<SEC-DOCUMENT>0001752724-20-155023.txt : 20200814
<SEC-HEADER>0001752724-20-155023.hdr.sgml : 20200814
<ACCEPTANCE-DATETIME>20200814103114
ACCESSION NUMBER:		0001752724-20-155023
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200531
FILED AS OF DATE:		20200814
DATE AS OF CHANGE:		20200814
EFFECTIVENESS DATE:		20200814

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GUGGENHEIM STRATEGIC OPPORTUNITIES FUND
		CENTRAL INDEX KEY:			0001380936
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21982
		FILM NUMBER:		201102382

	BUSINESS ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312-827-0100

	MAIL ADDRESS:	
		STREET 1:		227 WEST MONROE STREET
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CLAYMORE/GUGGENHEIM STRATEGIC OPPORTUNITIES FUND
		DATE OF NAME CHANGE:	20090630

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Claymore/Guggenheim Strategic Opportunities Fund
		DATE OF NAME CHANGE:	20070605

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Claymore Strategic Opportunities Fund
		DATE OF NAME CHANGE:	20061113
</SEC-HEADER>
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<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>2
<FILENAME>Amendedbylawsgof.htm
<DESCRIPTION>AMENDED BY-LAWS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SEVENTH AMENDED AND RESTATED</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>BY-LAWS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">GUGGENHEIM <FONT STYLE="text-transform: uppercase">STRATEGIC
OPPORTUNITIES Fund</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><P STYLE="margin: 0pt; font: 9pt Times New Roman, Times, Serif">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>GUGGENHEIM STRATEGIC OPPORTUNITIES FUND</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SEVENTH AMENDED AND RESTATED BY-LAWS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">These Amended and Restated
By-Laws (the &ldquo;By-Laws&rdquo;), dated as of [ ], are made and adopted pursuant to Section 3.9 of the Second Amended and Restated
Agreement and Declaration of Trust establishing Guggenheim Strategic Opportunities Fund, dated as of March 7, 2011, as from time
to time amended (hereinafter called the &ldquo;Declaration&rdquo;).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">All words and terms capitalized
in these By-Laws and not defined herein shall have the meaning or meanings set forth for such words or terms in the Declaration.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">As used in these By-Laws,
the following terms shall have the meaning ascribed to them:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Beneficial Owner</U>&rdquo;
of a security shall mean any Person who, directly or indirectly, through any contract, arrangement, understanding, relationship
or otherwise (A) has or shares: (1) voting power which includes the power to vote, or to direct the voting of, such security; and/or,
(2) investment power which includes the power to dispose, or to direct the disposition, of such security or (B) owns, controls
or holds with power to vote such security. A Person shall be deemed to be the beneficial owner of shares if that Person has the
right to acquire beneficial ownership of such shares at any time whether or not within sixty days. &ldquo;Beneficially own,&rdquo;
&ldquo;own beneficially&rdquo; and related terms shall have correlative meaning.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Control</U>&rdquo;
shall mean the power to exercise a controlling influence over a Person, which in the case of a company means the power to exercise
a controlling influence over the management or policies of such company, unless such power is solely the result of an official
position with such company.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Disclosable Relationship</U>&rdquo;
with respect to another Person means (A) the existence at any time during the current calendar year or at any time within the two
most recently completed calendar years of any agreement, arrangement, understanding (whether written or oral) or practice, including
the sharing of information, decisions or actions, of a Person with such other Person with respect to the Trust or Shares, (B) the
beneficial ownership of securities of any Person known by such Person to beneficially own Shares and of which such Person knows
such other Person also beneficially owns any securities, (C) sharing beneficial ownership of any securities with such other Person,
(D) being an immediate family member of such other Person, (E) the existence at any time during the current calendar year or at
any time within the two most recently completed calendar years of a material business or professional relationship with such other
Person or with any Person of which such other Person is a 5% Holder, officer, director, trustee, general partner, manager, managing
member or employee or (F) controlling, being controlled by or being under common control with such other Person.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Exchange Act</U>&rdquo;
shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Immediate Family
Member</U>&rdquo; shall mean any parent, child, spouse, spouse of a parent, spouse of a child, brother or sister (including step
and adoptive relationships).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Proposed Nominee</U>&rdquo;
shall have the meaning set forth in Section 1.6(A)(4)(a) of these By-Laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Proposed Nominee
Associate</U>&rdquo; of any Proposed Nominee shall mean any Person who has a Disclosable Relationship with such Proposed Nominee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Public Announcement</U>&rdquo;
shall include, but not be limited to, disclosure in a press release reported by the Dow Jones News Service, Associated Press or
other national news service or in a document publicly filed by the Trust with the Securities and Exchange Commission pursuant
to Section 13, 14 or 15(d) of the Exchange Act.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Questionnaire</U>&rdquo;
shall mean the Trust&rsquo;s form of annual trustee questionnaire, as supplemented from time to time, containing questions intended
to, among other things, identify and evaluate potential conflicts of interest, obtain information needed to prepare regulatory
filings, including registration statements, annual reports and proxy statements, determine whether a Trustee or a trustee nominee
is an &ldquo;interested person&rdquo; of the Trust (as defined in section 2(a)(19) of the Investment Company Act of 1940, the
&ldquo;<U>1940 Act</U>&rdquo;), update records, and otherwise comply with any applicable laws and regulations.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Shareholder Associate</U>&rdquo;
of any Shareholder or beneficial owner of Shares shall mean any Person who has a Disclosable Relationship with such Shareholder
or beneficial owner.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&ldquo;<U>Special Meeting
Request</U>&rdquo; shall have the meaning set forth in Section 1.7(b) of these By-Laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">1.1 <U>Chairman</U>. The
Chairman, if any, shall act as chairman at all meetings of the Shareholders; in the Chairman&rsquo;s absence, the Trustee or Trustees
may elect a temporary chairman for the meeting, who may be one of themselves.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">1.2 <U>Proxies; Voting</U>.
Shareholders may vote either in person or by duly executed proxy and each full share represented at the meeting shall have one
vote, all as provided in Article 10 of the Declaration.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">1.3 <U>Fixing Record Dates</U>.
For the purpose of determining the Shareholders who are entitled to notice of or to vote or act at any meeting, including any adjournment
or postponement thereof, or who are entitled to participate in any dividends, or for any other proper purpose, the Trustees may
from time to time, without closing the transfer books, fix a record date in the manner provided in Section 10.3 of the Declaration.
If the Trustees do not prior to any meeting of Shareholders so fix a record date or close the transfer books, then the date on
which mailing of notice of the meeting is commenced or the date upon which the dividend resolution is adopted, as the case may
be, shall be the record date.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">1.4 <U>Inspectors of Election</U>.
