<SEC-DOCUMENT>0001752724-21-164106.txt : 20210809
<SEC-HEADER>0001752724-21-164106.hdr.sgml : 20210809
<ACCEPTANCE-DATETIME>20210809114043
ACCESSION NUMBER:		0001752724-21-164106
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20210531
FILED AS OF DATE:		20210809
DATE AS OF CHANGE:		20210809
EFFECTIVENESS DATE:		20210809

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:		211155484

	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>Amendeddotgof.htm
<DESCRIPTION>AMENDED AGREEMENT & DECLARATION OF TRUST
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

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

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

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

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

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

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Dated as of August 27, 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; text-align: center"></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="break-before: page; 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">TABLE OF CONTENTS</P>

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

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE I The Trust</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="width: 10%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 80%; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">1.1</TD>
    <TD STYLE="text-indent: 0in"><U>Name</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">1.2</TD>
    <TD STYLE="text-indent: 0in"><U>Definitions</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">1</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-align: right; text-indent: 0in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE II Trustees</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">2.1</TD>
    <TD STYLE="text-indent: 0in"><U>Number and Qualification</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">3</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">2.2</TD>
    <TD STYLE="text-indent: 0in"><U>Term and Election</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">3</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">2.3</TD>
    <TD STYLE="text-indent: 0in"><U>Resignation and Removal</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">4</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">2.4</TD>
    <TD STYLE="text-indent: 0in"><U>Vacancies</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">4</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">2.5</TD>
    <TD STYLE="text-indent: 0in"><U>Meetings</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">4</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">2.6</TD>
    <TD STYLE="text-indent: 0in"><U>Trustee Action by Written Consent</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">5</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">2.7</TD>
    <TD STYLE="text-indent: 0in"><U>Officers and Chairman</U>.</TD>
    <TD STYLE="text-align: right; text-indent: 0in">5</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE III Powers and Duties of Trustees</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">3.1</TD>
    <TD STYLE="text-indent: 0in"><U>General</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">5</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">3.2</TD>
    <TD STYLE="text-indent: 0in"><U>Investments</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">3.3</TD>
    <TD STYLE="text-indent: 0in"><U>Legal Title</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">3.4</TD>
    <TD STYLE="text-indent: 0in"><U>Issuance and Repurchase of Shares</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">3.5</TD>
    <TD STYLE="text-indent: 0in"><U>Borrow Money or Utilize Leverage</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">6</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">3.6</TD>
    <TD STYLE="text-indent: 0in"><U>Delegation; Committees</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">3.7</TD>
    <TD STYLE="text-indent: 0in"><U>Collection and Payment</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">3.8</TD>
    <TD STYLE="text-indent: 0in"><U>Expenses</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">3.9</TD>
    <TD STYLE="text-indent: 0in"><U>By-Laws</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">3.10</TD>
    <TD STYLE="text-indent: 0in"><U>Miscellaneous Powers</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">7</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">3.11</TD>
    <TD STYLE="text-indent: 0in"><U>Further Powers</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">8</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE IV Advisory, Management and Distribution Arrangements</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">4.1</TD>
    <TD STYLE="text-indent: 0in"><U>Advisory and Management Arrangements</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">8</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">4.2</TD>
    <TD STYLE="text-indent: 0in"><U>Distribution Arrangements</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">9</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">4.3</TD>
    <TD STYLE="text-indent: 0in"><U>Parties to Contract</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">9</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE V Limitations of Liability and Indemnification</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 80%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">5.1</TD>
    <TD STYLE="text-indent: 0in"><U>No Personal Liability of Shareholders, Trustees, etc</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">9</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">5.2</TD>
    <TD STYLE="text-indent: 0in"><U>Mandatory Indemnification</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">10</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">5.3</TD>
    <TD STYLE="text-indent: 0in"><U>No Bond Required of Trustees</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">5.4</TD>
    <TD STYLE="text-indent: 0in"><U>No Duty of Investigation; Notice in Trust Instruments, etc</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">11</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">5.5</TD>
    <TD STYLE="text-indent: 0in"><U>Reliance on Experts, etc</U>.</TD>
    <TD STYLE="text-align: right; text-indent: 0in">12</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE VI Shares of Beneficial Interest</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">6.1</TD>
    <TD STYLE="text-indent: 0in"><U>Beneficial Interest</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">12</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">6.2</TD>
    <TD STYLE="text-indent: 0in"><U>Other Securities</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">12</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">6.3</TD>
    <TD STYLE="text-indent: 0in"><U>Rights of Shareholders</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">12</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">6.4</TD>
    <TD STYLE="text-indent: 0in"><U>Trust Only</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">13</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">6.5</TD>
    <TD STYLE="text-indent: 0in"><U>Issuance of Shares</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">13</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">6.6</TD>
    <TD STYLE="text-indent: 0in"><U>Register of Shares</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">13</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">6.7</TD>
    <TD STYLE="text-indent: 0in"><U>Transfer Agent and Registrar</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">13</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">6.8</TD>
    <TD STYLE="text-indent: 0in"><U>Transfer of Shares</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">13</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">6.9</TD>
    <TD STYLE="text-indent: 0in"><U>Notices</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">14</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE VII Custodians</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">7.1</TD>
    <TD STYLE="text-indent: 0in"><U>Appointment and Duties</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">14</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">7.2</TD>
    <TD STYLE="text-indent: 0in"><U>Central Certificate System</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">15</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE VIII Redemption</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">8.1</TD>
    <TD STYLE="text-indent: 0in"><U>Redemptions</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">15</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">8.2</TD>
    <TD STYLE="text-indent: 0in"><U>Disclosure of Holding</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">15</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE IX Determination of Net Asset Value; Net Income; Distributions</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">9.1</TD>
    <TD STYLE="text-indent: 0in"><U>Net Asset Value</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">15</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">9.2</TD>
    <TD STYLE="text-indent: 0in"><U>Distributions to Shareholders</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">15</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">9.3</TD>
    <TD STYLE="text-indent: 0in"><U>Power to Modify Foregoing Procedures</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">16</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE X Shareholders</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">10.1</TD>
    <TD STYLE="text-indent: 0in"><U>Meetings of Shareholders</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">16</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in; width: 10%">10.2</TD>
    <TD STYLE="text-indent: 0in; width: 80%"><U>Voting</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in; width: 10%">16</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">10.3</TD>
    <TD STYLE="text-indent: 0in"><U>Notice of Meeting and Record Date</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">17</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">10.4</TD>
    <TD STYLE="text-indent: 0in"><U>Quorum and Required Vote</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">17</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">10.5</TD>
    <TD STYLE="text-indent: 0in"><U>Proxies, etc</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">17</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">10.6</TD>
    <TD STYLE="text-indent: 0in"><U>Reports</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">18</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">10.7</TD>
    <TD STYLE="text-indent: 0in"><U>Inspection of Records</U>.</TD>
    <TD STYLE="text-align: right; text-indent: 0in">18</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">10.8</TD>
    <TD STYLE="text-indent: 0in"><U>Shareholder Action by Written Consent</U>.</TD>
    <TD STYLE="text-align: right; text-indent: 0in">18</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE XI Duration; Termination of Trust; Amendment; Mergers, Etc.</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">11.1</TD>
    <TD STYLE="text-indent: 0in"><U>Duration</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">18</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">11.2</TD>
    <TD STYLE="text-indent: 0in"><U>Termination</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">18</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">11.3</TD>
    <TD STYLE="text-indent: 0in"><U>Amendment Procedure</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">19</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">11.4</TD>
    <TD STYLE="text-indent: 0in"><U>Merger, Consolidation and Sale of Assets</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">20</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">11.5</TD>
    <TD STYLE="text-indent: 0in"><U>Subsidiaries</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">20</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">11.6</TD>
    <TD STYLE="text-indent: 0in"><U>Conversion</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">21</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">11.7</TD>
    <TD STYLE="text-indent: 0in"><U>Certain Transactions</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">21</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD COLSPAN="3" STYLE="text-align: center">ARTICLE XII Miscellaneous</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">12.1</TD>
    <TD STYLE="text-indent: 0in"><U>Filing</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">22</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">12.2</TD>
    <TD STYLE="text-indent: 0in"><U>Resident Agent</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">23</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">12.3</TD>
    <TD STYLE="text-indent: 0in"><U>Governing Law</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">23</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">12.4</TD>
    <TD STYLE="text-indent: 0in"><U>Forum for Adjudication of Certain Disputes</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">23</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">12.5</TD>
    <TD STYLE="text-indent: 0in"><U>Counterparts</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">23</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-indent: 0in">12.6</TD>
    <TD STYLE="text-indent: 0in"><U>Reliance by Third Parties</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">24</TD></TR>
  <TR STYLE="vertical-align: top; background-color: Gainsboro">
    <TD STYLE="text-indent: 0in">12.7</TD>
    <TD STYLE="text-indent: 0in"><U>Provisions in Conflict with Law or Regulation</U></TD>
    <TD STYLE="text-align: right; text-indent: 0in">24</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">GUGGENHEIM STRATEGIC
OPPORTUNITIES FUND</FONT></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; text-align: center">THIRD AMENDED AND RESTATED</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; text-align: center">AGREEMENT AND DECLARATION OF TRUST</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; text-align: justify; text-indent: 1in">THIRD AMENDED AND RESTATED AGREEMENT
AND DECLARATION OF TRUST made as of the 27<SUP>th</SUP> day of August, 2020, by the Trustees hereunder, and by the holders of shares of
beneficial interest issued hereunder as hereinafter provided.</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">WHEREAS, this Trust has been formed
to carry on business as set forth more particularly hereinafter;</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">WHEREAS, this Trust is authorized
to issue an unlimited number of its shares of beneficial interest all in accordance with the provisions hereinafter set forth;</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">WHEREAS, the Trustees have agreed
to manage all property coming into their hands as Trustees of a Delaware statutory trust in accordance with the provisions hereinafter
set forth; and</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">WHEREAS, the parties hereto intend
that the Trust created by this Declaration and the Certificate of Trust filed with the Secretary of State of the State of Delaware on
November 13, 2006 shall constitute a statutory trust under the Delaware Statutory Trust Act and that this Declaration shall constitute
the governing instrument of such statutory 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">NOW, THEREFORE, the Trustees hereby
declare that they will hold all cash, securities, and other assets which they may from time to time acquire in any manner as Trustees
hereunder IN TRUST to manage and dispose of the same upon the following terms and conditions for the benefit of the holders from time
to time of shares of beneficial interest in this Trust as hereinafter set forth.</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; text-indent: 0in">ARTICLE I<BR>
<BR>
The Trust</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; text-align: justify; text-indent: 1in">1.1 <U>Name</U>. This Trust shall
be known as the &ldquo;Guggenheim Strategic Opportunities Fund&rdquo; and the Trustees shall conduct the business of the Trust under
that name or any other name or names as they may 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">1.2 <U>Definitions</U>. As
used in this Declaration, the following terms shall have the following meanings:</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 &ldquo;1940 Act&rdquo; refers
to the Investment Company Act of 1940 and the rules and regulations promulgated thereunder and exemptions granted therefrom, as amended
from time to 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"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The terms &ldquo;Affiliated Person&rdquo;,
