Declaration, Article IX, Section 5, Article III, Section 1)	No corresponding provision.	The Trustees may from time to time, without shareholder approval, combine the shares of two or more classes of any series into a single class.

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III.	Other
14.	Number and Removal of Trustees (Current Declaration, Sections II.2 and II.3; Proposed Declaration, Article IV, Section 1)	The Trustees serving as such, whether named above or hereafter becoming Trustees, may increase or decrease the number of Trustees to a number other than the number theretofore determined, so long as the number shall never be less than two (2); provided, however, that the number of Trustees may be one (1) until such time as the initial Trustee shall elect additional Trustees. Any of the Trustees may be removed (provided the aggregate number of Trustees after such removal shall not be less than one) by the action of two-thirds of the remaining Trustees or by the action of the Holders by not less than two-thirds of the Interests (for purposes of determining the circumstances and procedures under which such removal by the Holders may take place, the provisions of Section 16(c) of the 1940 Act shall be applicable to the same extent as if the Trust were subject to the provisions of that Section). These provisions may not be amended except by a vote of the Holders of not less than two-thirds of the Interests.	From time to time, the Trustees may fix the number of Trustees.
15.	Derivative Actions (Current Declaration, N/A; Proposed Declaration, Article III, Section 5)	No corresponding provision.	The purpose of Section 5 of the Proposed Declaration is to protect the interests of the Trust and the shareholders by establishing a process that will permit legitimate inquiries and claims to be made and considered while avoiding the time, expense, distraction and other harm that can be caused to the Trust and shareholders as a result of spurious shareholder demands and derivative actions. (a) No shareholder shall commence or maintain a derivative or similar action or proceeding on behalf or for the benefit of the Trust or any series or class to recover a judgment in its favor (a “derivative action”) unless each of the following conditions is met: (i) The complaining shareholder was a shareholder of the series or class on behalf of or in the right of which the derivative action is proposed to be brought (the “affected series or class”)

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at the time of the action or failure to act complained of, or acquired the shares afterwards by operation of law from a person who was a shareholder at that time, and subsequently remains a shareholder of such series or class for all relevant periods including without limitation when the demand required by subsection (iii) below was made and while the derivative action is maintained;

(ii) The complaining shareholder does not bring or purport to bring the derivative action on behalf of any series or class of the Trust other than the class or series that the shareholder owns pursuant to subsection (i) above;

(iii) Prior to the commencement of such derivative action, the complaining shareholder has made a written demand on the Trust, mailed to the Secretary of the Trust at the Trust’s principal office, requesting that the Trustees cause the Trust to file the action itself on behalf of the affected series or class (a “demand”) and setting forth with particularity the nature of the proposed proceeding or claim and the essential facts relied upon by the shareholder to support the allegations made in the demand;

(iv) The period described in subsections (b) or (e) below has elapsed, unless the Trust notifies the complaining shareholder by an earlier date of the Trust’s response to the demand; and

(v) The Trust has not notified the complaining shareholder of any determination by the Trustees or the shareholders pursuant to this Section 5 that would preclude the complaining shareholders from commencing or maintaining the derivative action.

(b) Within 90 calendar days of the receipt of a shareholder demand submitted in accordance with the requirements above, those Trustees who are independent for purposes of

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considering the demand (the “independent Trustees”) will 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 series or class, as applicable. If, during this 90-day period, those independent Trustees conclude that such determination cannot reasonably be made within the 90-day period, those independent Trustees may extend the 90-day period by a period that the independent Trustees consider will be sufficient to permit them to make such a determination, not to exceed 120 calendar days from the end of the initial 90-day period (such 90-day period, as may be extended as provided hereunder, the “review period”). Notice of any such decision to extend the review period shall be sent to the complaining shareholder.

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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 series or class of which the Trustee is a shareholder.

(d) Any decision by the independent Trustees to bring, maintain or settle (or not to bring, maintain or settle) a proceeding in connection with a demand, or to vindicate (or not vindicate) any claim on behalf or for the benefit of the Trust, or to submit the matter to a vote of shareholders pursuant to subsection (e) below, shall be made by the Trustees in their sole business judgment and shall be binding upon the shareholders, and no suit, proceeding or other action shall be commenced or maintained after a decision to reject a demand.

(e) In their sole discretion, the Trustees may submit the decision whether to bring an action in response to the demand on behalf of the Trust or any affected series or class to a vote of shareholders of the Trust or any affected series or class. Notice of any such decision to submit the matter to a vote of shareholders shall be sent to the complaining shareholder. The Trust shall notify the complaining shareholder of the results of such shareholders’ vote, which shall be binding upon shareholders, within 180 days of the receipt of such demand submitted in accordance with the requirements of subsection (a) above.

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16.	Direct Actions (Current Declaration, N/A; Proposed Declaration, Article III, Section 7)	No corresponding provision.	No class of shareholders shall have the right to bring or maintain a direct action or claim for monetary damages against the Trust or the Trustees predicated upon an express or implied right of action under the Proposed Declaration or the 1940 Act or other federal securities laws, nor shall any single shareholder, who is similarly situated to one or more other shareholders with respect to an alleged injury, have the right to bring such an action, unless the class of shareholders or single shareholder has obtained authorization from the Trustees to bring the action. The requirement of authorization shall not be excused under any circumstances, including claims of alleged interest on the part of the Trustees. A request for authorization shall be mailed to the Secretary of the Trust at the Trust’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 class of shareholders or single shareholder to support the allegations made in the request. The Trustees shall consider such request within 90 days after its receipt by the Trust. In their sole discretion, the Trustees may submit the matter to a vote of shareholders of the Trust or of any series or class of shares, as appropriate. Any decision by the Trustees to settle or to authorize (or not to settle or to authorize) such court action, proceeding or claim, or to submit the matter to a vote of shareholders, shall be binding upon the class of shareholders or single shareholder seeking authorization.
17.	Mechanics for Establishing or Abolishing a Series or Class (Current Declaration, Sections VI.4(f), VIII.6 and IX.3; Proposed Declaration, Article IX, Section 6)	The establishment and designation of any series or class of Interests in addition to those established in Section VI.1 shall be effective by resolution adopted by a majority of the then Trustees setting forth such establishment and designation and the relative rights, preferences, voting powers, restrictions, limitations as to dividends, qualifications, and terms and conditions of Redemption of such series or class, or as otherwise provided in such instrument. At any time that there are no Interests outstanding of any particular series or class previously established and designated, the Trustees may, by a resolution adopted by a	There is no explicit requirement that an amendment to the Proposed Declaration is required to establish and designate series or abolish series previously established and designated. The original or a copy of this instrument and of each amendment hereto shall be kept at the office of the Trust where it may be inspected by any shareholder. Anyone dealing with the Trust may rely on a certificate by an officer of the Trust as to any matters in connection with the Trust hereunder, and, with the same effect as if it were the original, may rely on a copy certified by an officer of the Trust to be a

