<SEC-DOCUMENT>0001752724-24-090624.txt : 20240425
<SEC-HEADER>0001752724-24-090624.hdr.sgml : 20240425
<ACCEPTANCE-DATETIME>20240425135326
ACCESSION NUMBER:		0001752724-24-090624
CONFORMED SUBMISSION TYPE:	N-CEN/A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20231231
FILED AS OF DATE:		20240425
DATE AS OF CHANGE:		20240425
EFFECTIVENESS DATE:		20240425

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIBERTY ALL STAR EQUITY FUND
		CENTRAL INDEX KEY:			0000799195
		ORGANIZATION NAME:           	
		IRS NUMBER:				042935840
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CEN/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04809
		FILM NUMBER:		24874989

	BUSINESS ADDRESS:	
		STREET 1:		C/O ALPS FUND SERVICES, INC.
		STREET 2:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
		BUSINESS PHONE:		303.623.2577

	MAIL ADDRESS:	
		STREET 1:		C/O ALPS FUND SERVICES, INC.
		STREET 2:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CEN/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
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            <securitiesAgentName>State Street Bank &amp; Trust Company</securitiesAgentName>
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        <paymentToAgentManagers>
          <paymentToAgentManagerType>Cash collateral reinvestment fee</paymentToAgentManagerType>
          <paymentToAgentManagerType>Revenue sharing split</paymentToAgentManagerType>
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        <relyOnRuleTypes>
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</DOCUMENT>
<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>fp0087333-1_g1aiii.htm
<TEXT>
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     <TITLE></TITLE>
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<P STYLE="margin: 0; font: 11pt Times New Roman, Times, Serif">&nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><U>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</U></B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">To
the Shareholders and Board of Trustees of&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Liberty
All-Star<SUP>&reg;</SUP> Equity Fund</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In
planning and performing our audit of the financial statements of Liberty All-Star<SUP>&reg;</SUP> Equity Fund (the &ldquo;Fund&rdquo;)
as of and for the year ended December 31, 2023, in accordance with the standards of the Public Company Accounting Oversight Board
(United States) (PCAOB), 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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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 fund&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 generally accepted accounting principles (GAAP). A fund&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 fund; (2) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund
are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund&rsquo;s assets that could have
a material effect on the financial statements.</FONT></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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 combination of deficiencies, in internal control over financial reporting, such that there
is a reasonable possibility that a material misstatement of the Fund&rsquo;s annual or interim financial statements will not be
prevented or detected on a timely basis.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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 December 31, 2023.</FONT></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">COHEN
&amp; COMPANY, LTD.&nbsp;</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">February
22, 2024</FONT></P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>CODE OF ETHICS
<SEQUENCE>3
<FILENAME>fp0087333-1_g1bv.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt">Liberty
All-Star Equity Fund</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt">Liberty
All-Star Growth Fund, Inc.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: blue"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: Black"><B>CODE
OF ETHICS FOR PRINCIPAL EXECUTIVE AND FINANCIAL OFFICERS</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; color: blue"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%; background-color: silver; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: Black">Procedure