&ldquo;Assignment&rdquo;, &ldquo;Commission&rdquo;, &ldquo;Interested Person&rdquo; and &ldquo;Principal Underwriter&rdquo; shall have
the meanings given them in the 1940 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;By-Laws&rdquo; shall mean
the By-Laws of the Trust as amended from time to time 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">&ldquo;Code&rdquo; shall mean the
Internal Revenue Code of 1986, as amended, and the 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">&ldquo;Commission&rdquo; shall mean
the Securities and Exchange Commission.</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;Declaration&rdquo; shall
mean this Amended and Restated Agreement and Declaration of Trust, as amended, supplemented or amended and restated from time to 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">&ldquo;Delaware Statutory Trust
Statute&rdquo; shall mean the provisions of the Delaware Statutory Trust Act, 12 Del. C.ss.3801, et. seq., as such Act may be amended
from time to 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">&ldquo;Delaware General Corporation
Law&rdquo; means the Delaware General Corporation Law, 8 Del. C.ss.100, et. seq., as amended from time to 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">&ldquo;Fundamental Policies&rdquo;
shall mean the investment policies and restrictions as set forth from time to time in any Prospectus or contained in any current Registration
Statement of the Trust filed with the Commission or as otherwise adopted by the Trustees and the Shareholders in accordance with the requirements
of the 1940 Act and designated as fundamental policies therein as they may be amended from time to time in accordance with the requirements
of the 1940 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;Majority Shareholder Vote&rdquo;
shall mean a vote of &ldquo;a majority of the outstanding voting securities&rdquo; (as such term is defined in the 1940 Act) of the Trust
with each class and series of Shares voting together as a single class, except to the extent otherwise required by the 1940 Act or this
Declaration with respect to any one or more classes or series of Shares, in which case the applicable proportion of such classes or series
of Shares voting as a separate class or series, as case may be, also will be required.</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;Person&rdquo; shall mean
and include individuals, corporations, partnerships, trusts, limited liability companies, associations, joint ventures and other entities,
whether or not legal entities, and governments and agencies and political subdivisions thereof.</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;Prospectus&rdquo; shall mean
the Prospectus of the Trust, if any, as in effect from time to time under the Securities Act of 1933, as amended.</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;Shareholders&rdquo; shall
mean as of any particular time the holders of record of outstanding Shares of the Trust, at such 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">&ldquo;Shares&rdquo; shall mean
the transferable units of beneficial interest into which the beneficial interest in the Trust shall be divided from time to time and includes
fractions of Shares as well as whole Shares. In addition, Shares also means any preferred shares or preferred units of beneficial interest
which may be issued from time to time, as described herein. All references to Shares shall be deemed to be Shares of any or all series
or classes as the context may require.</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">&ldquo;Trust&rdquo; shall mean the
trust established by this Declaration, as amended from time to time, inclusive of each such amendment.</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;Trust Property&rdquo; shall
mean as of any particular time any and all property, real or personal, tangible or intangible, which at such time is owned or held by
or for the account of the Trust or the Trustees in such capacity.</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;Trustees&rdquo; shall mean
the signatories to this Declaration, so long as they shall continue in office in accordance with the terms hereof, and all other persons
who at the time in question have been duly elected or appointed and have qualified as trustees in accordance with the provisions hereof
and are then in office.</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; text-indent: 0in">ARTICLE II<BR>
<BR>
Trustees</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.1 <U>Number and Qualification</U>.
Prior to a public offering of Shares there may be a sole Trustee. Thereafter, the number of Trustees shall be determined by a written
instrument signed by a majority of the Trustees then in office, provided that the number of Trustees shall be no less than two (2) or
more than fifteen (15). No reduction in the number of Trustees shall have the effect of removing any Trustee from office prior to the
expiration of his term. An individual nominated as a Trustee shall be at least 21 years of age and not older than 80 years of age at
the time of nomination and not under legal disability. Trustees need not own Shares and may succeed themselves in office.</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>Term and Election</U>. The
Board of Trustees shall be divided into two classes, designated Class I and Class II. Each class shall consist, as nearly as may be possible,
of one-half of the total number of trustees constituting the entire Board of Trustees. Within the limits above specified, the number
of the Trustees in each class shall be determined by resolution of the Board of Trustees. The term of office of the first class shall
expire on the date of the first annual meeting of Shareholders or special meeting in lieu thereof following the effective date of the
Registration Statement relating to the Shares under the Securities Act of 1933, as amended. The term of office of the second class shall
expire on the date of the second annual meeting of Shareholders or special meeting in lieu thereof following the effective date of the
Registration Statement relating to the Shares under the Securities Act of 1933, as amended. Upon expiration of the term of office of
each class as set forth above, the number of Trustees in such class, as determined by the Board of Trustees, shall be elected for a term
expiring on the date of the second annual meeting of Shareholders or special meeting in lieu thereof following such expiration to succeed
the Trustees whose terms of office expire. The Trustees shall be elected at an annual meeting of the Shareholders or special meeting
in lieu thereof called for that purpose, except as provided in Section 2.3 of this Article and each Trustee elected shall hold office
until his or her successor shall have been elected and shall have qualified. The term of office of a Trustee shall terminate and a vacancy
shall occur in the event of the death, resignation, removal, bankruptcy, adjudicated incompetence or other incapacity to perform the
duties of the office, or removal, of 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"><U></U></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">2.3 <U>Resignation and Removal</U>.
Any of the Trustees may resign their trust (without need for prior or subsequent accounting) by an instrument in writing signed by such
Trustee and delivered or mailed to the Trustees or the Chairman, if any, the President or the Secretary and such resignation shall be
effective upon such delivery, or at a later date according to the terms of the instrument. Any of the Trustees may be removed (provided
the aggregate number of Trustees after such removal shall not be less than the minimum number required by Section 2.1 hereof) for cause
only, and not without cause, and only by action taken by a majority of the remaining Trustees followed by the holders of at least seventy-five
percent (75%) of the Shares then entitled to vote in an election of such Trustee. Upon the resignation or removal of a Trustee, each
such resigning or removed Trustee shall execute and deliver such documents as the remaining Trustees shall require for the purpose of
conveying to the Trust or the remaining Trustees any Trust Property held in the name of such resigning or removed Trustee. Upon the incapacity
or death of any Trustee, such Trustee&rsquo;s legal representative shall execute and deliver on such Trustee&rsquo;s behalf such documents
as the remaining Trustees shall require as provided in the preceding sentence.</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>Vacancies</U>. Whenever a
vacancy in the Board of Trustees shall occur, the remaining Trustees may fill such vacancy by appointing an individual having the qualifications
described in this Article by a written instrument signed by a majority of the Trustees then in office or may leave such vacancy unfilled
or may reduce the number of Trustees; provided the aggregate number of Trustees after such reduction shall not be less than the minimum
number required by Section 2.1 hereof; provided, further, that if the Shareholders of any class or series of Shares are entitled separately
to elect one or more Trustees, a majority of the remaining Trustees or the sole remaining Trustee elected by that class or series may
fill any vacancy among the number of Trustees elected by that class or series. Any vacancy created by an increase in Trustees may be
filled by the appointment of an individual having the qualifications described in this Article made by a written instrument signed by
a majority of the Trustees then in office. No vacancy shall operate to annul this Declaration or to revoke any existing agency created
pursuant to the terms of this Declaration. Whenever a vacancy in the number of Trustees shall occur, until such vacancy is filled as
provided herein, the Trustees in office, regardless of their number, shall have all the powers granted to the Trustees and shall discharge
all the duties imposed upon the Trustees by this 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">2.5 <U>Meetings</U>. Meetings of
the Trustees shall be held from time to time upon the call of the Chairman, if any, or the President or any two Trustees. Regular meetings
of the Trustees may be held without call or notice at a time and place fixed by the By-Laws or by resolution of the Trustees. Notice
of any other meeting shall be given by the Secretary and shall be delivered to the Trustees orally not less than 24 hours, or in writing
not less than 72 hours, before the meeting, but may be waived in writing by any Trustee either before or after such meeting. The attendance
of a Trustee at a meeting shall constitute a waiver of notice of such meeting except where a Trustee attends a meeting for the express
purpose of objecting to the transaction of any business on the ground that the meeting has not been properly called or convened. A quorum
for all meetings of the Trustees shall be one-third, but not less than two, of the Trustees. Unless provided otherwise in this Declaration
and except as required under the 1940 Act, any action of the Trustees may be taken at a meeting by vote of a majority of the Trustees
present (a quorum being present) or without a meeting by written consent of a majority of 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"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Any committee of the Trustees, including
an executive committee, if any, may act with or without a meeting. A quorum for all meetings of any such committee shall be one-third
of the members thereof. Unless provided otherwise in this Declaration, any action of any such committee may be taken at a meeting by vote
of a majority of the members present (a quorum being present) or without a meeting by written consent of all of the members.</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">With respect to actions of the Trustees
and any committee of the Trustees, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under
this Section and shall be entitled to vote to the extent not prohibited by the 1940 Act. For any committee of the Trustees comprised of
one Trustee, a quorum shall be one.</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 or any one or more Trustees
may participate in a meeting of the Trustees or any committee thereof by means of a conference telephone or similar communications equipment
by means of which all persons participating in the meeting can hear each other; participation in a meeting pursuant to any such communications
system shall constitute presence in person at such 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">2.6 <U>Trustee Action by Written
Consent</U>. Any action which may be taken by Trustees by vote may be taken without a meeting if that number of the Trustees, or members
of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such committee consent to
the action in writing and the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated
for all purposes as a vote taken at a meeting 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">2.7 <U>Officers and Chairman</U>.
The Trustees shall elect a President, a Chief Financial Officer and a Secretary, who shall serve at the pleasure of the Trustees or until
their successors are elected. The President and Chief Financial Officer may, but need not, be a Trustee. The Trustees may elect a Chairman
of the Board, who shall be a Trustee and who shall serve at the pleasure of the Trustees or until a successor is elected. The Trustees
may elect or appoint or may authorize the Chairman of the Board, if any, or President to appoint such other officers or agents with such
powers as the Trustees may deem to be advisable. The Chairman is not 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: center; text-indent: 0in">ARTICLE III<BR>
<BR>
Powers and Duties of Trustees</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.1 <U>General</U>. The Trustees
shall owe to the Trust and its Shareholders the same fiduciary duties as owed by directors of corporations to such corporations and their
stockholders under the Delaware General Corporation Law. The Trustees shall have exclusive and absolute control over the Trust Property
and over the business of the Trust to the same extent as if the Trustees were the sole owners of the Trust Property and business in their
own right, but with such powers of delegation as may be permitted by this Declaration. The Trustees may perform such acts as in their
sole discretion are proper for conducting the business of the Trust. The enumeration of any specific power herein shall not be construed
as limiting the aforesaid power. Such powers of the Trustees may be exercised without order of or resort to any court.</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"><U></U></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.2 <U>Investments</U>. The Trustees
shall have power, subject to the Fundamental Policies in effect from time to time with respect to the Trust, to: (a) manage, conduct,
operate and carry on the business of an investment company; and (b) subscribe for, invest in, reinvest in, purchase or otherwise acquire,
hold, pledge, sell, assign, transfer, exchange, distribute or otherwise deal in or dispose of any and all sorts of property, tangible
or intangible, including but not limited to securities of any type whatsoever, whether equity or non-equity, of any issuer, evidences
of indebtedness of any person and any other rights, interests, instruments or property of any sort and to exercise any and all rights,
powers and privileges of ownership or interest in respect of any and all such investments of every kind and description, including, without
limitation, the right to consent and otherwise act with respect thereto, with power to designate one or more Persons to exercise any
of said rights, powers and privileges in respect of any of said investments. The Trustees shall not be limited by any law limiting the
investments which may be made by fiduciaries.</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>Legal Title</U>. Legal title
to all the Trust Property shall be vested in the Trustees as joint tenants except that the Trustees shall have power to cause legal title
to any Trust Property to be held by or in the name of one or more of the Trustees, or in the name of the Trust, or in the name of any
other Person as nominee, custodian or pledgee, on such terms as the Trustees may determine, provided that the interest of the Trust therein
is appropriately protected.</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 right, title and interest of
the Trustees in the Trust Property shall vest automatically in each person who may hereafter become a Trustee upon his due election and
qualification. Upon the ceasing of any person to be a Trustee for any reason, such person shall automatically cease to have any right,
title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically
in the remaining Trustees. Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed
and delivered.</P>