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		majority of their number, abolish that series or class and the establishment and designation thereof. Each resolution referred to in this paragraph shall have the status of an amendment to the Current Declaration. The Current Declaration and any amendment hereto shall be filed in the office of the Department of State of The Commonwealth of Massachusetts and in such other places as may be required under the laws of The Commonwealth of Massachusetts.	copy of this instrument or of any amendments to the Proposed Declaration. In this instrument and in any such amendment, references to this instrument and all expressions like “herein”, “hereof” and “hereunder” shall be deemed to refer to this instrument as amended or affected by any such amendments. Headings are placed herein for convenience of reference only and shall not be taken as a part hereof or control or affect the meaning, construction or effect of this instrument. This instrument may be executed in any number of counterparts each of which shall be deemed an original.
18.	Uniform Trustee Standard of Care (Current Declaration, Section V.2, V.4, V.6; Proposed Declaration, Article IX, Section 2)	No Trustee, officer, employee or agent of the Trust shall be liable to the Trust or its holders for any action or failure to act (including, without limitation, the failure to compel in any way any former or acting Trustee to redress any breach of trust) except for his or her own bad faith, willful misfeasance, gross negligence or reckless disregard of his or her duties, and all such persons shall look solely to the Trust property, or to the property of one or more specific series of the Trust if the claim arises from the conduct of such Trustee, officer, employee or agent with respect to only such series, for satisfaction of claims of any nature arising in connection with the affairs of the Trust. No Trustee shall be obligated to give any bond or other security for the performance of any of his or her duties hereunder. Each Trustee and officer or employee of the Trust shall, in the performance of his or her duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the books of account or other records of the Trust, upon an opinion of counsel, or upon reports made to the Trust by any of its officers or employees or by any investment adviser, placement agent, administrator accountants, appraisers or other experts or consultants selected with reasonable care by the Trustees, officers or employees of the Trust, regardless of whether such counsel or expert may also be a Trustee.	The exercise by the Trustees of their powers and discretions hereunder shall be binding upon everyone interested. A Trustee shall be liable for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and for nothing else. The Trustees may take advice of counsel or other experts with respect to the meaning and operation of the Proposed 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 Trustees shall not be required to give any bond as such, nor any surety if a bond is required. The appointment, designation or identification of a Trustee as the chairperson or co-chairperson of the Trustees, the lead or assistant lead independent Trustee, a member or chairperson or co-chairperson of a committee of the Trustees, an expert on any topic or in any area (including audit committee financial expert) or having any other special appointment, designation or identification, shall not (a) impose on that person any duty, obligation or liability that is greater than the duties, obligations and liabilities imposed on that person as a Trustee in the absence of the appointment, designation or identification or (b) affect in any way such Trustee’s rights or entitlement to indemnification, and no Trustee who has special skills or expertise, or is appointed, designated or identified as aforesaid, shall (x) be held to a higher standard of care by virtue thereof or (y) be limited with respect to any indemnification

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to which such Trustee would otherwise be entitled.

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19.

Trustee Indemnification (Current Declaration, V.3; Proposed Declaration, Article VIII)

Declaration of Trust:

The Trustees shall provide for indemnification by the Trust, or by one or more series thereof if the claim arises from his or her conduct with respect to only such series, of any person who is, or has been, a Trustee, officer, employee or agent of the Trust against all liability and against all expenses reasonably incurred or paid by him in connection with any claim, action, suit or proceeding in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been a Trustee, officer, employee or agent and against amounts paid or incurred by him or her in the settlement thereof, in such manner as the Trustees may provide from time to time in the Bylaws.

The word "claim," "action," "suit," or "proceeding" shall apply to all claims, actions, suits and proceedings (civil, criminal, or other, including appeals), actual or threatened; and the words "liability" and "expenses" shall include, without limitation, attorneys' fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities.

The indemnification provisions in Article VI of the current Bylaws are as follows:

Section 1. TRUSTEES, OFFICERS, ETC. The Trust shall indemnify each of its Trustees and officers (including persons who serve at the Trust's request as directors, officers or trustees of another organization in which the Trust has any interest as an interestholder, creditor or otherwise) (hereinafter referred to as a "Covered Person") against all liabilities and expenses, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees reasonably incurred by any Covered Person in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or legislative body, in which such Covered

The Trust shall indemnify each of its Trustees and officers, including persons who serve at the Trust’s request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise (each such Trustee, officer or person hereinafter referred to as a “Covered Person”), against all liabilities and expenses, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and accountants’ or counsel fees reasonably incurred by any Covered Person in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or legislative body, in which such Covered Person may be or may have been involved as a party or otherwise or with which such Covered Person may be or may have been threatened, while in office or thereafter, by reason of being or having been such a Covered Person, except with respect to any matter as to which such Covered Person shall have been finally adjudicated in a decision on the merits in any such action, suit or other proceeding not to have acted in good faith in the reasonable belief that such Covered Person’s action was in the best interests of the Trust or that such Covered Person’s action was at least not opposed to the best interests of the Trust and except that no Covered Person shall be indemnified against any liability to the Trust or its shareholders to which such Covered Person would otherwise be subject by reason of such Covered Person’s willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person’s office. Expenses, including counsel fees so incurred by any such Covered Person (but excluding amounts paid in satisfaction of judgments, in compromise or as fines or penalties), shall be paid from time to time by the Trust in advance of the final disposition of any such action, suit or proceeding upon receipt of an undertaking by or on behalf of such Covered Person to repay amounts so paid to the Trust if it is ultimately determined that indemnification of such expenses is not authorized under this Article VIII, provided, that (a) such Covered Person shall provide security for