    Creation Date:</FONT></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: Black">December
    12, 2005</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: Black">Procedures
    Revised as of:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: Black">October
    1, 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif; background-color: Gainsboro">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: Black">Applicable
    Authority:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; color: Black">Section
    406 of the Sarbanes-Oxley Act of 2002</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>I.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>P<FONT STYLE="font-variant: small-caps">urpose
of the</FONT> C<FONT STYLE="font-variant: small-caps">ode</FONT></B></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Liberty All-Star Growth Fund, Inc. and the Liberty All-Star Equity Fund (collectively the &ldquo;Funds&rdquo;) code of ethics
(this &ldquo;Code&rdquo;) is intended to serve as the code of ethics described in Section 406 of the Sarbanes-Oxley Act of 2002
and Item 2 of Form N-CSR. This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley
Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures
of the Funds, the Funds&rsquo; adviser, principal underwriter, or other service providers govern or purport to govern the behavior
or activities of the Covered Officers, as defined herein, who are subject to this Code, they are superseded by this Code to the
extent that they overlap or conflict with the provisions of this Code. The Funds&rsquo; and its investment adviser&rsquo;s, and
principal underwriter&rsquo;s codes of ethics pursuant to Rule 17j-1 under the Investment Company Act of 1940 (the &ldquo;1940
Act&rdquo;) are separate requirements applying to the Covered Officers and others, and are not part of this Code.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">All
Covered Officers must become familiar and fully comply with this Code. Because this Code cannot and does not cover every applicable
law or provide answers to all questions that might arise, all Covered Officers are expected to use common sense about what is
right and wrong, including a sense of when it is proper to seek guidance from others on the appropriate course of conduct.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
purpose of this Code is to set standards for the Covered Officers that are reasonably designed to deter wrongdoing and to promote:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">honest
                                         and ethical conduct, including the ethical handling of actual or apparent conflicts of
                                         interest between personal and professional relationships;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">full,
                                         fair, accurate, timely, and understandable disclosure in reports and documents that the
                                         Funds files with, or submits to, the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
                                         and in any other public communications by the Funds;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">compliance
                                         with applicable governmental laws, rules and regulations;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         prompt internal reporting of violations of the Code to the appropriate persons as set
                                         forth in the Code; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">accountability
                                         for adherence to the Code.</FONT></TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>II.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>C<FONT STYLE="font-variant: small-caps">overed
</FONT>P<FONT STYLE="font-variant: small-caps">ersons</FONT></B></FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This
Code applies to the Funds&rsquo; Principal Executive Officers and Principal Financial Officers, or any persons performing similar
functions on behalf of the Funds (the &ldquo;Covered Officers&rdquo;). Each Covered Person should adhere to a high standard of
business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.
Covered Officers are expected to act in accordance with the standards set forth in this Code.</FONT></P>