In advance of any meeting of Shareholders, the Trustees may appoint Inspectors of Election to act at the meeting or any adjournment
or postponement thereof. If Inspectors of Election are not so appointed, the Chairman, if any, of any meeting of Shareholders may
appoint Inspectors of Election of the meeting. The number of Inspectors of Election shall be either one or three. In case any Person
appointed as Inspector of Election fails to appear or fails or refuses to act, the vacancy may be filled by appointment made by
the Trustees in advance of the convening of the meeting or at the meeting by the chairman of the meeting. The Inspectors of Election
shall determine the number of Shares outstanding, the Shares represented at the meeting, the existence of a quorum, the authenticity,
validity and effect of proxies, shall receive votes, ballots or consents, shall hear and determine all challenges and questions
in any way arising in connection with the right to vote, shall count and tabulate all votes or consents, determine the results,
and do such other acts as may be proper to conduct the election or vote with fairness to all Shareholders. If there are three Inspectors
of Election, the decision, act or certificate of a majority is effective in all respects as the decision, act or certificate of
all. On request of the Chairman, if any, of the meeting the Inspectors of Election shall make a report in writing of any challenge
or question or matter determined by them and shall execute a certificate of any facts found by them.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">1.5 <U>Records at Shareholder
Meetings</U>. At each meeting of the Shareholders, there shall be made available for inspection at a convenient time and place
during normal business hours, if requested by Shareholders for a purpose germane to the meeting, the minutes of the last previous
Annual or Special Meeting of Shareholders of the Trust and a list of the Shareholders of the Trust, as of the record date of the
meeting or the date of closing of transfer books, as the case may be. Such list of Shareholders shall contain the name and the
address of each Shareholder in alphabetical order and the number of Shares owned by such Shareholder, and shall not be required
to contain any other information.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Shareholders shall have such
other rights and procedures of inspection of the books and records of the Trust as are granted to shareholders of a Delaware business
corporation pursuant to section 220 of the Delaware General Corporation Law (or any successor provision of law), subject to the
procedures and requirements applicable to shareholders of a Delaware business corporation pursuant to section 220 of the Delaware
General Corporation Law (or any successor provision of law)&#894; provided, however, that (i) the Trustees or the officers may
require any Person to whom access to the Trust&rsquo;s books and records is granted to enter into a confidentiality agreement on
terms acceptable to the Trustees or the officers in their sole discretion&#894; (ii) the Trustees or the officers may require any
Person to whom access to the Trust&rsquo;s books and records is granted to pay the reasonable expenses associated with providing
any such books and records for inspection&#894; and (iii) any such inspection shall be conducted during normal business hours at
the Trust&rsquo;s principal place of business or at such other location or during such other hours as the Trustees or the officers,
in their sole discretion, may direct.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">1.6 <U>Notice of Shareholder
Business and Nominations</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">A.</TD><TD STYLE="text-align: justify"><I>Annual Meetings of Shareholders</I>.</TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">(1) Nominations of individuals
for election as a Trustee of the Trust and the proposal of other business to be considered by the Shareholders may be made at an
annual meeting of Shareholders only as set forth in this Section 1.6, and only:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">(a) pursuant
to the Trust&rsquo;s notice of meeting (or any supplement thereto) given by or at the direction of the Board of Trustees or any
duly authorized committee thereof,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">(b) otherwise
by or at the direction of the Board of Trustees or any duly authorized committee thereof, or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">(c) by any one
or more Shareholders of the Trust who (i) are each a Shareholder of the Trust at the time the notice provided for in this Section
1.6 is delivered to the Secretary of the Trust and on the record date for the determination of Shareholders entitled to notice
of and to vote at such annual meeting of Shareholders (ii) are each entitled to make nominations or proposals and to vote at the
meeting and (iii) comply with the notice procedures set forth in these By-Laws, or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">(d) with respect
to business other than a nomination, by a Shareholder that has notified the Trust of his, her or its intention to present a proposal
at the annual meeting in compliance with Rule 14a-8 promulgated under the Exchange Act (or any successor provision of law) and
which proposal has been included in a proxy statement that has been prepared by the Trust to solicit proxies for such annual meeting
of shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">(2) For any nominations
or other business to be properly brought before an annual meeting by a Shareholder pursuant to clause (c) of paragraph (A) (1)
of this Section 1.6, the Shareholder must have given timely notice thereof in proper written form to the Secretary of the Trust
and any such proposed business (other than the nominations of individuals for election to the Trust) must constitute a proper matter
for Shareholder action.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">(3) To be timely, a Shareholder&rsquo;s
notice shall be delivered to the Secretary of the Trust at the principal executive offices of the Trust not later than the close
of business on the one hundred twentieth (120<SUP>th</SUP>) day, nor earlier than the close of business on the one hundred fiftieth
(150<SUP>th</SUP>) day, prior to the first anniversary of the preceding year&rsquo;s annual meeting (provided, however, that in
the event that the date of the annual meeting is more than thirty (30) days before or more than seventy (70) days after such anniversary
date, notice by the Shareholder must be so delivered not earlier than the close of business on the one hundred fiftieth (150<SUP>th</SUP>)
day prior to such annual meeting and not later than the close of business on the later of the one hundred twentieth (120<SUP>th</SUP>)
day prior to such annual meeting or the tenth (10<SUP>th</SUP>) day following the day on which public announcement of the date
of such meeting is first made by the Trust). In no event shall the public announcement or announcement at the meeting of an adjournment
or postponement of an annual meeting commence a new time period (or extend any time period) for the giving of a Shareholder&rsquo;s
notice as described above.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">(4) To be in proper written
form, such Shareholder&rsquo;s notice shall set forth:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">(a) as to each
individual whom the Shareholder proposes to nominate for election as a Trustee (a &ldquo;Proposed Nominee&rdquo;) and each Proposed
Nominee Associate of such Proposed Nominee:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">(i) the name, age,
business address and residence address of such Proposed Nominee and each Proposed Nominee Associate of such Proposed Nominee,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">(ii) the principal
occupation or employment of such Proposed Nominee during the past five years,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">(iii) other directorships,
trusteeships or comparable positions held during the past five years,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">(iv) the class
or series and number of Shares which are owned beneficially and of record by such Proposed Nominee and each Proposed Nominee Associate
of such Proposed Nominee,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">(v) the name of
each nominee holder of Shares owned beneficially but not of record by such Proposed Nominee and each Proposed Nominee Associate
of such Proposed Nominee, and the number of such Shares held by each such nominee holder,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">(vi) a description
of any agreement, arrangement or understanding, whether written or oral (including any derivative or short positions, profit interests,
options, warrants, stock appreciation or similar rights, hedging transactions, and borrowed or loaned shares), that has been entered
into as of the date of the Shareholder&rsquo;s notice by, or on behalf of, such Proposed Nominee and each Proposed Nominee Associate
of such Proposed Nominee, the effect or intent of which is to mitigate loss to, manage risk or benefit of share price changes for,
or increase or decrease the voting power of, such Proposed Nominee and each Proposed Nominee Associate of such Proposed Nominee,