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Person may be or may have been involved as a party or otherwise or with which such Covered Person may be or may have been threatened, while in office or thereafter, by reason of any alleged act or omission as a Trustee or officer (which shall include without limitation, to the fullest extent permitted by law, any act or omission in respect of the sale of interests of the Trust to one or more other investment companies or the sale of securities by any other such investment company, or such Trustee's or officer's status as a signatory or other status under or in respect of any registration statement of any such other investment company under the 1940 Act, or the Securities Act of 1933, as amended, or other related documentation of any kind, or any other act or omission of any Trustee or officer in respect of the Trust's status or alleged status as co-issuer of securities of any other such investment company) or by reason of his or her being or having been such a Trustee or officer, except with respect to any matter as to which such Covered Person shall have been finally adjudicated in any such action, suit or other proceeding not to have acted in good faith in the reasonable belief that such Covered Person's action was in the best interest of the Trust and except that no Covered Person shall be indemnified against any liability to the Trust or its interestholders to which such Covered Person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office. Expenses, including counsel fees so incurred by any such Covered Person, may be paid from time to time by the Trust in advance of the final disposition of any such action, suit or proceeding on the condition that the amounts so paid shall be repaid to the Trust if it is ultimately determined that indemnification of such expenses is not authorized under this Article. If the act or omission or other matter in respect of which an obligation of the Trust to provide indemnification pursuant to this Article VI relates only to one or more series of the Trust, then the obligation so to provide indemnification shall be the obligation only of those series.

his or her undertaking, (b) the Trust shall be insured against losses arising from any such advance payments, or (c) either a majority of the disinterested Trustees acting on the matter (provided that a majority of the disinterested Trustees then in office act on the matter), or independent legal counsel in a written opinion, shall have determined based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe such Covered Person ultimately will be entitled to indemnification.

As to any matter disposed of (whether by a compromise payment, pursuant to a consent decree or otherwise) without an adjudication in a decision on the merits by a court, or by any other body before which the proceeding was brought, that such Covered Person either (a) did not act in good faith in the reasonable belief that such Covered Person’s action was in the best interest of the Trust or that such Covered Person’s action was at least not opposed to the best interests of the Trust or (b) is liable to the Trust or its shareholders by reason of such Covered Person’s willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person’s office, indemnification shall be provided if (x) approved as in the best interest of the Master Trust, after notice that it involves such indemnification, by at least a majority of the disinterested Trustees acting on the matter (provided that a majority of the disinterested Trustees then in office act on the matter), upon a determination, based upon a review of readily available facts (as opposed to a full trial-type inquiry), that such Covered Person acted in good faith in the reasonable belief that such Covered Person’s action was in the best interests of the Trust or that such Covered Person’s action was at least not opposed to the best interests of the Master Trust and that such indemnification would not protect such Covered Person against any liability to the Master Trust or its shareholders by reason of such Covered Person’s willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person’s office, or (y) there has been obtained an opinion in writing of independent legal

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Section 2. COMPROMISE PAYMENT. As to any matter disposed of by a compromise payment by any such Covered Person referred to in Section 1 above, pursuant to a consent decree or otherwise, no such indemnification either for said payment or for any other expenses shall be provided unless such compromise shall be approved as in the best interests of the Trust, after notice that it involved such indemnification, (a) by a disinterested majority of the Trustees then in office; or (b) by a majority of the disinterested Trustees then in office; or (c) by any disinterested person or persons to whom the question may be referred by the Trustees, provided that in the case of approval pursuant to clause (b) or (c) there has been obtained an opinion in writing of independent legal counsel to the effect that such Covered 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 that such indemnification would not protect such person against any liability to the Trust or its interestholders 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 office; or (d) by vote of interestholders holding a majority of the interests entitled to vote thereon, exclusive of any interests beneficially owned by any interested Covered Person. Approval by the Trustees pursuant to clause (a) or (b) or by any disinterested person or persons pursuant to clause (c) of this Section shall not prevent the recovery from any Covered Person of any amount paid to such Covered Person in accordance with any of such clauses as indemnification if such Covered Person is subsequently adjudicated by a court of competent jurisdiction not to have acted in good faith in the reasonable belief that such Covered Person's action was in the best interests of the Trust or to have been liable to the Trust or its interestholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the

counsel, based upon a review of readily available facts (as opposed to a full trial-type inquiry), to the effect that such Covered Person appears to have acted in good faith in the reasonable belief that such Covered Person’s action was in the best interests of the Master Trust or that such Covered Person’s action was at least not opposed to the best interests of the Master Trust and that such indemnification would not protect such Covered Person against any liability to the Master Trust or its shareholders to which such Covered Person would otherwise be subject by reason of such Covered Person’s willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office. Any approval pursuant to this Section 2 shall not prevent the recovery from any Covered Person of any amount paid to such Covered Person in accordance with this Section 2 as indemnification if such Covered Person is subsequently adjudicated by a court of competent jurisdiction not to have acted in good faith in the reasonable belief that such Covered Person’s action was in the best interests of the Master Trust or that such Covered Person’s action was at least not opposed to the best interests of the Master Trust or to have been liable to the Master Trust or its shareholders by reason of such Covered Person’s willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person’s office.

For purposes of the determination or opinion referred to in clause (c) of Section 1 of this Article VIII or clauses (x) or (y) of Section 2 of this Article VIII, the majority of the disinterested Trustees of the Master Trust acting on the matter or independent legal counsel, as the case may be, shall be entitled to rely upon a rebuttable presumption that the Covered Person acted in good faith in the reasonably belief that such Covered Person’s action was in the best interests of the Master Trust or that such Covered Person’s action was at least not opposed to the best interests of the Master Trust and has not engaged in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person’s office.

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conduct of such Covered Person's office.

Section 3. INDEMNIFICATION NOT EXCLUSIVE. The right of indemnification hereby provided shall not be exclusive of or affect any other rights to which any such Covered Person may be entitled. As used in this Article 4, the term "Covered Person" shall include such person's heirs, executors and administrators; an "interested Covered Person" is one against whom the action, suit or other proceeding in question or another action, suit or other proceeding on the same or similar grounds is then or has been pending; and a "disinterested Trustee" or "disinterested person" is a Trustee or a person against whom none of such actions, suits or other proceedings or another action, suit or other proceeding on the same or similar grounds is then or has been pending. Nothing contained in this Article shall affect any rights to indemnification to which personnel of the Trust, other than Trustees and officers, and other persons may be entitled by contract or otherwise under law, nor the power of the Trust to purchase and maintain liability insurance on behalf of any such person.