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

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Honest
and Ethical Conduct</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>A.</B></FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Honesty,
                                         Diligence and Professional Responsibility </B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Covered
Officers are expected to observe both the form and the spirit of the ethical principles contained in this Code. Covered Officers
must perform their duties and responsibilities for the Funds:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">with
                                         honesty, diligence, and a commitment to professional and ethical responsibility;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">carefully,
                                         thoroughly and in a timely manner; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">in
                                         conformity with applicable professional and technical standards.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Covered
Officers who are certified public accountants are expected to carry out their duties and responsibilities in a manner consistent
with the principles governing the accounting profession, including any guidelines or principles issued by the Public Company Accounting
Oversight Board or the American Institute of Certified Public Accountants from time to time.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>B.</B></FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Objectivity/Avoidance
                                         of Undisclosed Conflicts of Interest</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Covered
Officers are expected to maintain objectivity and avoid undisclosed conflicts of interest. In the performance of their duties
and responsibilities for the Funds, Covered Officers must not subordinate their judgment to personal gain and advantage, or be
unduly influenced by their own interests or by the interests of others. Covered Officers must avoid participation in any activity
or relationship that constitutes a conflict of interest unless that conflict has been completely disclosed to affected parties
and waived by the Trustees on behalf of the Funds. Further, Covered Officers should avoid participation in any activity or relationship
that could create the appearance of a conflict of interest.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
conflict of interest would generally arise if, for instance, a Covered Officer directly or indirectly participates in any investment,
interest, association, activity or relationship that may impair or appear to impair the Covered Officer&rsquo;s objectivity or
interfere with the interests of, or the Covered Officer's service to, the Funds.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"> Any
Covered Officer who may be involved in a situation or activity that might be  a conflict of interest or give the appearance
of a conflict of interest must report such situation or activity using the reporting procedures set forth in Section VI of this
Code.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
Covered Officer must not:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 11pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">use
                                         his or her personal influence or personal relationships improperly to influence investment
                                         decisions or financial reporting by the Funds whereby the Covered Officer would benefit
                                         personally to the detriment of the Funds;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 11pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">cause
                                         the Funds to take action, or fail to take actions, for the individual personal benefit
                                         of the Covered Officer rather than the benefit of the Funds; or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0; font: 11pt Times New Roman, Times, Serif; text-align: justify"></TD><TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">use
                                         material non-public knowledge of portfolio transactions made or contemplated for the
                                         Funds to trade personally or cause others to trade personally in contemplation of the
                                         market effect of such transactions.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
Covered Officer is responsible for his or her compliance with this conflict of interest policy.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">C.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Preparation
of Financial Statements</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Covered
Officers must not knowingly make any misrepresentations regarding the Funds&rsquo; financial statements or any facts in the preparation
of the Funds&rsquo; financial statements, and must comply with all applicable laws, standards, principles, guidelines, rules and
regulations in the preparation of the Funds&rsquo; financial statements. This section is intended to prohibit:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">making,
                                         or permitting or directing another to make, materially false or misleading entries in
                                         the Funds&rsquo; financial statements or records;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">failing
                                         to correct the Funds&rsquo; financial statements or records that are materially false
                                         or misleading when he or she has the authority to record an entry; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">signing,
                                         or permitting or directing another to sign, a document containing materially false or
                                         misleading financial information.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Covered
Officers must be scrupulous in their application of generally accepted accounting principles. No Covered Officer may (i) express
an opinion or state affirmatively that the financial statements or other financial data of the Funds are presented in conformity
with generally accepted accounting principles, or (ii) state that he or she is not aware of any material modifications that should
be made to such statements or data in order for them to be in conformity with generally accepted accounting principles, if such
statements or data contain any departure from generally accepted accounting principles then in effect in the United States.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Covered
Officers must follow the laws, standards, principles, guidelines, rules and regulations established by all applicable governmental
bodies, commissions or other regulatory agencies in the preparation of financial statements, records and related information.
If a Covered Officer prepares financial statements, records or related information for purposes of reporting to such bodies, commissions
or regulatory agencies, the Covered Officer must follow the requirements of such organizations in addition to generally accepted
accounting principles.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
a Covered Officer and his or her supervisor have a disagreement or dispute relating to the preparation of financial statements
or the recording of transactions, the Covered Officer should take the following steps to ensure that the situation does not constitute
an impermissible subordination of judgment:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
                                         Covered Officer should consider whether (i) the entry or the failure to record a transaction
                                         in the records, or (ii) the financial statement presentation or the nature or omission
                                         of disclosure in the financial statements, as proposed by the supervisor, represents
                                         the use of an acceptable alternative and does not materially misrepresent the facts or
                                         result in an omission of a material fact. If, after appropriate research or consultation,
                                         the Covered Officer concludes that the matter has authoritative support and/or does not
                                         result in a material misrepresentation, the Covered Officer need do nothing further.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
                                         the Covered Officer concludes that the financial statements or records could be materially
                                         misstated as a result of the supervisor&rsquo;s determination, the Covered Officer should
                                         follow the reporting procedures set forth in Section VI of this Code.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">D.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Obligations
to the Independent Auditor of the Funds</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"> In
dealing with the Funds&rsquo; independent auditor, Covered Officers must be candid  and not knowingly misrepresent facts or
knowingly fail to disclose material facts, and must respond to specific inquiries and requests by the Funds&rsquo; independent
auditor.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Covered
Officers must not take any action, or direct any person to take any action, to fraudulently influence, coerce, manipulate or mislead
the Funds&rsquo; independent auditor in the performance of an audit of the Funds&rsquo; financial statements for the purpose of
rendering such financial statements materially misleading.</FONT></P>