<P STYLE="font: 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">3.4 <U>Issuance and Repurchase of
Shares</U>. The Trustees shall have the power to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose
of, transfer, and otherwise deal in, Shares, including Shares in fractional denominations, and, subject to the more detailed provisions
set forth in Articles VIII and IX, to apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any
funds or property whether capital or surplus or otherwise, to the full extent now or hereafter permitted corporations formed under the
Delaware General Corporation Law.</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>Borrow Money or Utilize Leverage</U>.
Subject to the Fundamental Policies in effect from time to time with respect to the Trust, the Trustees shall have the power to borrow
money or otherwise obtain credit or utilize leverage to the maximum extent permitted by law or regulation as such may be needed from
time to time and to secure the same by mortgaging, pledging or otherwise subjecting as security the assets of the Trust, including the
lending of portfolio securities, and to endorse, guarantee, or undertake the performance of any obligation, contract or engagement of
any other person, firm, association or corporation.</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"><U></U></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.6 <U>Delegation; Committees</U>.
The Trustees shall have the power, consistent with their continuing exclusive authority over the management of the Trust and the Trust
Property, to delegate from time to time to such of their number or to officers, employees or agents of the Trust the doing of such things
and the execution of such instruments either in the name of the Trust or the names of the Trustees or otherwise as the Trustees may deem
expedient, to at least the same extent as such delegation is permitted to directors of corporations formed under the Delaware General
Corporation Law and is permitted by the 1940 Act, as well as any further delegations the Trustees may determine to be desirable, expedient
or necessary in order to effect the purpose hereof. The Trustees may, to the extent that they determine it necessary, desirable and appropriate,
designate committees with such powers as the Trustees deem appropriate, each of which shall consist of at least one Trustee, which shall
have all or such lesser portion of the authority of the entire Board of Trustees as the Trustees shall determine from time to time, except
to the extent action by the entire Board of Trustees or particular Trustees is required by the 1940 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">3.7 <U>Collection and Payment</U>.
The Trustees shall have power to collect all property due to the Trust; to pay all claims, including taxes, against the Trust Property
or the Trust, the Trustees or any officer, employee or agent of the Trust; to prosecute, defend, compromise or abandon any claims relating
to the Trust Property or the Trust, or the Trustees or any officer, employee or agent of the Trust; to foreclose any security interest
securing any obligations, by virtue of which any property is owed to the Trust; and to enter into releases, agreements and other instruments.
Except to the extent required for a corporation formed under the Delaware General Corporation Law, the Shareholders shall have no power
to vote as to whether or not a court action, legal proceeding or claim should or should not be brought or maintained derivatively or
as a class action on behalf of the Trust or the Shareholders.</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">3.8 <U>Expenses</U>. The Trustees
shall have power to incur and pay out of the assets or income of the Trust any expenses which in the opinion of the Trustees are necessary
or incidental to carry out any of the purposes of this Declaration, and the business of the Trust, and to pay reasonable compensation
from the funds of the Trust to themselves as Trustees. The Trustees shall fix the compensation of all officers, employees and Trustees.
The Trustees may pay themselves such compensation for special services, including legal, underwriting, syndicating and brokerage services,
as they in good faith may deem reasonable reimbursement for expenses reasonably incurred by themselves on behalf of the Trust. The Trustees
shall have the power, as frequently as they may determine, to cause each Shareholder to pay directly, in advance or arrears, for charges
of distribution, of the custodian or transfer, Shareholder servicing or similar agent, a pro rata amount as defined from time to time
by the Trustees, by setting off such charges due from such Shareholder from declared but unpaid dividends or distributions owed such
Shareholder and/or by reducing the number of shares in the account of such Shareholder by that number of full and/or fractional Shares
which represents the outstanding amount of such charges due from such Shareholder.</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">3.9 <U>By-Laws</U>. The Trustees
shall have the exclusive authority to adopt and from time to time amend or repeal By-Laws for the conduct of the business 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">3.10 <U>Miscellaneous
Powers</U>. The Trustees shall have the power to: (a) employ or contract with such Persons as the Trustees may deem desirable for
the transaction of the business of the Trust; (b) enter into joint ventures, partnerships and any other combinations or
associations; (c) purchase, and pay for out of Trust Property, insurance policies insuring the Shareholders, Trustees, officers,
employees, agents, investment advisors, distributors, selected dealers or independent contractors of the Trust against all claims
arising by reason of holding any such position or by reason of any action taken or omitted by any such Person in such capacity,
whether or not constituting negligence, or whether or not the Trust would have the power to indemnify such Person against such
liability; (d) establish pension, profit-sharing, share purchase, and other retirement, incentive and benefit plans for any
Trustees, officers, employees and agents of the Trust; (e) make donations, irrespective of benefit to the Trust, for charitable,
religious, educational, scientific, civic or similar purposes; (f) to the extent permitted by law, indemnify any Person with whom
the Trust has dealings, including without limitation any advisor, administrator, manager, transfer agent, custodian, distributor or
selected dealer, or any other person as the Trustees may see fit to such extent as the Trustees shall determine; (g) guarantee
indebtedness or contractual obligations of others; (h) determine and change the fiscal year of the Trust and the method in which its
accounts shall be kept; (i) notwithstanding the Fundamental Policies of the Trust, convert the Trust to a master- feeder structure;
provided, however, the Trust obtains the approval of shareholders holding at least a majority of the Trust&rsquo;s Shares present at
a meeting of Shareholders at which a quorum is present and (j) adopt a seal for the Trust but the absence of such seal shall not
impair the validity of any instrument executed on behalf of the Trust.</P>