Section 4. AMENDMENT. This Article VI may not be amended, limited, or repealed so as to limit in any way the rights or benefits hereunder of or to any person in respect of any liability or expense arising out of or relating to any act, omission, or status of such person prior to the date of such amendment, limitation, or repeal.

The right of indemnification hereby provided shall not be exclusive of or affect any other rights to which any such Covered Person may be entitled. As used in this Article VIII, the term “Covered Person” shall include such person’s heirs, executors and administrators, and a “disinterested Trustee” is a Trustee who is not an “interested person” of the Trust as defined in Section 2(a)(19) of the 1940 Act (or who has been exempted from being an interested person by any rule, regulation or order of the Securities and Exchange Commission) and against whom none of the actions, suits or other proceedings in question or another action, suit or other proceeding on the same or similar grounds is then or has been pending. Nothing contained in this Article VIII shall affect any rights to indemnification to which personnel of the Trust, other than Trustees and officers, and other persons may be entitled by contract or otherwise under law, nor the power of the Trust to purchase and maintain liability insurance on behalf of any such person, including any Trustees or officers.

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20.	Shareholder Indemnification (Current Declaration, Section V.1; Proposed Declaration, Article VIII, Section 5)	No interestholder shall be subject to any personal liability whatsoever to any person in connection with Trust Property or the acts, obligations or affairs of the Trust. The Trust shall indemnify out of the property of the Trust and hold each interestholder harmless from and against all claims and liabilities, to which such interestholder may become subject by reason of his being or having been a interestholder, and shall reimburse such interestholder for all legal and other expenses reasonably incurred by him in connection with any such claim or liability; provided that, in the event the Trust shall consist of more than one series, interestholder s of a particular series who are faced with claims or liabilities solely by reason of their status as interestholder s of that series shall be limited to the assets of that series for recovery of such loss and related expenses. The rights accruing to an interestholder under Section V.1 shall not exclude any other right to which such interestholder may be lawfully entitled, nor shall anything herein contained restrict the right of the Trust to indemnify or reimburse a interestholder in any appropriate situation even though not specifically provided herein.	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 of the Trust or of a particular series and not because of his or her acts or omissions or for some other reason, the shareholder or former shareholder (or its corporate or other general successor) shall be entitled out of the assets of the series of which he or she is a shareholder or former shareholder to be held harmless from and indemnified against all loss and expense arising from such liability.
21.	Book Capital Account Balances (Current Declaration, Article VIII, Section VIII.1; Proposed Declaration, Article VI, Section 5)	The Book Capital Account balance of each interestholder shall be determined on such days and at such time or times as the Trustees may determine. The Trustees shall adopt resolutions setting forth the method of determining the Book Capital Account balance of each interestholder. The power and duty to make calculations pursuant to such resolutions may be delegated by the Trustees to the Investment Adviser, Manager, administrator, custodian, or such other person as the Trustees may determine. Upon the redemption of an interest, the interestholder of that interest shall be entitled to receive the balance of its Book Capital Account. An interestholder may not transfer, sell or exchange its Book Capital Account balance.	For any series treated as a partnership (or an entity that is a disregarded entity) for U.S. federal income tax purposes one or more Book Capital Accounts shall be established on the books of the Trust for each shareholder in such series. The Book Capital Account of each such shareholder shall be in an amount equal to such shareholder’s contribution with respect to such series (or class) adjusted as hereinafter provided. At the beginning of each accounting period, the Book Capital Account of each such shareholder shall be increased by the amount of any contributions made to such Book Capital Account as of the beginning of such accounting period and decreased by (i) the amount of any repurchases and redemptions made from or with respect to such Book Capital Account by such shareholder in the immediately preceding accounting period or (ii) any distributions made to such shareholder from such Book Capital Account. At the end of each accounting period, the applicable Book

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Capital Account of each such shareholder shall be increased or decreased by the amount credited or debited to the applicable Book Capital Account of such shareholder pursuant to Article VI Section 6. With respect to such series, the Trustees may create a separate Book Capital Account for each contribution with respect to a series or class. Notwithstanding anything else, each such Book Capital Account shall reflect the net asset value of the associated shares and interest.

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22.

Allocations; Allocations for Tax Purposes (Current Declaration, Article VIII, Sections VIII.2, VIII.3 and VIII.4; Proposed Declaration, Article VI, Sections 6, 7 and 8)

The Trustees shall establish the procedures by which the Trust or any series thereof shall make (i) the allocation of unrealized gains and losses, taxable income and tax loss, and profit and loss, or any item or items thereof, to each interestholder, (ii) the payment of distributions, if any, to interestholders, and (iii) upon liquidation, the final distribution of items of taxable income and expense. The Trustees may amend the procedures adopted pursuant to this Section VIII.2 from time to time. The Trustees may retain from the net profits such amount as they may deem necessary to pay the liabilities and expenses of the Trust, including any series thereof, to meet obligations of the Trust, including any series thereof, and as they may deem desirable to use in the conduct of the affairs of the Trust, including any series thereof, or to retain for future requirements or extensions of the business.

Ordinary Income and Expenses generated by the Trust will be allocated to the interestholders based upon the relative values of their interests in the Trust of the beginning of each day.

The Trust will use an aggregate method for making forward and reverse 704(c) allocations, subject to a favorable Private Letter Ruling from the Internal Revenue Service. Under this method the Trust will establish a revaluation account for each interestholder. This account represents each interestholder's share of unrealized gains and losses previously allocated from the Trust. Each day the Trust will determine the increase or decrease in its unrealized gains or losses and allocate either to the interestholders based on the relative values of their interests in the Trust as of the beginning of the day. Realized gains will be allocated first to interestholders with positive balances in their revaluation accounts, then to interestholders based on their relative values of their interests in the Trust. Realized losses will be allocated first to interestholders with negative balances in their revaluation accounts, then to interestholders based on their relative values of their interests in the Trust.