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

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Full,
Fair, Accurate, Timely and Understandable Disclosure</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">It
is the Funds&rsquo; policy to provide full, fair, accurate, timely, and understandable disclosure in reports and documents that
the Funds files with, or submits to, the SEC and in any other public communications by the Funds. The Funds have designed and
implemented Disclosure Controls and Procedures to carry out this policy.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Covered
Officers are expected to familiarize themselves with the disclosure requirements generally applicable to the Funds, and to use
their best efforts to promote, facilitate, and prepare full, fair, accurate, timely, and understandable disclosure in all reports
and documents that the Funds files with, or submits to, the SEC and in any other public communications by the Funds.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Covered
Officers must review the Funds&rsquo; Disclosure Controls and Procedures to ensure they are aware of and carry out their duties
and responsibilities in accordance with the Disclosure Controls and Procedures and the disclosure obligations of the Funds. Covered
Officers are responsible for monitoring the integrity and effectiveness of the Funds&rsquo; Disclosure Controls and Procedures.</FONT></P>

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

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Compliance
with Applicable Laws, Rules and Regulations</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Covered
Officers are expected to know, respect and comply with all laws, rules and regulations applicable to the conduct of the Funds&rsquo;
business. If a Covered Officer is in doubt about the legality or propriety of an action, business practice or policy, the Covered
Officer should seek advice from the Covered Officer&rsquo;s supervisor or the Funds&rsquo; legal counsel.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">In
the performance of their work, Covered Officers must not knowingly be a party to any illegal activity or engage in acts that are
discreditable to the Funds.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Covered
Officers are expected to promote the Funds&rsquo; compliance with applicable laws, rules and regulations. To promote such compliance,
Covered Officers may establish and maintain mechanisms to educate employees carrying out the finance and compliance functions
of the Funds about any applicable laws, rules or regulations that affect the operation of the finance and compliance functions
and the Funds generally.</FONT></P>

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

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Reporting
and Accountability</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">All
Covered Officers will be held accountable for adherence to this Code. Each Covered Officer must, upon the Funds&rsquo; adoption
of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he/she has received,
read, and understands this Code by signing the Acknowledgement Form attached hereto as Appendix A. Thereafter, each Covered Officer,
on an annual basis, must affirm to the Board that he/she has complied with the requirements of this Code.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Covered
Officers may not retaliate against any other Covered Officer of the Funds or their affiliated persons for reports of potential
violations that are made in good faith.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Funds will follow these procedures in investigating and enforcing this Code:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>A.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Any
Covered Officer who knows of any violation of this Code or who questions whether a situation, activity or practice is acceptable
must immediately report such practice to the Funds&rsquo; Audit Committee. The Audit Committee shall take appropriate action to
investigate any reported potential violations. If, after such investigation, the Audit Committee believes that no violation has
occurred, the Audit Committee is not required to take any further action. Any matter that the Audit Committee believes is a violation
will be reported to the Chairman of the Board of Trustees/ Directors. The Audit Committee shall respond to the Covered Officer
within a reasonable period of time.</FONT></TD>
</TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>B.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
the Covered Officer is not satisfied with the response of the Audit Committee, the Covered Officer shall report the matter to
the Chairman of the Board of Trustees. If the Chairman is unavailable, the Covered Officer may report the matter to any other
member of the Board of Trustees. The person receiving the report shall consider the matter, refer it to the full Board of Trustees
if he or she deems appropriate, and respond to the Covered Officer within a reasonable amount of time. If the Board of Trustees/
Directors concurs that a violation has occurred, it will consider appropriate action, which may include review of and appropriate
modifications to applicable policies and procedures or notification to appropriate personnel of the investment adviser or its
board.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.9in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>C.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
the Board of Trustees determines that a Covered Officer violated this Code, failed to report a known or suspected violation of
this Code, or provided intentionally false or malicious information in connection with an alleged violation of this Code, the
Board of Trustees/ Directors may take disciplinary action against any such Covered Officer to the extent the Board of Trustees
deems appropriate. No Covered Officer will be disciplined for reporting a concern in good faith.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.9in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">To
the extent possible and as allowed by law, reports will be treated as confidential. The Funds may report violations of the law
to the appropriate authorities.</FONT></P>