<P STYLE="font: 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"><U></U></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">3.11 <U>Further Powers</U>. The
Trustees shall have the power to conduct the business of the Trust and carry on its operations in any and all of its branches and maintain
offices both within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia,
and in any and all commonwealths, territories, dependencies, colonies, possessions, agencies or instrumentalities of the United States
of America and of foreign governments, and to do all such other things and execute all such instruments as they deem necessary, proper
or desirable in order to promote the interests of the Trust although such things are not herein specifically mentioned. Any determination
as to what is in the interests of the Trust made by the Trustees in good faith shall be conclusive. In construing the provisions of this
Declaration, the presumption shall be in favor of a grant of power to the Trustees. The Trustees will not be required to obtain any court
order to deal with the Trust Property.</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; text-indent: 0in">ARTICLE IV<BR>
<BR>
Advisory, Management and Distribution Arrangements</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.1 <U>Advisory and Management Arrangements</U>.
Subject to the requirements of applicable law as in effect from time to time, the Trustees may in their discretion from time to time
enter into advisory, administration or management contracts (including, in each case, one or more sub-advisory, sub-administration or
sub-management contracts) whereby the other party to any such contract shall undertake to furnish the Trustees such advisory, administrative
and management services, with respect to the Trust as the Trustees shall from time to time consider desirable and all upon such terms
and conditions as the Trustees may in their discretion determine. Notwithstanding any provisions of this Declaration, the Trustees may
authorize any advisor, administrator or manager (subject to such general or specific instructions as the Trustees may from time to time
adopt) to effect investment transactions with respect to the assets on behalf of the Trustees to the full extent of the power of the
Trustees to effect such transactions or may authorize any officer, employee or Trustee to effect such transactions pursuant to recommendations
of any such advisor, administrator or manager (and all without further action by the Trustees). Any such investment transaction shall
be deemed to have been authorized by all of the Trustees.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">4.2 <U>Distribution Arrangements</U>.
Subject to compliance with the 1940 Act, the Trustees may retain underwriters, placement agents and/or other distribution agents to sell
Trust Shares. The Trustees may in their discretion from time to time enter into one or more contracts, providing for the sale of the
Shares of the Trust, whereby the Trust may either agree to sell such Shares to the other party to the contract or appoint such other
party its sales agent for such Shares. In either case, the contract shall be on such terms and conditions as the Trustees may in their
discretion determine not inconsistent with the provisions of this Article IV or the By-Laws; and such contract may also provide for the
repurchase or sale of Shares of the Trust by such other party as principal or as agent of the Trust and may provide that such other party
may enter into selected dealer agreements with registered securities dealers and brokers and servicing and similar agreements with persons
who are not registered securities dealers to further the purposes of the distribution or repurchase of the Shares 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">4.3 <U>Parties to
Contract</U>. Any contract of the character described in Sections 4.1 and 4.2 of this Article IV or in Article VII hereof may be
entered into with any Person, although one or more of the Trustees, officers or employees of the Trust may be an officer, director,
trustee, shareholder, or member of such other party to the contract, and no such contract shall be invalidated or rendered voidable
by reason of the existence of any such relationship, nor shall any Person holding such relationship be liable merely by reason of
such relationship for any loss or expense to the Trust under or by reason of said contract or accountable for any profit realized
directly or indirectly therefrom, provided that the contract when entered into was reasonable and fair and not inconsistent with the
provisions of this Article IV or the By-Laws. The same Person may be the other party to contracts entered into pursuant to Sections
4.1 and 4.2 above or Article VII, and any individual may be financially interested or otherwise affiliated with Persons who are
parties to any or all of the contracts mentioned in this Section 4.3.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">ARTICLE V<BR>
<BR>
Limitations of Liability and Indemnification</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">5.1 <U>No Personal Liability of
Shareholders, Trustees, etc</U>. No Shareholder of the Trust shall be subject in such capacity to any personal liability whatsoever to
any Person in connection with Trust Property or the acts, obligations or affairs of the Trust. Shareholders shall have the same limitation
of personal liability as is extended to stockholders of a private corporation for profit incorporated under the Delaware General Corporation
Law. No Trustee or officer of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person, save only
liability to the Trust or its Shareholders arising from bad faith, willful misfeasance, gross negligence or reckless disregard for his
duty to such Person; and, subject to the foregoing exception, all such Persons shall look solely to the Trust Property for satisfaction
of claims of any nature arising in connection with the affairs of the Trust. If any Shareholder, Trustee or officer, as such, of the
Trust, is made a party to any suit or proceeding to enforce any such liability, subject to the foregoing exception, he shall not, on
account thereof, be held to any personal liability. Any repeal or modification of this Section 5.1 shall not adversely affect any right
or protection of a Trustee or officer of the Trust existing at the time of such repeal or modification with respect to acts or omissions
occurring prior to such repeal or modification.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">5.2 <U>Mandatory
Indemnification</U>. (a) The Trust hereby agrees to indemnify each person who at any time serves as a Trustee or officer of the
Trust (each such person being an &ldquo;indemnitee&rdquo;) against any liabilities and expenses, including amounts paid in
satisfaction of judgments, in compromise or as fines and penalties, and reasonable counsel fees reasonably incurred by such
indemnitee in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before
any court or administrative or investigative body in which he may be or may have been involved as a party or otherwise or with which
he may be or may have been threatened, while acting in any capacity set forth in this Article V by reason of his having acted in any
such capacity, except with respect to any matter as to which he shall not have acted in good faith in the reasonable belief that his
action was in the best interest of the Trust or, in the case of any criminal proceeding, as to which he shall have had reasonable
cause to believe that the conduct was unlawful, provided, however, that no indemnitee shall be indemnified hereunder against any
liability to any person or any expense of such indemnitee arising by reason of (i) willful misfeasance, (ii) bad faith, (iii) gross
negligence, or (iv) reckless disregard of the duties involved in the conduct of his position (the conduct referred to in such
clauses (i) through (iv) being sometimes referred to herein as &ldquo;disabling conduct&rdquo;). Notwithstanding the foregoing, with
respect to any action, suit or other proceeding voluntarily prosecuted by any indemnitee as plaintiff, indemnification shall be
mandatory only if the prosecution of such action, suit or other proceeding by such indemnitee (1) was authorized by a majority of
the Trustees or (2) was instituted by the indemnitee to enforce his or her rights to indemnification hereunder in a case in which
the indemnitee is found to be entitled to such indemnification. The rights to indemnification set forth in this Declaration shall
continue as to a person who has ceased to be a Trustee or officer of the Trust and shall inure to the benefit of his or her heirs,
executors and personal and legal representatives. No amendment or restatement of this Declaration or repeal of any of its provisions
shall limit or eliminate any of the benefits provided to any person who at any time is or was a Trustee or officer of the Trust or
otherwise entitled to indemnification hereunder in respect of any act or omission that occurred prior to such amendment, restatement
or repeal.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(b) Notwithstanding the foregoing,
no indemnification shall be made hereunder unless there has been a determination (i) by a final decision on the merits by a court or other
body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that such indemnitee is entitled
to indemnification hereunder or, (ii) in the absence of such a decision, by (1) a majority vote of a quorum of those Trustees who are
neither &ldquo;interested persons&rdquo; of the Trust (as defined in Section 2(a)(19) of the 1940 Act) nor parties to the proceeding (&ldquo;Disinterested
Non-Party Trustees&rdquo;), that the indemnitee is entitled to indemnification hereunder, or (2) if such quorum is not obtainable or even
if obtainable, if such majority so directs, independent legal counsel in a written opinion concludes that the indemnitee should be entitled
to indemnification hereunder. All determinations to make advance payments in connection with the expense of defending any proceeding shall
be authorized and made in accordance with the immediately succeeding paragraph (c) below.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1.5in">(c) The Trust shall make advance
payments in connection with the expenses of defending any action with respect to which indemnification might be sought hereunder if the
Trust receives a written affirmation by the indemnitee of the indemnitee&rsquo;s good faith belief that the standards of conduct necessary
for indemnification have been met and a written undertaking to reimburse the Trust unless it is subsequently determined that the indemnitee
is entitled to such indemnification and if a majority of the Trustees determine that the applicable standards of conduct necessary for
indemnification appear to have been met. In addition, at least one of the following conditions must be met: (i) the indemnitee shall provide
adequate security for his undertaking, (ii) the Trust shall be insured against losses arising by reason of any lawful advances, or (iii)
a majority of a quorum of the Disinterested Non-Party Trustees, or if a majority vote of such quorum so direct, independent legal counsel
in a written opinion, shall conclude, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there
is substantial reason to believe that the indemnitee ultimately will be found entitled to indemnification.</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">(d) The rights accruing to any
indemnitee under these provisions shall not exclude any other right which any person may have or hereafter acquire under this Declaration,
the By-Laws of the Trust, 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.</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">(e) Subject to any limitations
provided by the 1940 Act and this Declaration, the Trust shall have the power and authority to indemnify and provide for the advance payment
of expenses to employees, agents and other Persons providing services to the Trust or serving in any capacity at the request of the Trust
to the full extent corporations organized under the Delaware General Corporation Law may indemnify or provide for the advance payment
of expenses for such Persons, provided that such indemnification has been approved by a majority of the Trustees.</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: 1in">5.3 No Bond Required of
Trustees. No Trustee shall, as such, be obligated to give any bond or other security for the performance of any of his duties
hereunder.</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">5.4 <U>No Duty of
Investigation; Notice in Trust Instruments, etc</U>. No purchaser, lender, transfer agent or other person dealing with the Trustees
or with any officer, employee or agent of the Trust shall be bound to make any inquiry concerning the validity of any transaction
purporting to be made by the Trustees or by said officer, employee or agent or be liable for the application of money or property
paid, loaned, or delivered to or on the order of the Trustees or of said officer, employee or agent. Every obligation, contract,
undertaking, instrument, certificate, Share, other security of the Trust, and every other act or thing whatsoever executed in
connection with the Trust shall be conclusively taken to have been executed or done by the executors thereof only in their capacity
as Trustees under this Declaration or in their capacity as officers, employees or agents of the Trust. The Trustees may maintain
insurance for the protection of the Trust Property, its Shareholders, Trustees, officers, employees and agents in such amount as the
Trustees shall deem adequate to cover possible tort liability, and such other insurance as the Trustees in their sole judgment shall
deem advisable or is required by the 1940 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"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">5.5 <U>Reliance on Experts, etc</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; text-align: justify; text-indent: 1in">Each Trustee and officer or employee
of the Trust shall, in the performance of its duties, be fully and completely justified and protected with regard to any act or any failure
to act resulting from reliance in good faith upon the books of account or other records of the Trust, upon an opinion of counsel, or upon
reports made to the Trust by any of the Trust&rsquo;s officers or employees or by any advisor, administrator, manager, distributor, selected
dealer, accountant, appraiser or other expert or consultant selected with reasonable care by the Trustees, officers or employees of the
Trust, regardless of whether such counsel or expert may also be a Trustee.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in">ARTICLE VI<BR>
<BR>
Shares of Beneficial Interest</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">6.1 <U>Beneficial Interest</U>.
The interest of the beneficiaries hereunder shall be divided into an unlimited number of transferable shares of beneficial interest,
par value $.01 per share. All Shares issued in accordance with the terms hereof, including, without limitation, Shares issued in connection
with a dividend in Shares or a split of Shares, shall be fully paid and, except as provided in the last sentence of Section 3.8, nonassessable
when the consideration determined by the Trustees (if any) therefor shall have been received by the Trust.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">6.2 <U>Other Securities</U>. The
Trustees may, subject to the Fundamental Policies and the requirements of the 1940 Act, authorize and issue such other securities of
the Trust as they determine to be necessary, desirable or appropriate, having such terms, rights, preferences, privileges, limitations
and restrictions as the Trustees see fit, including preferred interests, debt securities or other senior securities. To the extent that
the Trustees authorize and issue preferred shares of any class or series, they are hereby authorized and empowered to amend or supplement
this Declaration as they deem necessary or appropriate, including to comply with the requirements of the 1940 Act or requirements imposed
by the rating agencies or other Persons, all without the approval of Shareholders. Any such supplement or amendment shall be filed as
is necessary. The Trustees are also authorized to take such actions and retain such persons as they see fit to offer and sell such securities.</P>