with respect to Shares of the Trust,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">(vii) a description
of all agreements, arrangements, or understandings (whether written or oral) between such Proposed Nominee and any Proposed Nominee
Associate of such Proposed Nominee related to, and any material interest of such Proposed Nominee Associate in, such nomination,
including any anticipated benefit therefrom to such Proposed Nominee Associate,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">(viii) a description
of all agreements, arrangements, or understandings (whether written or oral) between such Proposed Nominee or any Proposed Nominee
Associate of such Proposed Nominee and the nominating Shareholder or any Shareholder Associate of such nominating Shareholder related
to such nomination, including with respect to the voting of any matters to come before the Board of Trustees or any anticipated
benefit therefrom to the Proposed Nominee of any Proposed Nominee Associate of such Proposed Nominee,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">(ix) a description
of all commercial and professional relationships and transactions between or among such Proposed Nominee or any Proposed Nominee
Associate, and any other Person or Persons known to such Proposed Nominee or Proposed Nominee Associate to have a material interest
in such nomination,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">(x) a representation
as to whether such Proposed Nominee is an &ldquo;interested person&rdquo; of the Trust, as defined under Section 2(a)(19) of the
1940 Act together with information regarding such individual that is sufficient, in the discretion of the Board of Trustees or
any committee thereof, to examine such representation,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">(xi) a representation
as to whether such Proposed Nominee meets all applicable legal requirements relevant to service as a Trustee, including, but not
limited to, the rules adopted by the principal listing exchange (if any) upon which Shares are listed, Rule 10A-3 under the Exchange
Act, Article 2-01 of Regulation S-X under the Exchange Act (17 C.F.R. &sect; 210.2-01) (with respect to the Trust&rsquo;s independent
registered public accounting firm) and any other criteria established by the 1940 Act related to service as a director/trustee
of a management investment company or the permitted composition of the board of directors/trustees of a management investment company,
together with information regarding such individual that is sufficient, in the discretion of the Board of Trustees or any committee
thereof, to examine such representation,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 7; Value: 3 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">(xii) a representation
that the Proposed Nominee satisfies the Trustee qualifications as set out in these By-Laws, together with information regarding
such individual that is sufficient, in the discretion of the Board of Trustees or any committee thereof, to examine such representation,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">(xiii) any other
information relating to the Proposed Nominee that would be required to be disclosed in a proxy statement or other filings required
to be made in connection with solicitations of proxies for election of Trustees in a solicitation subject to Rule 14A under the
<U>Exchange Act</U>, whether or not the Shareholder submitting the notice intends to deliver a proxy statement or solicit proxies
and whether or not an election contest is involved, and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">(xiv) such Proposed
Nominee&rsquo;s written consent to being named as a nominee and to serving as a Trustee if elected;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">(b) as to any
other business that the Shareholder proposes to bring before the meeting, a brief description of the business desired to be brought
before the meeting, the text of the proposal or business (including the text of any resolutions proposed for consideration), the
reasons for conducting such business at the meeting and any material interest in such business of such Shareholder and the beneficial
owner, if any, on whose behalf the proposal is made; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">(c) as to the
Shareholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">(i) the name and
address of such Shareholder, as they appear on the Trust&rsquo;s books, and of such beneficial owner,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">(ii) the class
or series and number of Shares which are owned beneficially and of record by such Shareholder and such beneficial owner and their
respective Shareholder Associates,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">(iii) the name
of each nominee holder of Shares owned beneficially but not of record by such Shareholder and such beneficial owner and their respective
Shareholder Associates, and the number of such Shares held by each such nominee holder,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 8; Value: 3 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">(iv) a description
of any agreement, arrangement or understanding (whether written or oral) with respect to the nomination or proposal between or
among such Shareholder and such beneficial owner, any of their respective Shareholder Associates, and any other Person or Persons
(including their names) and any material interest of such Person or any Shareholder Associate of such Person, in the matter that
is the subject of such notice, including any anticipated benefit therefrom to such Person, or any Shareholder Associate of such
Person,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">(v) a description
of any agreement, arrangement or understanding, whether written or oral (including any derivative or short positions, profit interests,
options, warrants, stock appreciation or similar rights, hedging transactions, and borrowed or loaned shares), that has been entered
into as of the date of the Shareholder&rsquo;s notice by, or on behalf of, such Shareholder and such beneficial owners or their
respective Shareholder Associates, the effect or intent of which is to mitigate loss to, manage risk or benefit of share price
changes for, or increase or decrease the voting power of, such Shareholder or such beneficial owner or their respective Shareholder
Associates, with respect to Shares of the Trust,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">(vi) a description
of all commercial and professional relationships and transactions between or among a such Shareholder and such beneficial owners
or their respective Shareholder Associates, and any other Person or Persons known to such Shareholder and such beneficial owners
or their respective Shareholders Associate to have a material interest in the matter that is the subject of such notice,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">(vii) a representation
that the Shareholder is a holder of record of Shares of the Trust entitled to vote at such meeting and intends to appear in person
or by proxy at the meeting to propose such business or nomination,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">(viii) a representation
whether the Shareholder or the beneficial owner, if any, intends or is part of a group which intends (a) to deliver a proxy statement
and/or form of proxy to holders of at least the percentage of the Trust&rsquo;s outstanding Shares required to approve or adopt
the proposal or elect the nominee and/or (b) otherwise to solicit proxies from Shareholders in support of such proposal or nomination,
and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 9; Value: 3 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">(ix) any other
information relating to such Shareholder and such beneficial owner that would be required to be disclosed in a proxy statement
or other filing required to be made in connection with the solicitation of proxies by such Person with respect to the proposed
business to be brought by such Person before the annual meeting pursuant to Section 14 of the Exchange Act and the rules and regulations
promulgated thereunder, whether or not such Person intends to deliver a proxy statement or solicit proxies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 2in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">(5) The Trust may require
any Proposed Nominee and/or any Shareholder of record nominating such Proposed Nominee to furnish such other information as it
may reasonably request regarding any such Proposed Nominee and/or any such Shareholder of record nominating such Proposed Nominee,
and such other information shall be received by the Secretary at the principal executive offices of the Trust not later than seven
(7) calendar days after the first request by or on behalf of the Board of Trustees for such other information was sent to such
Shareholder of record, group of Shareholders of record or Proposed Nominee. Any request for any such other information that is
not answered in a reasonably complete, accurate, diligent and good faith manner, or that is not timely received by the Trust in
accordance with this Section 1.6(A)(5), will render the nomination ineffective for failure to satisfy the requirements of these
By-Laws. If the same request for such other information is sent to multiple Persons, then the earliest such date and time on which