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

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Disclosure
of this Code</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This
Code shall be disclosed to the public by at least one of the following methods in the manner prescribed by the SEC, unless otherwise
required by law:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Filing
                                         a copy of this Code as an exhibit to the Funds&rsquo; annual report on Form N-CSR;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Posting
                                         the text of this Code on the Funds&rsquo; Internet website and disclosing, in its most
                                         recent report on Form N-CSR, its Internet address and the fact that it has posted this
                                         Code on its Internet website; or</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 11pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.5in; font: 11pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.4in; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#9679;</FONT></TD><TD STYLE="text-align: justify; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Providing
                                         an undertaking in the Funds&rsquo; most recent report on Form N-CSR to provide a copy
                                         of this Code to any person without charge upon request, and explaining the manner in
                                         which such a request may be made.</FONT></TD></TR></TABLE>

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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">W<FONT STYLE="font-variant: small-caps">aivers</FONT></FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Any
waiver of this Code, including an implicit waiver, granted to a Covered Officer may be made only by the Board of Trustees/ Directors
or a committee of the Board to which such responsibility has been delegated, and must be disclosed by the Funds in the manner
prescribed by law and as set forth above in Section VII (Disclosure of this Code).</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A<FONT STYLE="font-variant: small-caps">mendments</FONT></FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">This
Code may be amended by the affirmative vote of a majority of the Board of Trustees, including a majority of the independent Trustees.
Any amendment of this Code must be disclosed by the Funds in the manner prescribed by law and as set forth above in Section VII
(Disclosure of this Code), unless such amendment is deemed to be technical, administrative, or otherwise non-substantive. Any
amendments to this Code will be provided to the Covered Officers.</FONT></P>

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

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">C<FONT STYLE="font-variant: small-caps">onfidentiality</FONT></FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">All
reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected
accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board
of Trustees of the Funds, the Audit Committee, the legal counsel to the Funds, legal counsel to the independent trustees and such
other persons as a majority of the Board of Trustees/ Directors, including a majority of the independent Trustees, shall determine
to be appropriate.</FONT></P>


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<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><U>Appendix
A</U></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Liberty
All-Star Funds</B></FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Certification
and Acknowledgment of Receipt of Code of Ethics for Principal Executive Officers and Principal Financial Officers</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">I
acknowledge and certify that I have received a copy of the Liberty All-Star Funds&rsquo; Code of Ethics for Principal Executive
Officers and Principal Financial Officers (the &ldquo;Code&rdquo;). I understand and agree that it is my responsibility to read
and familiarize myself with the policies and procedures contained in the Code and to abide by those policies and procedures.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">I
acknowledge and certify that I have read and understand the Code.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">I
affirm that I have complied with the requirements of this Code.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">                                                                                                                                      <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify; border-bottom: Black 1pt solid; width: 35%">&nbsp;</TD>
<TD STYLE="text-align: justify; width: 15%">&nbsp;</TD>
<TD STYLE="text-align: justify; border-bottom: Black 1pt solid; width: 35%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Officer Name (Please Print) </FONT></TD>
<TD STYLE="text-align: justify">&nbsp;</TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Officer Signature</FONT></TD>
    <TD>&nbsp;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">                                                                                                                                      <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
                            <TD STYLE="text-align: justify; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35%"></TD><TD STYLE="text-align: justify; width: 15%">&nbsp;</TD>
                            <TD STYLE="text-align: justify; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Date</FONT></TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
</TR></TABLE>