<P STYLE="font: 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">6.3 <U>Rights of Shareholders</U>.
The Shares shall be personal property given only the rights in this Declaration specifically set forth. The ownership of the Trust Property
of every description and the right to conduct any business herein before described are vested exclusively in the Trustees, and the Shareholders
shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for
any partition or division of any property, profits, rights or interests of the Trust nor can they be called upon to share or assume any
losses of the Trust or, subject to the right of the Trustees to charge certain expenses directly to Shareholders, as provided in the
last sentence of Section 3.8, suffer an assessment of any kind by virtue of their ownership of Shares. The Shares shall not entitle the
holder to preference, preemptive, appraisal, conversion or exchange rights (except as specified in this Section 6.3, in Section 11.4
or as specified by the Trustees when creating the Shares, as in preferred shares).</P>

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<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">6.4 <U>Trust Only</U>. It is the
intention of the Trustees to create only the relationship of Trustee and beneficiary between the Trustees and each Shareholder from time
to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation,
bailment or any form of legal relationship other than a trust. Nothing in this Declaration shall be construed to make the Shareholders,
either by themselves or with the Trustees, partners or members of a joint stock association.</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">6.5 <U>Issuance of Shares</U>. The
Trustees, in their discretion, may from time to time without vote of the Shareholders issue Shares including preferred shares that may
have been established pursuant to Section 6.2, in addition to the then issued and outstanding Shares and Shares held in the treasury,
to such party or parties and for such amount and type of consideration, including cash or property, at such time or times, and on such
terms as the Trustees may determine, and may in such manner acquire other assets (including the acquisition of assets subject to, and
in connection with the assumption of, liabilities) and businesses. The Trustees may from time to time divide or combine the Shares into
a greater or lesser number without thereby changing the proportionate beneficial interest in such Shares. Issuances and redemptions of
Shares may be made in whole Shares and/or l/l,000ths of a Share or multiples thereof 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">6.6 <U>Register of Shares</U>. A
register shall be kept at the offices of the Trust or any transfer agent duly appointed by the Trustees under the direction of the Trustees
which shall contain the names and addresses of the Shareholders and the number of Shares held by them respectively and a record of all
transfers thereof. Separate registers shall be established and maintained for each class or series of Shares. Each such register shall
be conclusive as to who are the holders of the Shares of the applicable class or series of Shares and who shall be entitled to receive
dividends or distributions or otherwise to exercise or enjoy the rights of Shareholders. No Shareholder shall be entitled to receive
payment of any dividend or distribution, nor to have notice given to him as herein provided, until he has given his address to a transfer
agent or such other officer or agent of the Trustees as shall keep the register for entry thereon. It is not contemplated that certificates
will be issued for the Shares; however, the Trustees, in their discretion, may authorize the issuance of share certificates and promulgate
appropriate fees therefore and rules and regulations as to their use.</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">6.7 <U>Transfer Agent and Registrar</U>.
The Trustees shall have power to employ a transfer agent or transfer agents, and a registrar or registrars, with respect to the Shares.
The transfer agent or transfer agents may keep the applicable register and record therein, the original issues and transfers, if any,
of the said Shares. Any such transfer agents and/or registrars shall perform the duties usually performed by transfer agents and registrars
of certificates of stock in a corporation, as modified 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">6.8 <U>Transfer of Shares</U>. Shares
shall be transferable on the records of the Trust only by the record holder thereof or by its agent thereto duly authorized in writing,
upon delivery to the Trustees or a transfer agent of the Trust of a duly executed instrument of transfer, together with such evidence
of the genuineness of each such execution and authorization and of other matters as may reasonably be required. Upon such delivery the
transfer shall be recorded on the applicable register of the Trust. Until such record is made, the Shareholder of record shall be deemed
to be the holder of such Shares for all purposes hereof and neither the Trustees nor any transfer agent or registrar nor any officer,
employee or agent of the Trust shall be affected by any notice of the proposed transfer. Any person becoming entitled to any Shares in
consequence of the death, bankruptcy, or incompetence of any Shareholder, or otherwise by operation of law, shall be recorded on the
applicable register of Shares as the holder of such Shares upon production of the proper evidence thereof to the Trustees or a transfer
agent of the Trust, but until such record is made, the Shareholder of record shall be deemed to be the holder of such for all purposes
hereof, and neither the Trustees nor any transfer agent or registrar nor any officer or agent of the Trust shall be affected by any notice
of such death, bankruptcy or incompetence, or other operation of law.</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">6.9 <U>Notices</U>. Any and all
notices to which any Shareholder hereunder may be entitled and any and all communications shall be deemed duly served or given if mailed,
postage prepaid, addressed to any Shareholder of record at his last known address as recorded on the applicable register 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: center; text-indent: 0in">ARTICLE VII<BR>
<BR>
Custodians</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">7.1 <U>Appointment and Duties</U>.
The Trustees shall at all times employ a custodian or custodians, meeting the qualifications for custodians for portfolio securities
of investment companies contained in the 1940 Act, as custodian with respect to the assets of the Trust. Any custodian shall have authority
as agent of the Trust with respect to which it is acting as determined by the custodian agreement or agreements, but subject to such
restrictions, limitations and other requirements, if any, as may be contained in the By-Laws of the Trust and the 1940 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 0 0 0.5in; text-align: justify; text-indent: 0in">(1) to hold the securities
owned by the Trust and deliver the same upon written order;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">(2) to receive any receipt
for any moneys due to the Trust and deposit the same in its own banking department (if a bank) or elsewhere as the Trustees may direct;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">(3) to disburse such funds
upon orders or vouchers;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">(4) if authorized by the
Trustees, to keep the books and accounts of the Trust and furnish clerical and accounting services; and</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in">(5) if authorized to do
so by the Trustees, to compute the net income or net asset value of the Trust;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">all upon such basis of compensation as may be agreed
upon between the Trustees and the custodian.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The Trustees may also authorize
each custodian to employ one or more sub-custodians from time to time to perform such of the acts and services of the custodian and upon
such terms and conditions, as may be agreed upon between the custodian and such sub-custodian and approved by the Trustees, provided that
in every case such sub-custodian shall meet the qualifications for custodians contained in the 1940 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"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">7.2 <U>Central Certificate System</U>.
Subject to such rules, regulations and orders as the Commission may adopt, the Trustees may direct the custodian to deposit all or any
part of the securities owned by the Trust in a system for the central handling of securities established by a national securities exchange
or a national securities association registered with the Commission under the Securities Exchange Act of 1934, or such other Person as
may be permitted by the Commission, or otherwise in accordance with the 1940 Act, pursuant to which system all securities of any particular
class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without
physical delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the order of the Trust.</P>