As of the end of the last business day of each accounting period, for any series treated as a partnership (or, where applicable, an entity that is a disregarded entity) for U.S. federal income tax purposes, the Profit or Loss, and such other fees and expenses as the Trustees may determine, of each series for such accounting period shall be allocated to all Book Capital Accounts of shareholders of interests in that series in proportion to their respective Book Capital Account balances as of the beginning of the first business day of such accounting period (after taking into account any contributions or distributions as of such date).

The income, gains, losses, deductions and credits of each series of the Trust which series is treated as a partnership (or, where applicable, an entity that is a disregarded entity) for U.S. federal income tax purposes shall be allocated for U.S. federal, state and local income tax purposes among the shareholders so as to reflect, in the judgment of the Trustees, the interests of the shareholders in each series of the Trust as reflected in the shareholders’ Book Capital Accounts. In this respect, the Trustees are authorized: (i) to select such tax allocation methods as may in the judgment of the Trustees be appropriate to satisfy the requirements of section 704(c) of the Code regarding allocations of income, gain, loss, deduction and credit for U.S. federal income tax purposes, including without limitation an “aggregate approach” involving “partial netting” or “full netting” with respect to reverse section 704(c) allocations to the extent permitted by Treasury Regulation section 1.704-3; (ii) to interpret and apply the allocation provisions hereof as providing for a “qualified income offset”, “minimum gain chargeback” and such other allocation principles as may be required under section 704 of the Code and applicable regulations (provided that if such principles are applied in making allocations hereunder, subsequent allocations shall be made so as to reverse, to the extent possible in the judgment of the Trustees the effect of the application of such principles); (iii) to determine on a daily, monthly, or other basis items of income, gain, loss, deduction or credit or other items using any

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permissible method under section 706 of the Code and the regulations thereunder; (iv) to make special allocations of income, gain, loss, deduction or credit to shareholders who withdraw or otherwise redeem all or part of their Book Capital Accounts (as more fully described in the immediately following sentence); (v) to determine the allocation of specific items of income, gain, loss, deduction and credit of the Trust or applicable series; and (vi) to vary any and all of the foregoing allocation provisions to the extent necessary or appropriate in the judgment of the Trustees to comply with section 704 of the Code and applicable regulations. If a series of the Trust realizes income, gains, deductions or losses for U.S. federal income tax purposes for any fiscal year during or as of the end of which there are one or more shareholders whose Book Capital Account as of such time exceeds or is less than such shareholder’s “adjusted tax basis”, for U.S. federal income tax purposes, in such shareholder’s interest in such series of the Trust as of such time (determined without regard to any adjustments made to such “adjusted tax basis” by reason of any transfer or assignment of such interest and without regard to such shareholder’s share of the liabilities of such series of the Trust under section 752 of the Code) and any such shareholders withdraw or otherwise redeem their Book Capital Accounts with respect to such series pursuant to this Agreement (a “Withdrawing Shareholder”), the Trustees may elect to allocate such income, gains, deductions or losses as follows: (i) to one or more Withdrawing Shareholder to reduce or eliminate such excess or negative basis of any such Withdrawing Shareholders and (ii) to the other shareholders in such series in such manner as shall equitably reflect the amounts allocated to such shareholders’ Book Capital Accounts pursuant to Article VI Section 5. The shareholders are aware of the potential income tax consequences of the allocations made by this Article VI Section 7 and hereby agree to be bound by the provisions of this Article VI Section 7 in reporting their shares of Trust income, gain, loss, deduction and credit for income tax purposes.

In connection with a redemption, a

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distribution of Trust property to a shareholder of a series treated as a partnership for U.S. federal income tax purposes or an assignment or other transfer of all or part of the interest of such a shareholder in the Trust, each shareholder hereby agrees promptly to advise the Trust of all details relating to such redemption, distribution or transfer that may be necessary for the Trust (or any series thereof) to comply with its obligations under sections 734 and 743 of the Code; and the shareholder will provide the Trust promptly upon request by the Trustees any information that the Trustees may deem necessary to allow the Trust (or any series thereof) to comply with its obligation to make any basis adjustment required under sections 734 and 743 of the Code along with any other reasonably requested information that is related to such obligation.

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23.

Withholding Tax (Current Declaration, N/A; Proposed Declaration, Article VI, Sections 9, 10 and 11)

No corresponding provision.

The Trustees may withhold and pay over to the Internal Revenue Service (or any other relevant taxing authority) such amounts as the Trustees believe the Trust is required to withhold, pursuant to the Code or any other applicable law, with respect to any distribution, redemption or withdrawal made or deemed made to a shareholder or on account of a shareholder’s distributive share of the Trust’s items of gross income, income or gain.

If the Trust incurs any obligation to pay any amount in respect of taxes (including withholding taxes imposed on any shareholder’s or former shareholder’s share of Trust gross or net income (or items thereof)), income taxes, and any interest, penalties or additions to tax (“Tax Liability”), or the amount of cash or other property to which the Trust otherwise would be entitled is reduced as a result of withholding by other parties in satisfaction of any such Tax Liability, all payments by the Trust in satisfaction of such Tax Liability and all reductions in the amount of cash or fair market value of property to which, but for such Tax Liability, the Trust would have been entitled shall be treated, pursuant to this Article VI Section 9, as distributed (at such time as is determined by the Trustees) to those shareholders to which the related Tax Liability is attributable.

The Trustees shall not be obligated to apply for or obtain a reduction of or exemption from withholding tax on behalf of any shareholder that may be eligible for such reduction or exemption. Each shareholder shall furnish the Trustees with such information and forms as such shareholder may be required to complete where necessary to comply with any and all laws and regulations governing the obligations of withholding tax agents.

* Please note that the provisions in the chart have been edited to enhance their readability. The chart is qualified entirely by reference to the Current Declaration and form of Proposed Declaration. Capitalized terms not otherwise defined in the chart shall have the meaning ascribed to them in the applicable declaration of trust.

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	(5)	To change or eliminate the AB Fund’s fundamental investment restrictions to the extent that corresponding changes to the Master Fund’s fundamental investment restrictions are approved by the Master Fund’s interestholders.

	(6)	To transact any other business as may properly come before the Meeting.