</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>4
<FILENAME>fp0088185-2_g1bi_usa.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Amended
and Restated</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">BY-LAWS</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">OF</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">LIBERTY
ALL-STAR EQUITY FUND</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">As
amended through October 24, 2023</FONT></P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">DEFINITIONS</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
terms &ldquo;Commission,&rdquo; &ldquo;Custodian,&rdquo; &ldquo;Declaration,&rdquo; &ldquo;Distributor,&rdquo; &ldquo;Investment
Adviser,&rdquo; &ldquo;Majority Shareholder Vote,&rdquo; &ldquo;1940 Act,&rdquo; &ldquo;Shareholder,&rdquo; &ldquo;Shares,&rdquo;
&ldquo;Transfer Agent,&rdquo; &ldquo;Trust,&rdquo; &ldquo;Trust Property,&rdquo; and &ldquo;Trustees&rdquo; have the respective
meanings given them in the Declaration of Trust of Liberty All-Star Equity Fund dated August 20, 1986, as amended from time to
time.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&ldquo;Continuing
Trustee&rdquo; shall mean any Trustee who (1) has been a Trustee for a period of at least eighteen months, during no part of which
time he or she has been an Interested Party (as defined below) or an &ldquo;affiliated person&rdquo; (as defined in Section 2(a)(3)
of the 1940 Act) of an Interested Party, (2) has been a Trustee since the Trust&rsquo;s initial public offering of its Shares,
or (3) is a successor to a Continuing Trustee who is not an affiliated person of an Interested Party and was elected or nominated
to succeed the Continuing Trustee by a majority of the other Continuing Trustees then in office.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&ldquo;Interested
Party&rdquo; shall mean any person, other than an investment company advised by the Trust&rsquo;s investment adviser or any of
its &ldquo;affiliated persons&rdquo; (as defined in Section 2(a)(3) of the 1940 Act), that enters, or proposes to enter, into
with the Trust: (1) a merger, consolidation, or statutory share exchange of the Trust with or into any other corporation or entity;
(2) the issuance of any securities of the Trust to any Principal Shareholder <SUP>1</SUP> for cash, except as part of an offering
in which the Principal Shareholder has no special right to participate as compared to (a) other holders of the same class or series
of shares, or (b) investors generally; (3) the sale, lease, exchange, mortgage, pledge, transfer, or other disposition by the
Trust (in one or a series of transactions in any 12-month period) to or with any Principal Shareholder of any assets of the Trust
having an aggregate fair market value of $1,000,000 or more, except for portfolio transactions (including pledges of portfolio
securities in connection with borrowings) effected by the Trust in the ordinary course of business, tender offers, and transactions
effected in connection with leverage; (4) the issuance or transfer by the Trust of any securities of the Trust to any person or
entity for cash, securities, or other property or assets (or combination thereof) having an aggregate fair market value of $1,000,000
or more, excluding (a) issuances or transfers of debt securities of the Trust, (b) sales of securities of the Trust in connection
with a public offering, (c) issuances of securities of the Trust pursuant to a dividend or distribution reinvestment plan adopted
by the Trust, (d) issuances of securities of the Trust upon the exercise of any share subscription rights distributed by the Trust,
(e) issuances of securities of the Trust for the purposes of leverage, and (f) portfolio transactions effected by the Trust in
the ordinary course of business.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font: 11pt Times New Roman, Times, Serif"></FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
term &ldquo;Principal Shareholder&rdquo; shall mean any corporation, person or other entity which is the beneficial owner, directly
or indirectly, of more than five percent (5%) of the outstanding Shares of any class of the Trust 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 the 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 it or its &ldquo;affiliate&rdquo; or &ldquo;associate&rdquo; (as defined
below) has any agreement, arrangement or understanding for the purposes of acquiring, holding, voting or disposing of Shares,
or which it or its &ldquo;affiliate&rdquo; or &ldquo;associate&rdquo; as those terms are defined in Rule l2b-2 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.</FONT></TD>
</TR></TABLE>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;ARTICLE
II</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">OFFICES</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
1. <U>Principal Office</U>. Until changed by the Trustees, the principal office of the Trust in the Commonwealth of Massachusetts
shall be in the City of Boston, County of Suffolk.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
2. <U>Other Offices</U>. The Trust may have offices in such other places without, as well as within, the Commonwealth of Massachusetts