<P STYLE="font: 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; text-indent: 0in">ARTICLE VIII<BR>
<BR>
Redemption</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">8.1 <U>Redemptions</U>. The
Shares of the Trust are not redeemable by the holders.</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">8.2 <U>Disclosure of Holding</U>.
The holders of Shares or other securities of the Trust shall upon demand disclose to the Trustees in writing such information with respect
to direct and indirect ownership of Shares or other securities of the Trust as the Trustees deem necessary to comply with the provisions
of the Code, the 1940 Act or other applicable laws or regulations, or to comply with the requirements of any other taxing or regulatory
authority.</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; text-indent: 0in">ARTICLE IX<BR>
<BR>
Determination of Net Asset Value; Net Income; Distributions</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">9.1 <U>Net Asset Value</U>. The
net asset value of each outstanding Share of the Trust shall be determined at such time or times on such days as the Trustees may determine,
in accordance with the 1940 Act. The method of determination of net asset value shall be determined by the Trustees and shall be as set
forth in the Prospectus or as may otherwise be determined by the Trustees. The power and duty to make the net asset value calculations
may be delegated by the Trustees and shall be as generally set forth in the Prospectus or as may otherwise be determined 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">9.2 <U>Distributions to
Shareholders</U>. (a) The Trustees shall from time to time distribute ratably among the Shareholders of any class of Shares, or any
series of any such class, in accordance with the number of outstanding full and fractional Shares of such class or any series of
such class, such proportion of the net profits, surplus (including paid-in surplus), capital, or assets held by the Trustees as they
may deem proper or as may otherwise be determined in accordance with this Declaration. Any such distribution may be made in cash or
property (including without limitation any type of obligations of the Trust or any assets thereof) or Shares of any class or series
or any combination thereof, and the Trustees may distribute ratably among the Shareholders of any class of shares or series of any
such class, in accordance with the number of outstanding full and fractional Shares of such class or any series of such class,
additional Shares of any class or series in such manner, at such times, and on such terms as the Trustees may deem proper or as may
otherwise be determined in accordance with this 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: 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">(b) Distributions pursuant to
this Section 9.2 may be among the Shareholders of record of the applicable class or series of Shares at the time of declaring a distribution
or among the Shareholders of record at such later date as the Trustees shall determine and specify.</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">(c) The Trustees may always retain
from the net profits such amount as they may deem necessary to pay the debts or expenses of the Trust or to meet obligations of the Trust,
or as they otherwise may deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the
business.</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">(d) Inasmuch as the computation
of net income and gains for Federal income tax purposes may vary from the computation thereof on the books, the above provisions shall
be interpreted to give the Trustees the power in their discretion to distribute for any fiscal year as ordinary dividends and as capital
gains distributions, respectively, additional amounts sufficient to enable the Trust to avoid or reduce liability for taxes.</P>

<P STYLE="font: 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: 1in">9.3 <U>Power to Modify
Foregoing Procedures</U>. Notwithstanding any of the foregoing provisions of this Article IX, the Trustees may prescribe, in their
absolute discretion except as may be required by the 1940 Act, such other bases and times for determining the per share asset value
of the Trust&rsquo;s Shares or net income, or the declaration and payment of dividends and distributions as they may deem necessary
or desirable for any reason, including to enable the Trust to comply with any provision of the 1940 Act, or any securities exchange
or association registered under the Securities Exchange Act of 1934, or any order of exemption issued by the Commission, all as in
effect now or hereafter amended or modified.</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; text-indent: 0in">ARTICLE X<BR>
<BR>
Shareholders</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">10.1 <U>Meetings of Shareholders</U>.
The Trust shall hold annual meetings of the Shareholders (provided that the Trust&rsquo;s initial annual meeting of Shareholders may
occur up to one year after the completion of its initial fiscal year). A special meeting of Shareholders may be called at any time by
a majority of the Trustees or the President and shall be called by any Trustee for any proper purpose upon written request of Shareholders
of the Trust holding in the aggregate not less than 51% of the outstanding Shares of the Trust or class or series of Shares having voting
rights on the matter, such request specifying the purpose or purposes for which such meeting is to be called. Subject to Section 1.10
of the By-Laws, any shareholder meeting, including a Special Meeting, shall be held within or without the State of Delaware on such day
and at such time as the Trustees shall designate.</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">10.2 <U>Voting</U>. Shareholders
shall have no power to vote on any matter except matters on which a vote of Shareholders is required by applicable law, this Declaration
or resolution of the Trustees. Except as otherwise provided herein, any matter required to be submitted to Shareholders and affecting
one or more classes or series of Shares shall require approval by the required vote of all the affected classes and series of Shares
voting together as a single class; provided, however, that as to any matter with respect to which a separate vote of any class or series
of Shares is required by the 1940 Act, such requirement as to a separate vote by that class or series of Shares shall apply in addition
to a vote of all the affected classes and series voting together as a single class. Shareholders of a particular class or series of Shares
shall not be entitled to vote on any matter that affects only one or more other classes or series of Shares. There shall be no cumulative
voting in the election or removal 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"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">10.3 <U>Notice of Meeting and
Record Date</U>. Notice of all meetings of Shareholders, stating the time, place and purposes of the meeting, shall be given by the
Trustees by mail to each Shareholder of record entitled to vote thereat at its registered address, mailed at least 10 days and not
more than 120 days before the commencement of the meeting or otherwise in compliance with applicable law. Only the business stated
in the notice of the meeting shall be considered at such meeting. Any adjourned meeting may be held as adjourned one or more times
without further notice not later than 180 days after the record date. For the purposes of determining the Shareholders who are
entitled to notice of and to vote at any meeting the Trustees may, without closing the transfer books, fix a date not more than 120
nor less than 10 days prior to the date of such meeting of Shareholders as a record date for the determination of the Persons to be
treated as Shareholders of record for such purposes.</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">10.4 <U>Quorum and Required
Vote</U>. (a) Subject to Section 1.10 of the By-Laws, the holders of a majority of the Shares entitled to vote on any matter at a
meeting present in person or by proxy shall constitute a quorum at such meeting of the Shareholders for purposes of conducting
business on such matter. The absence from any meeting, in person or by proxy, of a quorum of Shareholders for action upon any given
matter shall not prevent action at such meeting upon any other matter or matters which may properly come before the meeting, if
there shall be present thereat, in person or by proxy, a quorum of Shareholders in respect of such other matters.</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">(b) Subject to any provision of
applicable law, this Declaration, <FONT STYLE="color: windowtext">the By-Laws </FONT>or a resolution of the Trustees specifying a greater
or a lesser vote requirement for the transaction of any item of business at any meeting of Shareholders, (i) the affirmative vote of a
majority of the Shares present in person or represented by proxy and entitled to vote on the subject matter shall be the act of the Shareholders
with respect to such matter, and (ii) where a separate vote of one or more classes or series of Shares is required on any matter, the
affirmative vote of a majority of the Shares of such class or series of Shares present in person or represented by proxy at the meeting
shall be the act of the Shareholders of such class or series with respect to such matter.</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">10.5 <U>Proxies, etc</U>. At any
meeting of Shareholders, any holder of Shares entitled to vote thereat may vote by properly executed proxy, provided that no proxy shall
be voted at any meeting unless it shall have been placed on file with the Secretary, or with such other officer or agent of the Trust
as the Secretary may direct, for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of a majority
of the Trustees, proxies may be solicited in the name of one or more Trustees or one or more of the officers or employees of the Trust.
No proxy shall be valid after the expiration of 11 months from the date thereof, unless otherwise provided in the proxy. Only Shareholders
of record shall be entitled to vote. Each full Share shall be entitled to one vote and fractional Shares shall be entitled to a vote
of such fraction. When any Share is held jointly by several persons, any one of them may vote at any meeting in person or by proxy in
respect of such Share (subject to Section 1.10 of the By-Laws), but if more than one of them shall be present at such meeting in person
or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in
respect of such Share. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at
or prior to its exercise, and the burden of proving invalidity shall rest on the challenger. If the holder of any such Share is a minor
or a person of unsound mind, and subject to guardianship or to the legal control of any other person as regards the charge or management
of such Share, he may vote by his guardian or such other person appointed or having such control, and such vote may be given in person
or by proxy (subject to Section 1.10 of the 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"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">10.6 <U>Reports</U>. The
Trustees shall cause to be prepared at least annually and more frequently to the extent and in the form required by law, regulation
or any exchange on which Trust Shares are listed a report of operations containing a balance sheet and statement of income and
undistributed income of the Trust prepared in conformity with generally accepted accounting principles and an opinion of an
independent public accountant on such financial statements. Copies of such reports shall be mailed to all Shareholders of record
within the time required by the 1940 Act, and in any event within a reasonable period preceding the meeting of Shareholders. The
Trustees shall, in addition, furnish to the Shareholders at least semi-annually to the extent required by law, interim reports
containing an unaudited balance sheet of the Trust as of the end of such period and an unaudited statement of income and surplus for
the period from the beginning of the current fiscal year to the end of such period.</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">10.7 <U>Inspection of Records</U>.
The records of the Trust shall be open to inspection by Shareholders to the same extent as is permitted shareholders of a corporation
formed under the Delaware General Corporation Law.</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">10.8 <U>Shareholder Action by Written
Consent</U>.Any action which may be taken by Shareholders by vote may be taken without a meeting if the holders entitled to vote thereon
of the proportion of Shares required for approval of such action at a meeting of Shareholders pursuant to Section 10.4 consent to the
action in writing and the written consents are filed with the records of the meetings of Shareholders. Such consent shall be treated
for all purposes as a vote taken at a meeting of Shareholders.</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; text-indent: 0in">ARTICLE XI<BR>
<BR>
Duration; Termination of Trust; Amendment; Mergers, Etc.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">11.1 <U>Duration</U>. Subject to
possible termination in accordance with the provisions of Section 11.2 hereof, the Trust created hereby shall have perpetual existence.</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">11.2 <U>Termination</U>. (a) The
Trust may be dissolved, after a majority of the Trustees have approved a resolution therefor, upon approval by not less than 75% of the
Shares of each class or series outstanding and entitled to vote, voting as separate classes or series, unless such resolution has been
approved by 80% of the Trustees, in which case approval by a Majority Shareholder Vote shall be required. Upon the dissolution 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 0 0 0.5in; text-align: justify; text-indent: 1.75in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.75in">(i) The Trust shall
carry on no business except for the purpose of winding up its affairs.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.75in">(ii) The Trustees shall
proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs
of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell,
convey, assign, exchange, merge where the Trust is not the survivor, transfer or otherwise dispose of all or any part of the remaining
Trust Property to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash, securities
or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business; provided
that any sale, conveyance, assignment, exchange, merger in which the Trust is not the survivor, transfer or other disposition of all or
substantially all the Trust Property of the Trust shall require approval of the principal terms of the transaction and the nature and
amount of the consideration by Shareholders with the same vote as required to open-end the Trust.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.75in">(iii) After paying
or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and refunding agreements, as
they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each,
among the Shareholders according to their respective rights.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 1.75in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b) After the winding up and termination
of the Trust and distribution to the Shareholders as herein provided, a majority of the Trustees shall execute and lodge among the records
of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file a certificate of cancellation
with the Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees shall thereupon be discharged from all
further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease.</P>