such request for information was sent shall apply for the purpose of determining compliance with this Section 1.6(A)(5) .</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">(6) The Trust may require
any Proposed Nominee or any individual nominated by the current Trustees for election as a Trustee to complete and duly execute
the Questionnaire&#894; any Questionnaire that is not completed in a reasonably complete, diligent, accurate and good faith manner
as determined by the Board of Trustees, or that is not duly executed and received by the Secretary of the Trust at the principal
executive offices of the Trust not later than seven (7) calendar days after the Board of Trustees or its designee first sends the
Questionnaire to such Proposed Nominee or any Shareholder(s) of record nominating such Proposed Nominee, will render the nomination
ineffective for failure to satisfy the requirements of these By-Laws. If the Questionnaire is sent to multiple Persons, then the
earliest such date and time on which the Questionnaire was sent shall apply for the purpose of determining compliance with this
Section 1.6(A)(6).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">(7) The Trust may require
any Proposed Nominee to consent to and cooperate with a background screening conducted by a background screening company selected
by the Board of Trustees or any committee thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">(8) A Shareholder providing
notice of any nomination or other business proposed to be brought before an annual meeting of shareholders shall further update
and supplement such notice, if necessary, so that the information provided or required to be provided in such notice pursuant to
Section 1.6(A)(4) shall be true and correct as of the record date for determining the Shareholders entitled to receive notice of
the annual meeting of Shareholders and such update and supplement shall be received by the Secretary at the principal executive
offices of the Trust not later than seven (7) calendar days after the record date for determining the Shareholders entitled to
receive notice of the annual meeting of Shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">(9) If information submitted
pursuant to this Section 1.6 by any Shareholder or Proposed Nominee shall be or become inaccurate in any way, such information
shall be deemed not to have been provided in accordance with this Section 1.6. Any such Shareholder or Proposed Nominee shall notify
the Trust in writing of any inaccuracy or change and update such information to cause it to be complete and accurate, within seven
(7) calendar days of becoming aware of such inaccuracy. If a Shareholder or Proposed Nominee fails to provide such written notification
and update within such period, the information that was or becomes inaccurate shall be deemed not to have been provided in accordance
with this Section 1.6 and, accordingly, will render the nomination ineffective for failure to satisfy the requirements of these
By-Laws. Upon written request by the Secretary of the Trust or the Board of Trustees, any such Shareholder or Proposed Nominee
shall provide, within seven (7) calendar days of the sending of such request (or such other period as may be specified in such
request), (A) written verification, satisfactory, in the discretion of the Board of Trustees or any authorized officer of the Trust,
to demonstrate the accuracy of any information submitted by the Shareholder or Proposed Nominee pursuant to this Section 1.6, and
(B) a written update of any information (including, if requested by the Trust, written confirmation by such Shareholder that it
continues to intend to bring such nomination) submitted by the Shareholder or the Proposed Nominee pursuant to this Section 1.6
as of an earlier date. If a Shareholder or Proposed Nominee fails to provide such written verification or written update within
such period, the information as to which written verification or a written update was requested shall be deemed not to have been
provided in accordance with this Section 1.6 and, accordingly, will render the nomination ineffective for failure to satisfy the
requirements of these By-Laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">(10) The foregoing notice
requirements of this Section 1.6 shall be deemed satisfied by a Shareholder with respect to business other than a nomination if
the Shareholder has notified the Trust of his, her or its intention to present a proposal at an annual meeting in compliance with
Rule 14a-8 promulgated under the Exchange Act (or any successor provision of law) and such Shareholder&rsquo;s proposal has been
included in a proxy statement that has been prepared by the Trust to solicit proxies for such annual meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">(11) Notwithstanding anything
in paragraph (A)(3) of this Section 1.6 to the contrary, in the event that the number of Trustees to be elected to the Board of
Trustees of the Trust is increased effective at the annual meeting and there is no public announcement by the Trust naming the
nominees for the additional trusteeships at least one hundred (100) days prior to the first anniversary of the preceding year&rsquo;s
annual meeting, a Shareholder&rsquo;s notice required by this Section 1.6 shall also be considered timely, but only with respect
to nominees for the additional trusteeships, if it shall be delivered to the Secretary of the Trust at the principal executive
offices of the Trust not later than the close of business on the tenth (10<SUP>th</SUP>) day following the day on which such public
announcement is first made by the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in">(B) <I>Special
Meetings of Shareholders</I>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">(1) Special meetings of
Shareholders shall be called only as contemplated by Section 10.1 of the Declaration.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">(2) Only such business
shall be conducted at a special meeting of Shareholders as shall have been brought before the meeting pursuant to the Trust&rsquo;s
notice of meeting (or any supplement thereto) given by or at the direction of the Board of Trustees or any duly authorized committee
thereof.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">(3) Nominations of individuals
for election to the Board of Trustees may be made at a special meeting of Shareholders at which Trustees are to be elected pursuant
to the Trust&rsquo;s notice of meeting only as set forth in this Section 1.6, and only:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">(a) pursuant
to the Trust&rsquo;s notice of meeting (or any supplement thereto) given by or at the direction of the Board of Trustees or any
duly authorized committee thereof,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">(b) otherwise
by or at the direction of the Board of Trustees or any duly authorized committee thereof, or</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">(c) provided
that the Board of Trustees has determined that Trustees shall be elected at such special meeting, by one or more Shareholders of
the Trust who (i) are each a Shareholder of the Trust at the time the notice provided for in this Section 1.6(B) is delivered to
the Secretary of the Trust and on the record date for the determination of Shareholders entitled to notice of and to vote at such
special meeting of Shareholders, (ii) are each entitled to make nominations and to vote at the meeting and (iii) comply with the
notice procedures set forth in these By-Laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(4) In the event a special
meeting of Shareholders is called pursuant to Section 10.1 of the Declaration for the purpose of electing one or more Trustees
to the Board of Trustees, for any nominations to be properly brought before such special meeting by a Shareholder pursuant to Section
1.6(B)(iii)(C), the Shareholder must have given timely notice thereof in proper written form to the Secretary of the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(5) To be timely, a Shareholder&rsquo;s
notice of a nomination for election to the Board of Trustees at a special meeting of Shareholders at which Trustees are to be elected
pursuant to the Trust&rsquo;s notice of meeting, shall be delivered to the Secretary of the Trust at the principal executive offices
of the Trust not earlier than the close of business on the one hundred fiftieth (150<SUP>th</SUP>) day prior to such special meeting
and not later than the close of business on the later of (i) the one hundred twentieth (120<SUP>th</SUP>) day prior to such special
meeting or (ii) the tenth (10<SUP>th</SUP>) day following the day on which public announcement is first made of the date of the
special meeting and of the nominees proposed by the Board of Trustees to be elected at such meeting. In no event shall the public
announcement or announcement at the meeting of an adjournment or postponement of a special meeting commence a new time period (or
extend any time period) for the giving of a Shareholder&rsquo;s notice as described above.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(6) To be in proper written
form, such Shareholder&rsquo;s notice shall set forth all information required by Section 1.6(A)(4).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(7) A Shareholder providing