	Sincerely,


	Gene L. Needles, Jr.
	President
	American Beacon Funds

	(5)	To change or eliminate the AB Fund’s fundamental investment restrictions to the extent that corresponding changes to the Master Fund’s fundamental investment restrictions are approved by the Master Fund’s interestholders.

	(6)	To transact any other business as may properly come before the Meeting.

	(5)	To change or eliminate the AB Fund’s fundamental investment restrictions to the extent that corresponding changes to the Master Fund’s fundamental investment restrictions are approved by the Master Fund’s interestholders.

	(6)	To transact any other business as may properly come before the Meeting.

Q:	What information has the Master Fund provided about the Master Fund Proposals?

A:	The Master Fund has provided the information below regarding the Master Fund Proposals in a “Question and Answer” section preceding the Master Trust Proxy Statement. Certain changes have been made in order to incorporate this information into this overview.

	(1)	To elect a Board of Trustees of the Master Trust.

	(2)	To approve an Amended and Restated Agreement and Declaration of Trust for the Master Trust.

	(3)	To change or eliminate certain fundamental investment restrictions of the Master Fund.

	(4)	To convert the Master Fund’s investment objective from fundamental to non-fundamental.

	By Order of the Board of Trustees,


	Rosemary K. Behan
	Secretary

Name and Year of Birth	Position(s) Held with the Master Trust Funds	Term of Office and Length of Time Served(1)	Principal Occupation(s) During Past 5 Years; Other Relevant Experience, Attributes and Skills(2)	Number of Portfolios in SSgA FM Fund Complex Overseen or to be Overseen by Nominee(4)	Other Directorships Held by Trustee During Past 5 Years
Nominees who are not “interested persons” of the Master Trust:
Incumbent Trustees of Master Trust
Michael F. Holland YOB: 1944	Independent Trustee and Chairman of the Board	State Street Master Funds since 1999	Chairman, Holland & Company L.L.C. (investment adviser) (1995- present).	24	Trustee, State Street Master Funds and State Street Institutional Investment Trust; Director, the Holland Series Fund, Inc.; Director, The China Fund, Inc.; Director, The Taiwan Fund, Inc.; Director, Reaves Utility Income Fund, Inc.; and Director, Blackstone/GSO Loan Funds.
William L. Boyan YOB: 1937	Independent Trustee	State Street Master Funds since 1999	President and Chief Operations Officer, John Hancock Financial Services (1959 – 1999) Mr. Boyan retired in 1999. Chairman Emeritus, Children’s Hospital, Boston, MA	24	Trustee, State Street Master Funds and State Street Institutional Investment Trust; Former Trustee of Old Mutual South Africa Master Trust; and Trustee, Children’s Hospital, Boston, MA.

Name and Year of Birth	Position(s) Held with the Master Trust Funds	Term of Office and Length of Time Served(1)	Principal Occupation(s) During Past 5 Years; Other Relevant Experience, Attributes and Skills(2)	Number of Portfolios in SSgA FM Fund Complex Overseen or to be Overseen by Nominee(4)	Other Directorships Held by Trustee During Past 5 Years
			(1984 – 2011); Former Trustee of Old Mutual South Africa Master Trust (investments) (1995 – 2008); Former Chairman, Boston Plan For Excellence, Boston Public Schools (1995 – 2010); Member of Advisory Board of Florida Atlantic University Lifelong Learning Society.
Rina K. Spence YOB: 1948	Independent Trustee	State Street Master Funds since 1999	President of SpenceCare International LLC (international healthcare consulting) (1999 – present); Chief Executive Officer, IEmily.com (health internet company) (2000 – 2001); Chief	24	Trustee, State Street Master Funds and State Street Institutional Investment Trust; Director, Berkshire Life Insurance Company of America (1993 – 2009); Director, IEmily.com, Inc. (2000 – 2010); and Trustee, National Osteoporosis Foundation (2005 – 2008).

New Nominee for the Master Trust; Nominee is an Incumbent Trustee of Other Funds in SSgA FM Fund Complex
Scott F. Powers (3) YOB: 1959	New Interested Nominee of State Street Master Funds.	Initial election for State Street Master Funds. Trustee of SSgA Funds since 2013	May 2008 to Present, President and Chief Executive Officer of State Street Global Advisors; 2001 – 2008, Chief Executive Officer of Old Mutual Asset Management; Board of Directors, United Way of Massachusetts Bay; Board of Directors of Middlesex School; Incorporator, Cardigan Mountain School	24	None.

(1)	Each Trustee serves for the lifetime of the trust or until his death, resignation, retirement or removal.
(2)	The information reported includes the principal occupation during the last five years for each Nominee and other information relating to the professional experiences, attributes and skills relevant to each Nominee’s qualifications to serve as a Trustee of the Master Trust.
(3)	Messrs. Powers and Ross are Interested Trustees because of their employment by State Street Global Advisors, an affiliate of the Master Trust.
(4)	The number of portfolios in the fund complex to be overseen by the nominee assumes election of each nominee to the Board of each SSgA FM Trust.

Trustee/Nominee	Name of Master Trust Fund	Dollar Range of Equity Securities in Each Master Trust Fund	Aggregate Dollar Range of Equity Securities in All Funds Overseen by Trustee or Nominee in Family of Investment Companies
Nominees who are not “interested persons” of the Master Trust:
William L. Marshall	None	None	Over $100,000
Patrick J. Riley	None	None	Over $100,000
Richard D. Shirk	None	None	Over $100,000
Bruce D. Taber	None	None	Over $100,000
Michael F. Holland	None	None	None
William L. Boyan	None	None	None
Rina K. Spence	None	None	None
Douglas T. Williams	None	None	None
Nominees who are “interested persons” of the Master Trust:
Scott F. Powers	None	None	None
James E. Ross	None	None	None

Independent Trustee	Aggregate Compensation from the Master Trust Funds	Pension or Retirement Benefits Accrued as Part of the Master Trust Funds’ Expenses	Estimated Annual Benefits Upon Retirement	Total Compensation from the Master Trust Funds and Fund Complex Paid to Trustees
William L. Boyan	$ 125,000	$ 0	$ 0	$ 125,000
Michael F. Holland	$ 155,000	$ 0	$ 0	$ 155,000
Rina K. Spence	$ 125,000	$ 0	$ 0	$ 125,000
Douglas T. Williams	$ 135,000	$ 0	$ 0	$ 135,000
Interested Trustee
James E. Ross	$ 0	$ 0	$ 0	$ 0