as the Trustees may from time to time determine.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: center; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ARTICLE
III</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: center; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
1. <U>Meetings</U>. An annual meeting of Shareholders shall be held at such place within or without the Commonwealth of Massachusetts
on such date and at such time as at least a majority of the Trustees and two-thirds of the Continuing Trustees shall designate.
Except as required by applicable law, the Declaration, these By-Laws, or a resolution of at least a majority of the Trustees and
two-thirds of the Continuing Trustees, the holders of a majority of outstanding Shares present in person or by proxy shall constitute
a quorum at any meeting of the Shareholders. A quorum, once established at a meeting, shall not be broken by the withdrawal of
enough votes to leave less than a quorum. A majority of the Board of Trustees, including a majority of the Continuing Trustees,
has the sole power to fix the means of remote communication, if any, by which shareholders and proxy holders may be considered
present in person and may vote at the meeting</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
2. <U>Special Meetings</U>. At any time in the interval between annual meetings, special meetings of Shareholders may be called
by at least a majority of the Trustees and two-thirds of the Continuing Trustees and shall be called by any Trustee upon written
request of Shareholders holding in the aggregate no less than two-thirds of the outstanding Shares having voting rights, provided
that (1) such request shall state the purposes of such meeting and the matters proposed to be acted on, and (2) the Shareholders
requesting such meeting shall have paid to the Trust the reasonably estimated cost of preparing and mailing the notice thereof,
which the Secretary shall determine and specify to such Shareholders. Any such meeting shall be held within or without the Commonwealth
of Massachusetts on such date and at such time as at least a majority of the Trustees and two-thirds of the Continuing Trustees
shall designate. The Chairman of the special meeting shall, if the facts warrant, determine and declare to the meeting that business
was not properly brought before the meeting or is not a proper subject for the meeting; any such business shall not be considered
or transacted. A majority of the Board of Trustees, including a majority of the Continuing Trustees, has the sole power to fix
the means of remote communication, if any, by which shareholders and proxy holders may be considered present in person and may
vote at the meeting</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
3. <U>Notice of Meetings</U>. Notice of all meetings of Shareholders, stating the time, place, and purposes of the meeting, shall
be given by the Trustees by mail (or other method of dissemination) to each Shareholder at his or her address as recorded on the
register of the Trust, mailed (or otherwise disseminated) at least 10 days and not more than 90 days before the meeting. Except
as otherwise required by law, only the business stated in the notice of the meeting shall be considered at such meeting; <I>provided
that</I>, additional business may be brought before the meeting by or at the direction of at least a majority of the Trustees
and two-thirds of the Continuing Trustees. No notice need be given to any Shareholder who shall have failed to inform the Trust
of his or her current address or if a written waiver of notice, executed before or after the meeting by the Shareholder or his
or her attorney thereunto authorized, is filed with the records of the meeting.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
4. <U>Requirement to Appear at Meeting</U>. Notwithstanding anything to the contrary in the provisions set forth in this Article
III, unless otherwise required by law, if the Shareholder (or a qualified representative of the Shareholder) wishing to submit
a proposal does not appear at the annual or special meeting of Shareholders of the Trust to present proposed business, such proposed
business shall not be transacted, notwithstanding that proxies in respect of such vote may have been received by the Trust. For
purposes hereof, to be considered a qualified representative of the Shareholder, an individual 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 the Secretary of the Trust in writing at least ten business days in advance of the Shareholder meeting to act for such Shareholder
as proxy at the meeting of Shareholders.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
5. <U>Required Compliance with Exchange Act</U>. 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 Article III; 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 proposals as to any business to be considered pursuant to this Article III, and compliance with
these By-Laws shall be the exclusive means for a shareholder to submit business (other than matters brought properly under and
in compliance with Rule 14a-8 under the Exchange Act (or any successor provision of law)).</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
6. <U>Adjournment</U>. Any meeting of Shareholders may be adjourned from time to time, without notice, other than by announcement