notice of any nomination to be brought before a special meeting of Shareholders at which Trustees are to be elected pursuant to
the Trust&rsquo;s notice of meeting shall further update and supplement such notice, if necessary, so that the information provided
or required to be provided in such notice pursuant to Section 1.6(B)(vi) shall be true and correct as of the record date for determining
the Shareholders entitled to receive notice of the special meeting of Shareholders and such update and supplement shall be delivered
to or be mailed and received by the Secretary at the principal executive offices of the Trust not later than seven (7) calendar
days after the record date for determining the Shareholders entitled to receive notice of the special meeting of Shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in">(C) <I>General</I>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">(1) Only such individuals
who are nominated in accordance with the procedures set forth in this Section 1.6 shall be eligible to be elected at an annual
or special meeting of Shareholders of the Trust to serve as Trustees and only such business shall be conducted at a meeting of
Shareholders as shall have been brought before the meeting in accordance with the procedures set forth in this Section 1.6.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">(2) If the Shareholders
of any class or series of Shares are entitled separately to elect one or more Trustees, only such Persons who are holders of record
of such class or series of Shares at the time notice is provided pursuant to this Section 1.6 and on the record date for the determination
of Shareholders entitled to notice of and to vote at such annual meeting or special meeting of Shareholders shall be entitled to
nominate individuals for election as a Trustee by such class or series of Shares voting separately.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">(3) Notwithstanding the
foregoing provisions of this Section 1.6, unless otherwise required by law, if the Shareholder (or a qualified representative of
the Shareholder) does not appear at the annual or special meeting of Shareholders of the Trust to present a nomination or proposed
business, such nomination shall be disregarded and such proposed business shall not be transacted, notwithstanding that proxies
in respect of such vote may have been received by the Trust. For purposes of this Section 1.6, to be considered a qualified representative
of the Shareholder, a Person must be a duly authorized officer, manager or partner of such Shareholder or must be authorized by
a writing executed by such Shareholder delivered by such Shareholder to act for such Shareholder as proxy at the meeting of Shareholders
and such Person must produce such writing at the meeting of Shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt"></P>

<!-- Field: Page; Sequence: 13; Value: 3 -->
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">(4) Notwithstanding the
foregoing provisions of this Section 1.6, a Shareholder shall also comply with all applicable requirements of the Exchange Act
and the rules and regulations thereunder with respect to the matters set forth in this Section 1.6; provided however, that any
references in these By-laws to the Exchange Act or the rules promulgated thereunder are not intended to and shall not limit any
requirements applicable to nominations or proposals as to any other business to be considered pursuant to this Section 1.6, and
compliance with paragraphs (A) and (B) of this Section 1.6 shall be the exclusive means for a Shareholder to make nominations or
submit other business (other than, as provided in paragraph 1.6(A)(10), matters brought properly under and in compliance with Rule
14a-8 of the Exchange Act (or any successor provision of law)).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">(5) Notwithstanding anything
to the contrary in this Section 1.6 or otherwise in these By-laws, except with respect to nominations of individuals for election
as a Trustee of the Trust or as required by federal law, no proposal of other business may be considered or brought at a meeting
of Shareholders unless such matter has been approved for these purposes by a majority of the Trustees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">(6) A notice of one or
more Shareholders making a nomination pursuant to Section 1.6(A)(1)(c) or 1.6(B)(3)(c), as applicable, shall be accompanied by
a:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">(A) signed statement
of each Shareholder giving the notice certifying that (1) all information contained in the notice is true and complete in all respects,
(2) the notice complies with this Section 1.6, and (3) such Shareholder will continue to hold all Shares referenced in Section
1.6(A)(1)(c) or 1.6(B)(3)(c), as applicable, through and including the time of the annual or special meeting (including any adjournment
or postponement thereof)&#894; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">(B) a signed
certificate of each Proposed Nominee (1) certifying that the information contained in the notice regarding such Proposed Nominee
and any Proposed Nominee Associate is true and complete and complies with this Section 1.6 and (2) consenting to being named in
the Shareholder&rsquo;s proxy statement as a nominee and to serving as a Trustee if elected.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">(7) All judgments and determinations
made by the Board of Trustees or the chairman of the meeting, as applicable, under this Section 1.6 (including, without limitation,
judgments as to whether any matter or thing is satisfactory to the Board of Trustees and determinations as to the propriety of
a proposed nomination or a proposal of other business for consideration by Shareholders) shall be final and binding unless determined
by a court of competent jurisdiction to have been made in bad faith.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt"></P>

<!-- Field: Page; Sequence: 14; Value: 3 -->
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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">(8) Notwithstanding anything
in these By-Laws to the contrary, no business, including nominations, shall be conducted at any annual or special meeting except
in accordance with the procedures set forth in this Section 1.6. The chairman of the annual or special meeting shall, if the facts
warrant, determine and declare to the meeting that business was not properly brought before the meeting in accordance with the
provisions of this Section 1.6, and, if the chairman should determine, the chairman shall so declare to the meeting that any such
business not properly brought before the meeting shall not be considered or transacted.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 117pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">1.7. <U>Special Shareholders
Meetings.</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in">(A) Special meetings
of Shareholders may be called only by the Board of Trustees (or any duly authorized committee), except a special meeting shall
be called by the Trustees upon the timely receipt by the Secretary of a request in proper written form from one or more Shareholders
acting pursuant to and in accordance with Section 10.1 of the Declaration. Only such business shall be conducted at a special meeting
as shall be specified in the notice of meeting (or any supplement thereto). In fixing a date for any special meeting, the Board
of Trustees (or any duly authorized committee thereof) may consider such factors as it deems relevant, including, without limitation,
the nature of the matters to be considered, the facts and circumstances surrounding any request for the meeting and any plan of
the Board of Trustees to call an annual meeting or a special meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in">(B) Any Shareholder(s)
seeking to request a special meeting shall send written notice to the Secretary (the &ldquo;<U>Special Meeting Request</U>&rdquo;)
by registered mail, return receipt requested, requesting the Secretary to call a special meeting. Proof of the requesting Shareholder&rsquo;s
ownership of Shares at the time of giving the Special Meeting Request must accompany the requesting Shareholder&rsquo;s Special
Meeting Request. The Special Meeting Request shall set forth the purpose of the meeting and the matters proposed to be acted on
at the meeting, shall be signed by one or more Shareholders (or their duly authorized agents), shall bear the date of signature
of each requesting Shareholder (or its duly authorized agent) signing the Special Meeting Request and shall set forth all information
that each such Shareholder and, with respect to the beneficial owners of Shares on whose behalf such request is being made, each
such beneficial owner of Shares would be required to disclose in a proxy statement or other filings required to be made in connection
with solicitations of proxies with respect to the proposed business to be brought before the meeting pursuant to Section 14 of
the Exchange Act, whether or not such Person intends to deliver a proxy statement or solicit proxies, as well as all additional
information required by Section 1.6(A)(4)(c) of these By-Laws. Upon receiving the Special Meeting Request, the Trustees may in
their discretion fix a date for the special meeting, which need not be the same date as that requested in the Special Meeting Request.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in">(C) The Shareholder(s)