Name, Year of Birth and Address	Position(s) Held with the Master Trust	Term of Office and Length of Time Served	Principal Occupation During Past Five Years
Officers:
Ellen M. Needham SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111-2900 YOB: 1967	President	Term: Indefinite Elected: 10/12	President and Director, SSgA Funds Management Inc. (June 2012 –present); Chief Operating Officer, SSgA Funds Management, Inc. (May 2010 – June 2012); Senior Managing Director, SSgA Funds Management, Inc. (1992 – 2012); Senior Managing Director, State Street Global Advisors (1992 – present).*
Ann M. Carpenter SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111-2900 YOB: 1966	Vice President	Term: Indefinite Elected: 10/12	Vice President, SSgA Funds Management, Inc. (2008 – present); Principal, State Street Global Advisors (2005 – 2008 – present).*
Laura F. Dell State Street Bank and Trust Company 4 Copley Place 5th floor Boston, MA 02116 YOB: 1964	Treasurer Assistant Treasurer	Term: Indefinite Elected: 11/10 11/08-11/10	Vice President, State Street Bank and Trust Company (2002 – present).*
Chad C. Hallett State Street Bank and Trust Company 4 Copley Place 5th floor Boston, MA 02116 YOB: 1969	Assistant Treasurer	Term: Indefinite Elected: 09/11	Vice President, State Street Bank and Trust Company (2001 – present).*

Proposal	Investment Restriction	Current Restriction	Proposed Restriction
5.A	Concentration of Investments	[The AB Fund may not] purchase securities (other than securities of the U.S. Government, its agencies or instrumentalities) if, as a result of such purchase, more than 25% of the Portfolio’s total assets would be invested in any one industry.	The AB Fund may not purchase any security if, as a result, 25% or more of the AB Fund’s total assets (taken at current value) would be invested in a particular industry (for purposes of this restriction, investment companies are not considered to constitute a particular industry or group of industries), except as is consistent with applicable law from time to time and as follows: the AB Fund is permitted to invest without limit in “government securities” (as defined in the 1940 Act) and tax-exempt securities issued by a U.S. territory or possession, a state or local government, or a political subdivision of any of the foregoing. The AB Fund may concentrate its investments in securities of issuers in the same industry as may be necessary to approximate the composition of the AB Fund’s underlying Index.
5.B	Borrowing Money and Issuing Senior Securities	[The AB Fund may not] borrow more than 33 1/3% of the value of its total assets less all liabilities and indebtedness (other than such borrowings). The AB Fund may borrow money in an amount not more than 1/3 of the current value of its net assets as a temporary measure for extraordinary or emergency purposes and enter into reverse repurchase agreements or dollar roll transactions, and it may pledge, mortgage or hypothecate not more than 1/3 of such assets to secure such borrowings (it is intended that money would be borrowed only from banks and only	The AB Fund may borrow money and issue senior securities to the extent consistent with applicable law from time to time.

		either to accommodate requests for the withdrawal of beneficial interests (redemption of shares) while effecting an orderly liquidation of portfolio securities or to maintain liquidity in the event of an unanticipated failure to complete a portfolio security transaction or other similar situations) or reverse repurchase agreements, provided that collateral arrangements with respect to options and futures, including deposits of initial deposit and variation margin, are not considered a pledge of assets for purposes of this restriction and except that assets may be pledged to secure letters of credit solely for the purpose of participating in a captive insurance company sponsored by the Investment Company Institute. [The AB Fund may not] issue any class of securities that is senior to the Portfolio’s beneficial interests, to the extent prohibited by the 1940 Act, provided that, for the AB Fund, collateral arrangements with respect to options and futures, including deposits of initial deposit and variation margin, are not considered to be the issuance of a senior security for purposes of this restriction.
5.C	Lending	[The AB Fund may not] make loans, except by purchase of debt obligations in which the Portfolio may invest consistent with its investment policies, by entering into repurchase agreements, or by lending its portfolio securities. In addition, the AB Fund may not make loans to other persons except: (a) through the lending of the Fund’s portfolio securities and provided that	The AB Fund may make loans, including to affiliated investment companies, to the extent consistent with applicable law from time to time.

		any such loans not exceed 30% of the Fund’s net assets (taken at market value); (b) through the use of repurchase agreements or the purchase of short-term obligations; or (c) by purchasing a portion of an issue of debt securities of types distributed publicly or privately.
5.D	Investments in Commodities	[The AB Fund may not] purchase or sell commodities or commodity contracts, except that it may purchase and sell financial futures contracts and options and may enter into foreign exchange contracts and other financial transactions not involving the direct purchase or sale of physical commodities.	The AB Fund may purchase or sell commodities to the extent consistent with applicable law from time to time.
5.E	Investments in Real Estate	[The AB Fund may not] purchase or sell real estate, although it may purchase securities of issuers which deal in real estate, securities which are secured by interests in real estate, and securities which represent interests in real estate, and it may acquire and dispose of real estate or interests in real estate acquired through the exercise of its rights as a holder of debt obligations secured by real estate or interests therein. In addition, the AB Fund may not purchase or sell interests in oil, gas or mineral leases.	The AB Fund may purchase, sell or hold real estate to the extent consistent with applicable law from time to time.
5.F	Underwriting Securities	[The AB Fund may not] underwrite securities issued by other persons except to the extent that, in connection with the disposition of its portfolio investments, it may be deemed to be an underwriter under certain federal securities laws.	The AB Fund may underwrite securities to the extent consistent with applicable law from time to time.
5.G	Diversification	[The AB Fund may not] with respect to 75% of its total assets, invest in the securities of any issuer if, immediately after such investment,	This restriction would be removed.