<P STYLE="font: 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">11.3 <U>Amendment Procedure</U>.
(a) Except as provided in subsection (b) of this Section 11.3, this Declaration may be amended, after a majority of the Trustees have
approved a resolution therefor, by the affirmative vote of the holders of not less than a majority of the affected Shares. The Trustees
also may amend this Declaration without any vote of Shareholders of any class of series to divide the Shares of the Trust into one or
more classes or additional classes, or one or more series of any such class or classes, to change the name of the Trust or any class
or series of Shares, to make any change that does not adversely affect the relative rights or preferences of any Shareholder, as they
may deem necessary, or to conform this Declaration to the requirements of the 1940 Act or any other applicable federal laws or regulations
including pursuant to Section 6.2 or the requirements of the regulated investment company provisions of the Code, but the Trustees shall
not be liable for failing to do so.</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">(b) No amendment may be made to
Section 2.1, Section 2.2, Section 2.3, Section 3.9, Section 5.1, Section 5.2, Section 11.2(a), this Section 11.3, Section 11.4, Section
11.6 or Section 11.7 of this Declaration and no amendment may be made to this Declaration which would change any rights with respect to
any Shares of the Trust by reducing the amount payable thereon upon liquidation of the Trust or by diminishing or eliminating any voting
rights pertaining thereto (except that this provision shall not limit the ability of the Trustees to authorize, and to cause the Trust
to issue, other securities pursuant to Section 6.2), except after a majority of the Trustees have approved a resolution therefor, and
such proposed amendment has been approved by the affirmative vote of the holders of not less than seventy-five percent (75%) of the Shares
of each affected class or series outstanding, voting as separate classes or series, or unless such amendment has been approved by 80%
of the Trustees, in which case approval by a Majority Shareholder Vote shall be required. Nothing contained in this Declaration shall
permit the amendment of this Declaration to impair the exemption from personal liability of the Shareholders, Trustees, officers, employees
and agents of the Trust or to permit assessments upon Shareholders.</P>

<P STYLE="font: 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">(c) An amendment duly adopted by
the requisite vote of the Board of Trustees and, if required, the Shareholders as aforesaid, shall become effective at the time of such
adoption or at such other time as may be designated by the Board of Trustees or Shareholders, as the case may be. A certification in recordable
form signed by a majority of the Trustees setting forth an amendment and reciting that it was duly adopted by the Trustees and, if required,
the Shareholders as aforesaid, or a copy of the Declaration, as amended, in recordable form, and executed by a majority of the Trustees,
shall be conclusive evidence of such amendment when lodged among the records of the Trust or at such other time designated by the Board.</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">Notwithstanding any other provision
hereof, until such time as a Registration Statement under the Securities Act of 1933, as amended, covering the first public offering of
Shares of the Trust shall have become effective, this Declaration may be terminated or amended in any respect by the affirmative vote
of a majority of the Trustees or by an instrument signed by a majority of the Trustees.</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">11.4 <U>Merger, Consolidation and
Sale of Assets</U>. Except as provided in Section 11.7, the Trust may merge or consolidate with any other corporation, association, trust
or other organization or may sell, lease or exchange all or substantially all of the Trust Property or the property, including its good
will, upon such terms and conditions and for such consideration when and as authorized by two- thirds of the Trustees and approved by
a Majority Shareholder Vote and any such merger, consolidation, sale, lease or exchange shall be determined for all purposes to have
been accomplished under and pursuant to the statutes of the State of Delaware.</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">11.5 <U>Subsidiaries</U>. Without
approval by Shareholders, the Trustees may cause to be organized or assist in organizing one or more corporations, trusts, partnerships,
associations or other organizations to take over all of the Trust Property or to carry on any business in which the Trust shall directly
or indirectly have any interest, and to sell, convey and transfer all or a portion of the Trust Property to any such corporation, trust,
limited liability company, association or organization in exchange for the shares or securities thereof, or otherwise, and to lend money
to, subscribe for the shares or securities of, and enter into any contracts with any such corporation, trust, limited liability company,
partnership, association or organization, or any corporation, partnership, trust, limited liability company, association or organization
in which the Trust holds or is about to acquire shares or any other interests.</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">11.6 <U>Conversion</U>. Notwithstanding
any other provisions of this Declaration or the By-Laws of the Trust, a favorable vote of a majority of the Trustees then in office followed
by the favorable vote of the holders of not less than seventy-five percent (75%) of the Shares of each affected class or series outstanding,
voting as separate classes or series, shall be required to approve, adopt or authorize an amendment to this Declaration that makes the
Shares a &ldquo;redeemable security&rdquo; as that term is defined in the 1940 Act, unless such amendment has been approved by 80% of
the Trustees, in which case approval by a Majority Shareholder Vote shall be required. Upon the adoption of a proposal to convert the
Trust from a &ldquo;closed-end company&rdquo; to an &ldquo;open-end company&rdquo; as those terms are defined by the 1940 Act and the
necessary amendments to this Declaration to permit such a conversion of the Trust&rsquo;s outstanding Shares entitled to vote, the Trust
shall, upon complying with any requirements of the 1940 Act and state law, become an &ldquo;open-end&rdquo; investment company. Such
affirmative vote or consent shall be in addition to the vote or consent of the holders of the Shares otherwise required by law, or any
agreement between the Trust and any national securities exchange.</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">11.7 <U>Certain Transactions</U>.
(a) Notwithstanding any other provision of this Declaration and subject to the exceptions provided in paragraph (d) of this Section,
the types of transactions described in paragraph (c) of this Section shall require the affirmative vote or consent of a majority of the
Trustees then in office followed by the affirmative vote of the holders of not less than seventy-five percent (75%) of the Shares of
each affected class or series outstanding, voting as separate classes or series, when a Principal Shareholder (as defined in paragraph
(b) of this Section) is a party to the transaction. Such affirmative vote or consent shall be in addition to the vote or consent of the
holders of Shares otherwise required by law or by the terms of any class or series of preferred stock, whether now or hereafter authorized,
or any agreement between the Trust and any national securities exchange.</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">(b) The term &ldquo;Principal Shareholder&rdquo;
shall mean any corporation, Person or other entity which is the beneficial owner, directly or indirectly, of five percent (5%) or more
of the outstanding Shares of any class or series and shall include any affiliate or associate, as such terms are defined in clause (ii)
below, of a Principal Shareholder. For the purposes of this Section, in addition to the Shares which a corporation, Person or other entity
beneficially owns directly, (a) any corporation, Person or other entity shall be deemed to be the beneficial owner of any Shares (i) which
it has the right to acquire pursuant to any agreement or upon exercise of conversion rights or warrants, or otherwise (but excluding share
options granted by the Trust) or (ii) which are beneficially owned, directly or indirectly (including Shares deemed owned through application
of clause (i) above), by any other corporation, Person or entity with which its &ldquo;affiliate&rdquo; or &ldquo;associate&rdquo; (as
defined below) has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting or disposing of Shares, or
which is its &ldquo;affiliate&rdquo; or &ldquo;associate&rdquo; as those terms are defined in Rule 12b-2 of the General Rules and Regulations
under the Securities Exchange Act of 1934, and (b) the outstanding Shares shall include Shares deemed owned through application of clauses
(i) and (ii) above but shall not include any other Shares which may be issuable pursuant to any agreement, or upon exercise of conversion
rights or warrants, or otherwise.</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">(c) This Section shall apply to
the following transactions: (i) The merger or consolidation of the Trust or any subsidiary of the Trust with or into any Principal Shareholder
(ii) The issuance of any securities of the Trust to any Principal Shareholder for cash (other than pursuant to any automatic dividend
reinvestment plan). (iii) The sale, lease or exchange of all or any substantial part of the assets of the Trust to any Principal Shareholder
(except assets having an aggregate fair market value of less than $1,000,000, aggregating for the purpose of such computation all assets
sold, leased or exchanged in any series of similar transactions within a twelve-month period.) (iv) The sale, lease or exchange to the
Trust or any subsidiary thereof, in exchange for securities of the Trust, of any assets of any Principal Shareholder (except assets having
an aggregate fair market value of less than $1,000,000, aggregating for the purposes of such computation all assets sold, leased or exchanged
in any series of similar transactions within a twelve-month period).</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">(d) The provisions of this Section
shall not be applicable to (i) any of the transactions described in paragraph (c) of this Section if 80% of the Trustees shall by resolution
have approved a memorandum of understanding with such Principal Shareholder with respect to and substantially consistent with such transaction,
in which case approval by a Majority Shareholder Vote shall be the only vote of Shareholders required by this Section, or (ii) any such
transaction with any entity of which a majority of the outstanding shares of all classes and series of a stock normally entitled to vote
in elections of directors is owned of record or beneficially by the Trust and its subsidiaries.</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">(e) The Board of Trustees shall
have the power and duty to determine for the purposes of this Section on the basis of information known to the Trust whether (i) a corporation,
person or entity beneficially owns five percent (5%) or more of the outstanding Shares of any class or series, (ii) a corporation, person
or entity is an &ldquo;affiliate&rdquo; or &ldquo;associate&rdquo; (as defined above) of another, (iii) the assets being acquired or leased
to or by the Trust or any subsidiary thereof constitute a substantial part of the assets of the Trust and have an aggregate fair market
value of less than $1,000,000, and (iv) the memorandum of understanding referred to in paragraph (d) hereof is substantially consistent
with the transaction covered thereby. Any such determination shall be conclusive and binding for all purposes of this Section.</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; text-indent: 0in">ARTICLE XII<BR>
<BR>
Miscellaneous</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">12.1 <U>Filing</U>. (a) This
Declaration and any amendment or supplement hereto shall be filed in such places as may be required or as the Trustees deem
appropriate. Each amendment or supplement shall be accompanied by a certificate signed and acknowledged by a Trustee stating that
such action was duly taken in a manner provided herein, and shall, upon insertion in the Trust&rsquo;s minute book, be conclusive
evidence of all amendments contained therein. A restated Declaration, containing the original Declaration and all amendments and
supplements theretofore made, may be executed from time to time by a majority of the Trustees and shall, upon insertion in the
Trust&rsquo;s minute book, be conclusive evidence of all amendments and supplements contained therein and may thereafter be referred
to in lieu of the original Declaration and the various amendments and supplements thereto.</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">(b) The Trustees hereby authorize
and direct a Certificate of Trust, in the form attached hereto as Exhibit A, to be executed and filed with the Office of the Secretary
of State of the State of Delaware in accordance with the Delaware Statutory Trust 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">12.2 <U>Resident Agent</U>. The
Trust shall maintain a resident agent in the State of Delaware, which agent shall initially be The Corporation Trust Company, 1209 Orange
Street, Wilmington, Delaware 19801. The Trustees may designate a successor resident agent, provided, however, that such appointment shall
not become effective until written notice thereof is delivered to the office of the Secretary of the State.</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">12.3 <U>Governing Law</U>. This
Declaration is executed by the Trustees in accordance with and under the laws of the State of Delaware and with reference to the laws
thereof, and the rights of all parties and the validity and construction of every provision hereof shall be subject to and construed
according to laws of said State and reference shall be specifically made to the Delaware General Corporation Law as to the construction
of matters not specifically covered herein or as to which an ambiguity exists, 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. Subject to Section 12.4
of this Declaration, all disputes arising under this Declaration shall be brought in the Delaware Court of Chancery unless otherwise
required by the 1940 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">12.4 <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, this
Declaration or the 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, (x) 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 and (y) any claims, suits, actions
or proceedings arising under the Securities Act of 1933, as amended, shall be exclusively brought in the federal district courts of
the United States of America. 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 12.4.</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">12.5 <U>Counterparts</U>. This Declaration
may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts, together,
shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original counterpart.</P>