providing notice of business proposed to be brought before a special meeting shall further update and supplement such notice, if
necessary, so that the information provided or required to be provided in such notice pursuant to this Section 1.7 shall be true
and correct as of the record date for determining the Shareholders entitled to receive notice of the special meeting and such update
and supplement shall be delivered to or be mailed and received by the Secretary at the principal executive offices of the Trust
not later than five (5) business days after the record date for determining the Shareholders entitled to receive notice of the
special meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in">(D) The Board of
Trustees shall determine the validity of any purported Special Meeting Request received by the Secretary.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in">(E) No business
shall be conducted at a special meeting of Shareholders except business brought before any such meeting in accordance with the
procedures set forth in this Section 1.7 and in compliance with Section 10.1 of the Declaration. If the chairman of a special meeting
determines that business was not properly brought before such meeting in accordance with the foregoing procedures, the chair shall
declare to the meeting that the business was not properly brought before the meeting and such business shall not be transacted.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in">(F) Nothing contained
in this Section 1.7 shall be deemed to affect any rights of Shareholders to request inclusion of proposals in the Trust&rsquo;s
proxy statement pursuant to Rule 14a-8 under the Exchange Act (or any successor provision of law).</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">1.8. <U>Conduct of Meetings</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in">(A) Every meeting
of Shareholders shall be conducted by the chairman of the meeting. The Secretary, or, in the Secretary&rsquo;s absence, an Assistant
Secretary, or, in the absence of both the Secretary and Assistant Secretaries, an individual appointed by the Board of Trustees
or, in the absence of such appointment, an individual appointed by the chairman of the meeting shall act as secretary of the meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in">(B) Except as otherwise
provided by law, the chairman of the meeting shall have the power and duty:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">(a) to determine
whether a nomination or any business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance
with the procedures set forth in this Section 1.6 (including whether the Shareholder or beneficial owner, if any, on whose behalf
the nomination or proposal is made solicited (or is part of a group which solicited) or did not so solicit, as the case may be,
proxies in support of such Shareholder&rsquo;s nominee or proposal in compliance with such Shareholder&rsquo;s representation as
required by clause (A)(4)(c)(viii) of Section 1.6), and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">(b) if any proposed
nomination or business was not made or proposed in compliance with Section 1.6, to declare that such nomination shall be disregarded
or that such proposed business shall not be transacted; provided, however, that such nomination or such proposed business shall
not be presumed to be valid in the absence of such a declaration.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in">(C) The Board of
Trustees may adopt by resolution such rules and regulations for the conduct of any meeting of the Shareholders as it shall deem
appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board of Trustees, the chairman
of any meeting of Shareholders shall have the right and authority to prescribe such rules, regulations and procedures and to do
all such acts as, in the judgment of such chair, are appropriate for the proper conduct of the meeting. Such rules, regulations
or procedures, whether adopted by the Board of Trustees or prescribed by the chairman of the meeting, may include, without limitation,
the following: (a) the establishment of an agenda or order of business for the meeting; (b) the determination of when the polls
shall open and close for any given matter to be voted on at the meeting; (c) rules and procedures for maintaining order at the
meeting and the safety of those present; (d) limitations on attendance at and participation in the meeting to Shareholders, their
duly authorized and constituted proxies or such other Persons as the chair of the meeting shall determine; (e) restrictions on
entry to the meeting after the time fixed for the commencement thereof; (f) limitations on the time allotted to questions or comments
by Shareholders; and (g) the extent to which, if any, other participants are permitted to speak.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">1.9. <U>Adjourned Meeting</U>.
Subject to the requirements of Section 10.3 of the Declaration, any meeting of Shareholders, whether or not a quorum is present,
may be adjourned from time to time by: (a) the vote of the majority of the Shares represented at that meeting, either in person
or by proxy; or (b) in his or her discretion by the chairman of the meeting. At any adjourned meeting, any business may be transacted
which might have been transacted at the original meeting.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">1.10. <U>Meetings by Remote
Communications</U>. The Trustees may, in their sole discretion, determine that a meeting of Shareholders shall not be held at any
place, but may instead be held solely by means of remote communication. If authorized by the Trustees, in their sole discretion,
and subject to such guidelines and procedures as the Trustees may adopt, Shareholders and proxyholders not physically present at
a meeting of Shareholders may, by means of remote communication: (a) participate in a meeting of Shareholders; and (b) be deemed
present in person and vote at a meeting of Shareholders whether such meeting is to be held at a designated place or solely by means
of remote communication, provided that: (i) the Trust shall implement such measures as the Trustees deem to be reasonable (A) to
verify that each person deemed present and permitted to vote at the meeting by means of remote communication is a Shareholder or
proxyholder; and (B) to provide such Shareholders and proxyholders a reasonable opportunity to participate in the meeting and to
vote on matters submitted to the Shareholders; and (ii) if any Shareholder or proxyholder votes or takes other action at the meeting
by means of remote communication, a record of such vote or other action shall be maintained by the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.1 <U>Annual and Regular
Meetings</U>. Meetings of the Trustees shall be held from time to time upon the call of the Chairman, if any, the President, the
Secretary or any two Trustees. Regular meetings of the Trustees may be held without call or notice and shall generally be held
quarterly. Neither the business to be transacted at, nor the purpose of, any meeting of the Board of Trustees need be stated in
the notice or waiver of notice of such meeting, and no notice need be given of action proposed to be taken by unanimous written
consent.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.2 <U>Chairman</U>. The
Board of Trustees may elect from among its members a Chairman of the Board who shall at all times be a trustee of the Trust. The
Chairman of the Board shall preside over all meetings of the Board of Trustees and shall have such other responsibilities in furthering
the Board&rsquo;s functions as may be prescribed from time to time by resolution of the Board. The Chairman of the Board, if any,
shall, if present, preside at all meetings of the Shareholders and of the Trustees and shall exercise and perform such other powers
and duties as may be from time to time assigned by the Trustees. In absence of a chairman, the Trustees present shall elect one
of their number to act as temporary chairman to preside over a meeting of the Trustees. The Chairman of the Board, if any, shall
be elected by the Board of Trustees to hold office until his successor shall have been duly elected and shall have qualified, or
until his death, or until he shall have resigned, or have been removed, as herein provided in these by-laws. Each Trustee, including
the Chairman of the Board, if any, shall have one vote.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The Chairman of the Board,
if any, may resign at any time by giving written notice of resignation to the Board of Trustees. Any such resignation shall take
effect at the time specified therein or, if the time when it shall become effective shall not be specified therein, immediately
upon its receipt; and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it
effective. The Chairman of the Board, if any, may be removed by the Board of Trustees with or without cause at any time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.3 <U>Records</U>. The results
of all actions taken at a meeting of the Trustees, or by unanimous written consent of the Trustees, shall be recorded by the secretary
of the meeting appointed by the Board of Trustees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.4 <U>Standard of Care</U>.