Name and Address	Number of Shares	Percentage of Ownership
SSgA S&P 500 Index Fund SSgA Funds One Lincoln Street Boston, Massachusetts 02111-2900	46,931,823.37	42.44%
American Beacon S&P 500 Index Fund American Beacon Advisors, Inc. 4151 Amon Carter Blvd., MD 2450 Fort Worth, Texas 76155	38,907,522.47	35.18%
State Street Equity 500 Index Fund State Street Institutional Investment Trust P.O. Box 5049 Boston, Massachusetts 02206	24,743,299.63	22.38%


Name and Address	Class	No. of Shares Owned	% of Shares
CHARLES SCHWAB & CO. FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FUND OPS 9601 E. PANORAMA CIRCLE ENGLEWOOD, CO 80112-3441	Investor	277,987.003	25%

TD AMERITRADE INC. FOR THE EXCLUSIVE BENEFIT OF OUR CLIENTS P.O. BOX 2226 OMAHA, NE 68103-2226	Investor	230,163.41	20%

NATIONAL FINANCIAL SERVICES CORP. FOR THE EXCLUSIVE BENEFIT OF OUR CUSTOMERS ATTN MUTUAL FDS 5TH FLOOR 200 LIBERTY STREET ONE WORLD FINANCIAL CENTER NEW YORK, NY 10281-1003	Investor	225,130.348	20%

JP MORGAN CHASE BANK TTEE $UPER $AVER CAP ACCUM PLAN FOR EE OF PTP AMR CORP SUBSID C/O JP MORGAN/AMERICAN CENTURY RPS P.O. BOX 419784 KANSAS CITY, MO 64141-6784	Institutional	35,342,004.607	93%

	1.	The Audit Committee shall pre-approve all auditing services and permissible non-audit services (e.g., tax services) provided to the Trust. The Audit Committee may delegate to one or more of its members the authority to grant pre-approvals. Any decision of any member to whom authority is delegated under this section shall be presented to the full Audit Committee at its next regularly scheduled meeting;

	or

	2.	The engagement to render the auditing service or permissible non-audit service is entered into pursuant to pre-approval policies and procedures established by the Audit Committee. Any such policies and procedures must (1) be detailed as to the particular service and (2) not involve any delegation of the Audit Committee’s responsibilities to the investment adviser. The Audit Committee must be informed of each service entered into pursuant to the policies and procedures. A copy of any such policies and procedures shall be attached as an exhibit to the Audit Committee Charter.

	Vote by Internet Please go to the electronic voting site at www.eproxvvote.com/AB. Follow the on-line instructions. If you vote by internet, you do not have to return your Ballot.

	Vote by Telephone Please call us toll-free at 1-866-977-7699, and follow the instructions provided. If you vote by telephone, you do not have to return your Ballot.

	Vote by Mail Mark, sign and date your Ballot and return promptly. Ensure the address below shows through the window of the enclosed postage paid return envelope.

If Voting by Mail Remember to sign and date form below. Please ensure the address to the right shows through the window of the enclosed postage paid return envelope.	PROXY TABULATOR PO BOX 55046 BOSTON MA 02205-9836

	PLEASE SIGN AND RETURN PROMPTLY IN THE ENCLOSED POSTAGE PAID ENVELOPE. NO POSTAGE IS REQUIRED.



	SIGNATURE(S) OF SHAREHOLDER(S) (Sign in the box)

	PLEASE SIGN EXACTLY AS YOUR NAME OR NAMES APPEAR. WHEN SIGNING AS AN ATTORNEY, EXECUTOR, ADMINISTRATOR, TRUSTEE OR GUARDIAN, PLEASE GIVE YOUR FULL TITLE AS SUCH.

Master Fund Proposals 1. To elect the following as Trustees of the State Street Master Funds ("Master Trust"):			FOR ALL		WITHHOLD ALL	FOR ALL EXCEPT*
			o		o	o
	(01) William L. Marshall	(06) Michael F. Holland
	(02) Patrick J. Riley	(07) William L. Boyan	*	To withhold authority to vote for any individual
	(03) Richard D. Shirk	(08) Rina K. Spence		nominee(s) write the number of the nominee(s)
	(04) Bruce D. Taber	(09) Douglas T. Williams		in the box below.
	(05) Scott F. Powers	(10) James E. Ross



			FOR		AGAINST	ABSTAIN

2.	To approve an Amended and Restated Agreement and Declaration of Trust for the Master Trust.		o		o	o

3.	To change or eliminate certain fundamental investment restrictions of the Master Fund, as described below:

	3.A.	To approve an amendment to the Master Fund's fundamental investment restriction with respect to concentrating investments in an industry;	o	o	o

	3.B.	To approve an amendment to the Master Fund's fundamental investment restrictions with respect to borrowing money and issuing senior securities;	o	o	o

	3.C.	To approve an amendment to the Master Fund's fundamental investment restriction with respect to making loans;	o	o	o

	3.D.	To approve an amendment to the Master Fund's fundamental investment restriction with respect to investment in commodities and commodity contracts;	o	o	o

	3.E.	To approve an amendment to the Master Fund's fundamental investment restriction with respect to investment in real estate;	o	o	o

	3.F.	To approve an amendment to the Master Fund's fundamental investment restriction with respect to participation in the underwriting of securities; and	o	o	o

	3.G.	To approve the elimination of the Master Fund's fundamental investment restrictions with respect to diversification of investments.	o	o	o

4.	To make the fundamental investment objective of the Master Fund non-fundamental.		o	o	o

5.	To change or eliminate the AB Fund's fundamental investment restrictions to the extent that corresponding changes to the Master Fund's fundamental investment restrictions are approved by the Master Fund's interestholders as described below:

	5.A.	To approve an amendment to the AB Fund's fundamental investment restriction with respect to concentrating investments in an industry;	o	o	o

	5.B.	To approve an amendment to the AB Fund's fundamental investment restrictions with respect to borrowing money and issuing senior securities;	o	o	o

	5.C.	To approve an amendment to the AB Fund's fundamental investment restriction with respect to making loans;	o	o	o

	5.D.	To approve an amendment to the AB Fund's fundamental investment restriction with respect to investment in commodities and commodity contracts;	o	o	o

	5.E.	To approve an amendment to the AB Fund's fundamental investment restriction with respect to investment in real estate;	o	o	o

	5.F.	To approve an amendment to the AB Fund's fundamental investment restriction with respect to participation in the underwriting of securities; and	o	o	o

	5.G.	To approve the elimination of the AB Fund's fundamental investment restriction with respect to diversification of investments.	o	o	o

6.	To transact any other business as may properly come before the Meeting.