<P STYLE="font: 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">12.6 <U>Reliance by Third
Parties</U>. Any certificate executed by an individual who, according to the records of the Trust, or of any recording office in
which this Declaration may be recorded, appears to be a Trustee hereunder, certifying to: (a) the number or identity of Trustees or
Shareholders, (b) the name of the Trust, (c) the due authorization of the execution of any instrument or writing, (d) the form of
any vote passed at a meeting of Trustees or Shareholders, (e) the fact that the number of Trustees or Shareholders present at any
meeting or executing any written instrument satisfies the requirements of this Declaration, (f) the form of any By Laws adopted by
or the identity of any officers elected by the Trustees, or (g) the existence of any fact or facts which in any manner relate to the
affairs of the Trust, shall be conclusive evidence as to the matters so certified in favor of any person dealing with the Trustees
and their successors.</P>

<P STYLE="font: 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">12.7 <U>Provisions in Conflict with
Law or Regulation</U>. (a) The provisions of this Declaration are severable, and if the Trustees shall determine, with the advice of
counsel, that any of such provisions is in conflict with the 1940 Act, the regulated investment company provisions of the Code or with
other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Declaration;
provided, however, that such determination shall not affect any of the remaining provisions of this Declaration or render invalid or
improper any action taken or omitted prior to such determination.</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">(b) If any provision of this Declaration
shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in
such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration
in any jurisdiction.</P>

<P STYLE="font: 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: 0.5in"><B></B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>IN WITNESS WHEREOF</B>, the
undersigned, being the Trustees of Guggenheim Strategic Opportunities Fund, have executed this Third Amended and Restated Agreement and
Declaration of Trust as of the date first written above.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify; width: 35%">/s/ Randall C. Barnes</TD>
    <TD STYLE="text-align: justify; width: 60%"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Randall C. Barnes</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">As Trustee and not individually</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Angela Brock-Kyle</TD>
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Angela Brock-Kyle</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">As Trustee and not individually</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Donald A. Chubb, Jr.</TD>
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Donald A. Chubb, Jr.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">As Trustee and not individually</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Jerry B. Farley</TD>
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Jerry B. Farley</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">As Trustee and not individually</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Roman Friedrich III</TD>
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Roman Friedrich III</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">As Trustee and not individually</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Thomas F. Lydon, Jr.</TD>
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Thomas F. Lydon, Jr.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">As Trustee and not individually</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Ronald A. Nyberg</TD>
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Ronald A. Nyberg</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">As Trustee and not individually</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Sandra G. Sponem</TD>
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Sandra G. Sponem</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">As Trustee and not individually</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Ronald E. Toupin, Jr.</TD>
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Ronald E. Toupin, Jr.</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">As Trustee and not individually</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Amy J. Lee</TD>
    <TD STYLE="text-align: justify"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Amy J. Lee</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: 0in">&nbsp;</TD>
    <TD STYLE="text-indent: 0in">As Trustee and not individually</TD>
    <TD STYLE="text-indent: 0in">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

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

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

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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>3
<FILENAME>Auditletter_gof.htm
<DESCRIPTION>AUDIT LETTER
<TEXT>
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<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 11pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%">Ernst &amp; Young LLP<BR>
1775 Tysons Blvd.<BR>
Tysons, VA&nbsp;22102</TD>
    <TD STYLE="width: 1%; color: gray">&nbsp;</TD>
    <TD STYLE="width: 54%">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; color: #000000; margin: 0">Tel: +1 703 747 0000</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; color: #000000; margin: 0">Fax: +1 703 747 1000</P>
    <P STYLE="margin-top: 0; margin-bottom: 0">ey.com&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Board of Trustees 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; text-align: justify">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, 2021, in
accordance with the standards of the Public Company Accounting Oversight Board (United States) (&ldquo;PCAOB&rdquo;), 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; text-align: justify">&nbsp;</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 PCAOB. 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, 2021.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 50%">/s/ Ernst &amp; Young LLP</TD></TR>
</TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 19pt 0 0">Tysons,
Virginia</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">July 29, 2021</P>

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

<P STYLE="color: gray; font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: #000000">A member firm of Ernst &amp;
Young Global Limited</FONT></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>4
<FILENAME>Amendedbylawsgof.htm
<DESCRIPTION>AMENDED BY-LAWS
<TEXT>
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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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

<P STYLE="font: 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">OF</P>

<P STYLE="font: 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">&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"><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>EIGHTH 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 August 27, 2020, are made and adopted pursuant to Section 3.9 of the Third Amended and Restated
Agreement and Declaration of Trust of Guggenheim Strategic Opportunities Fund (the &ldquo;Trust&rdquo;), dated as of August 27, 2020,
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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<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;<FONT STYLE="font-weight: normal"><U>Proposed
Nominee Associate</U>&rdquo;</FONT> 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;1940 Act&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;<FONT STYLE="font-weight: normal"><U>Shareholder
Associate</U>&rdquo;</FONT> 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;<FONT STYLE="font-weight: normal"><U>Special
Meeting Request</U>&rdquo;</FONT> 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">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"></P>

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<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>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(A) <I>Annual Meetings of Shareholders</I>.</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: 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>

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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">(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 Exchange Act, 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>

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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">(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: 38; Value: 3 -->
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    <DIV STYLE="break-before: page; 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"></P>

<!-- Field: Page; Sequence: 39; Value: 3 -->
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    <DIV STYLE="break-before: page; 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: 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">(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)(3)(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)(6) 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>

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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>

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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;Special Meeting Request&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"></P>

<!-- Field: Page; Sequence: 44; Value: 3 -->
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    <DIV STYLE="break-before: page; 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 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">(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"></P>

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<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">(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>.
Notwithstanding anything to the contrary in these By-Laws, the Trustees or a committee of the Board of Trustees or the President (or Chief
Executive Officer), Vice-President, Treasurer (or Chief Financial Officer) or Secretary of the Trust may determine at any time, including,
without limitation, after the calling of any meeting of Shareholders, that any meeting of Shareholders be held solely by means of remote
communication or both at a physical location and by means of remote communication. If the Trustees or a committee of the Board of Trustees
or the President (or Chief Executive Officer), Vice-President, Treasurer (or Chief Financial Officer) or Secretary of the Trust shall
determine that any meeting of Shareholders be held solely by means of remote communication or both at a physical location and by means
of remote communication, subject to such guidelines and procedures as the Trustees or such committee or such officer 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 Board of 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"></P>

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<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">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"></P>

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<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">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"></P>

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<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">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"></P>

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<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">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>

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<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>

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

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

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<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>

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