It shall be understood that each Trustee, including the Chairman of the Board of the Trust or any chairman or member of any committee
of the Board created herein or by the Board of Trustees shall have the same level of responsibility to the Trust required of his
or her being a Trustee, regardless of (a) any other position held with the Trust, (b) the Trustee&rsquo;s individual training or
expertise and (c) the role performed by the Trustee on behalf of the Trust in his or her capacity as Trustee even if such role
requires the Trustee to possess specific or unique qualifications under applicable law or regulation. The Chairman of the Board
of the Trust or any chairman or member of any committee of the Board created herein or by the Board of Trustees shall serve in
such capacity for the Board of Trustees and does not serve in such capacity as an officer of the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.5 <U>Indemnification</U>.
In accordance with Section 5.2(d) of the Declaration, the rights accruing to any indemnitee under the provisions of Section 5.2
of the Declaration shall not exclude any other right which any person may have or hereafter acquire under the Declaration, these
By-Laws, any statute, agreement, vote of stockholders or Trustees who are &ldquo;disinterested persons&rdquo; (as defined in Section
2(a)(19) of the 1940 Act) or any other right to which he or she may be lawfully entitled. For the avoidance of doubt, to the extent
the Trust enters into a written agreement with any Trustee to indemnify such Trustee, any indemnification of such Trustee by the
Trust shall be governed by the terms of such written agreement, including with respect to determinations required, applicable presumptions
and burden of proof with respect to such Trustee&rsquo;s entitlement to indemnification and/or advancement of expenses.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.6 <U>Governance</U>. The
Board of Trustees may from time to time require all its members and any Proposed Nominee to agree in writing as to matters of corporate
governance, business ethics and confidentiality while such Persons serve as a Trustee, such agreement to be on the terms and in
a form determined satisfactory by the Board of Trustees, as amended and supplemented from time to time in the discretion of the
Board of Trustees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.1 <U>Officers of the Trust</U>.
The officers of the Trust shall consist of a President, a Secretary, a Treasurer and such other officers or assistant officers
as may be elected or authorized by the Trustees. Any two or more of the offices may be held by the same Person, except that the
same Person may not be both President and Secretary. The President shall be the Chief Executive Officer of the Trust. No officer
of the Trust need be a Trustee.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.2 <U>Election and Tenure</U>.
At the initial organization meeting, the Trustees shall elect the President, Secretary, Treasurer and such other officers as the
Trustees shall deem necessary or appropriate in order to carry out the business of the Trust. Such officers shall serve at the
pleasure of the Trustees or until their successors have been duly elected and qualified. The Trustees may fill any vacancy in office
or add any additional officers at any time.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.3 <U>Removal of Officers</U>.
Any officer may be removed at any time, with or without cause, by action of a majority of the Trustees. This provision shall not
prevent the making of a contract of employment for a definite term with any officer and shall have no effect upon any cause of
action which any officer may have as a result of removal in breach of a contract of employment. Any officer may resign at any time
by notice in writing signed by such officer and delivered or mailed to the President, or Secretary, and such resignation shall
take effect immediately upon receipt by the President, or Secretary, or at a later date according to the terms of such notice in
writing.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.4 <U>Bonds and Surety</U>.
Any officer may be required by the Trustees to be bonded for the faithful performance of such officer&rsquo;s duties in such amount
and with such sureties as the Trustees may determine.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.5 <U>President and Vice
Presidents</U>. Subject to such supervisory powers, if any, as may be given by the Trustees to the Chairman, if any, the President
shall be the chief executive officer of the Trust and, subject to the control of the Trustees, shall have general supervision,
direction and control of the business of the Trust and of its employees and shall exercise such general powers of management as
are usually vested in the office of Chief Executive Officer or President of a corporation. Subject to direction of the Trustees,
the President shall have power in the name and on behalf of the Trust to execute any and all loans, documents, contracts, agreements,
deeds, mortgages, registration statements, applications, requests, filings and other instruments in writing, and to employ and
discharge employees and agents of the Trust. Unless otherwise directed by the Trustees, the President shall have full authority
and power, on behalf of all of the Trustees, to attend and to act and to vote, on behalf of the Trust at any meetings of business
organizations in which the Trust holds an interest, or to confer such powers upon any other Persons, by executing any proxies duly
authorizing such Persons. The President shall have such further authorities and duties as the Trustees shall from time to time
determine. In the absence or disability of the President, the Vice-Presidents in order of their rank as fixed by the Trustees or,
if more than one and not ranked, the Vice-President designated by the Trustees, shall perform all of the duties of the President,
and when so acting shall have all the powers of and be subject to all of the restrictions upon the President. Subject to the direction
of the Trustees, and of the President, each Vice-President shall have the power in the name and on behalf of the Trust to execute
any and all instruments in writing, and, in addition, shall have such other duties and powers as shall be designated from time
to time by the Trustees or by the President.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.6 <U>Secretary</U>. The
Secretary shall maintain the minutes of all meetings of, and record all votes of, Shareholders, Trustees and the Executive Committee,
if any. The Secretary shall be custodian of the seal of the Trust, if any, and the Secretary (and any other Person so authorized
by the Trustees) shall affix the seal, or if permitted, facsimile thereof, to any instrument executed by the Trust which would
be sealed by a Delaware business corporation executing the same or a similar instrument and shall attest the seal and the signature
or signatures of the officer or officers executing such instrument on behalf of the Trust. The Secretary shall also perform any
other duties commonly incident to such office in a Delaware business corporation, and shall have such other authorities and duties
as the Trustees shall from time to time determine.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.7 <U>Treasurer</U>. Except
as otherwise directed by the Trustees, the Treasurer shall have the general supervision of the monies, funds, securities, notes
receivable and other valuable papers and documents of the Trust, and shall have and exercise under the supervision of the Trustees
and of the President all powers and duties normally incident to the office. The Treasurer may endorse for deposit or collection
all notes, checks and other instruments payable to the Trust or to its order. The Treasurer shall deposit all funds of the Trust
in such depositories as the Trustees shall designate. The Treasurer shall be responsible for such disbursement of the funds of
the Trust as may be ordered by the Trustees or the President. The Treasurer shall keep accurate account of the books of the Trust&rsquo;s
transactions which shall be the property of the Trust, and which together with all other property of the Trust in the Treasurer&rsquo;s
possession, shall be subject at all times to the inspection and control of the Trustees. Unless the Trustees shall otherwise determine,
the Treasurer shall be the principal accounting officer of the Trust and shall also be the principal financial officer of the Trust.
The Treasurer shall have such other duties and authorities as the Trustees shall from time to time determine. Notwithstanding anything
to the contrary herein contained, the Trustees may authorize any adviser, administrator, manager or transfer agent to maintain
bank accounts and deposit and disburse funds of any series of the Trust on behalf of such series.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.8 <U>Other Officers and
Duties</U>. The Trustees may elect such other officers and assistant officers as they shall from time to time determine to be necessary
or desirable in order to conduct the business of the Trust. Assistant officers shall act generally in the absence of the officer
whom they assist and shall assist that officer in the duties of the office. Each officer, employee and agent of the Trust shall
have such other duties and authority as may be conferred upon such Person by the Trustees or delegated to such Person by the President.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.1 <U>Depositories</U>.
In accordance with Section 7.1 of the Declaration, the funds of the Trust shall be deposited in such custodians as the Trustees
shall designate and shall be drawn out on checks, drafts or other orders signed by such officer, officers, agent or agents (including
the adviser, administrator or manager), as the Trustees may from time to time authorize.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.2 <U>Signatures</U>. All
contracts and other instruments shall be executed on behalf of the Trust by its properly authorized officers, agent or agents,
as provided in the Declaration or By-laws or as the Trustees may from time to time by resolution provide.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.3 <U>Seal</U>. The Trust
is not required to have any seal, and the adoption or use of a seal shall be purely ornamental and be of no legal effect. The seal,
if any, of the Trust may be affixed to any instrument, and the seal and its attestation may be lithographed, engraved or otherwise
printed on any document with the same force and effect as if it had been imprinted and affixed manually in the same manner and
with the same force and effect as if done by a Delaware business corporation. The presence or absence of a seal shall have no effect
on the validity, enforceability or binding nature of any document or instrument that is otherwise duly authorized, executed and
delivered.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.4 <U>Governing Law</U>.
These By-Laws and the rights of all parties and the validity and construction of every provision hereof shall be subject to and
construed according to the laws of the state of Delaware, although such law shall not be viewed as limiting the powers otherwise
granted to the Trustees hereunder and any ambiguity shall be viewed in favor of such powers.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.5 <U>Provisions in Conflict
with Law or Regulation</U>.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in">(A) The provisions
of these By-Laws are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is
in conflict with the 1940 Act, the regulated investment company provisions of the Code or with other applicable binding laws and
regulations, the conflicting provision shall be deemed never to have constituted a part of these By-Laws; provided, however, that
such determination shall not affect any of the remaining provisions of these By-Laws or render invalid or improper any action taken
or omitted prior to such determination.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in">(B) If any provision
of these By-Laws shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only
to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other
provision of these By-Laws in any jurisdiction.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 9pt; text-align: justify; text-indent: 1.5in">&nbsp;</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">5.1 <U>Transfer Agents, Registrars
and the Like</U>. As provided in Section 6.7 of the Declaration, the Trustees shall have authority to employ and compensate such
transfer agents and registrars with respect to the Shares of the Trust as the Trustees shall deem necessary or desirable. In addition,
the Trustees shall have power to employ and compensate such dividend disbursing agents, warrant agents and agents for the reinvestment
of dividends as they shall deem necessary or desirable. Any of such agents shall have such power and authority as is delegated
to any of them by the Trustees.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">5.2 <U>Transfer of Shares</U>.
The Shares of the Trust shall be transferable on the books of the Trust only upon delivery to the Trustees or a transfer agent
of the Trust of proper documentation as provided in Section 6.8 of the Declaration. The Trust, or its transfer agents, shall be
authorized to refuse any transfer unless and until presentation of such evidence as may be reasonably required to show that the
requested transfer is proper.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">5.3 <U>Registered Shareholders</U>.
The Trust may deem and treat the holder of record of any Shares as the absolute owner thereof for all purposes and shall not be
required to take any notice of any right or claim of right of any other Person.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Amendment of By-Laws</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">6.1 <U>Amendment and Repeal
of By-Laws</U>. In accordance with Section 3.9 of the Declaration, the Trustees shall have the power to amend or repeal the By-Laws
or adopt new By-Laws at any time. Action by the Trustees with respect to the By-Laws shall be taken by an affirmative vote of a
majority of the Trustees. The Trustees shall in no event adopt By-Laws which are in conflict with the Declaration, and any apparent
inconsistency shall be construed in favor of the related provisions in the Declaration.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Choice of Forum Provision</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">7.1 <U>Forum for Adjudication
of Certain Disputes</U>. Pursuant to Section 3804(e) of the Delaware Act, unless the Trust consents in writing to the selection
of an alternative forum, the Court of Chancery of the State of Delaware shall be the sole and exclusive forum for (i) any derivative
action or proceeding brought on behalf of the Trust, (ii) any action asserting a claim of breach of a fiduciary duty owed by any
trustee, officer, or employee of the Trust to the Trust or its Shareholders, (iii) any action asserting a claim against the Trust
or any trustee, officer, or employee of the Trust arising pursuant to any provision of the Delaware Statutory Trust Act or the
Trust&rsquo;s Declaration or these By-Laws, or (iv) any action asserting a claim against the Trust or any trustee, officer, or
employee of the Trust governed by the internal affairs doctrine of the State of Delaware; provided, however, that, in the event
that the Court of Chancery of the State of Delaware lacks jurisdiction over any such action or proceeding, the sole and exclusive
forum for such action or proceeding shall be another state or federal court located within the State of Delaware. Failure to enforce
the foregoing provisions would cause the Trust irreparable harm and the Trust shall be entitled to equitable relief, including
injunctive relief and specific performance, to enforce the foregoing provisions. Any person or entity purchasing or otherwise acquiring
any interest in Shares of the Trust shall be deemed to have notice of and consented to the provisions of this Section 7.1.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Report of Independent Registered Public Accounting
Firm</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">To the Shareholders and Board of Trustees</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">of Guggenheim Strategic Opportunities Fund</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">In planning and performing our audit of the financial statements
of Guggenheim Strategic Opportunities Fund (the &ldquo;Fund&rdquo;) as of and for the year ended May 31, 2020, in accordance with
the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund&rsquo;s internal control
over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for
the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for
the purpose of expressing an opinion on the effectiveness of the Fund&rsquo;s internal control over financial reporting. Accordingly,
we express no such opinion.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The management of the Fund is responsible for establishing and maintaining
effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of controls. A company&rsquo;s internal control over financial reporting
is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with U.S. generally accepted accounting principles. A company&rsquo;s internal control
over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted
accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations
of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of a company&rsquo;s assets that could have a material effect on the financial statements.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject
to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies
or procedures may deteriorate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned
functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies,
in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company&rsquo;s
annual or interim financial statements will not be prevented or detected on a timely basis.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Our consideration of the Fund&rsquo;s internal control over financial
reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal
control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United
States). However, we noted no deficiencies in the Fund&rsquo;s internal control over financial reporting and its operation, including
controls over safeguarding securities, that we consider to be a material weakness as defined above as of May 31, 2020.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">This report is intended solely for the information and use of management
and the Board of Trustees of Guggenheim Strategic Opportunities Fund and the Securities and Exchange Commission and is not intended
to be and should not be used by anyone other than these specified parties.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">/s/ Ernst &amp; Young LLP</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Tysons, Virginia</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 8pt">July 29, 2020</P>

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