at the meeting at which the adjournment is taken. At any adjourned meeting at which a quorum shall be present, any action may
be taken that could have been taken at the meeting originally called. There is no limit on the number of days a shareholder meeting
may be adjourned, and any matter may be voted on at such adjourned meeting as though held when the meeting originally convened.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
7. <U>Record Date for Meeting</U>. For the purpose of determining the Shareholders who are entitled to notice of and to vote at
any meeting, or to participate in any distribution, or for the purpose of any other action, the Trustees may from time to time
close the transfer books for such period, not exceeding 30 days, as the Trustees may determine; or, without closing the transfer
books, the Trustees may fix a date not more than 90 days prior to the date of any meeting of Shareholders or distribution or other
action as a record date for the determination of the persons to be treated as Shareholders of record for such purposes.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
8. <U>Proxies</U>. At any meeting of Shareholders, any holder of Shares entitled to vote thereat may vote the Shares he or she
owns of record in person, by written proxy, or by electronic or telecommunications device if, as discussed below, provided by
the Board of Trustees, 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 of the Trust. 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 to such Share, but if
more than one of them shall be present at such meeting in person or 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 or she may vote by his or her
guardian or such other person appointed or having such control, and such vote may be given in person or by proxy. The placing
of a Shareholder&rsquo;s name on a proxy pursuant to telephonic or electronically transmitted instructions obtained pursuant to
procedures reasonably designed to verify that such instructions have been authorized by such Shareholder shall constitute execution
or signature of such proxy by or on behalf of such Shareholder.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">To
the maximum extent permitted by law, the Board of Trustees may provide that proxies may be given by any electronic or telecommunications
device or in any other manner, but may also provide that, if a proposal by anyone other than the officers or Trustees is submitted
to a vote of the Shareholders, or if there is a proxy contest or proxy solicitation or proposal in opposition to any proposal
by the officers or Trustees, Shares may be voted only either in person or by written proxy that is not given by any electronic
or telecommunications means.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
9. <U>Organization</U>. At every meeting of Shareholders, an officer or a person designated by an officer of the Trust shall act
as Chairman of the meeting. The Secretary, or in the Secretary&rsquo;s absence or inability to act, a person appointed by the
Chairman of the meeting, shall act as secretary of the meeting.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
10. <U>Order of Business</U>. The order of business at all meetings of Shareholders shall be as determined by the Chairman of
the meeting. The Chairman of the meeting may prescribe such rules, regulations, and procedures and take such action as, in the
discretion of such Chairman, are appropriate for the proper conduct of the meeting, including, without limitation, (a) restricting
entry to the meeting to only persons present at the commencement of the meeting; (b) limiting attendance at the meeting to Shareholders
of record of the Trust, their duly authorized proxies and other such individuals as the Chairman of the meeting may determine;
(c) limiting participation at the meeting on any matter to Shareholders of record of the Trust entitled to vote on such matter,
their duly authorized proxies and other such individuals as the Chairman of the meeting may determine; (d) limiting the time allotted
to questions or comments by participants; (e) determining when and for how long the polls should be open and when the polls should
be closed; (f) maintaining order and security at the meeting; (g) removing any Shareholder or any other individual who refuses
to comply with meeting procedures, rules or guidelines as set forth by the Chairman of the meeting; (h) concluding a meeting or
recessing or adjourning the meeting to a later date and time and at a place announced at the meeting; and (i) complying with any
state and local laws and other regulations concerning safety and security. Unless otherwise determined by the Chairman of the
meeting, meetings of Shareholders shall not be required to be held in accordance with the rules of parliamentary procedure.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
11. <U>Advance Notice of Shareholder Nominees for Trustee</U>. For nominations to be properly brought before a meeting by a Shareholder,
the Shareholder must have given timely notice thereof in writing to the Secretary of the Trust and must be entitled at the time
of giving notice and the time of the meeting to vote for each such nominee. To be timely, a Shareholder&rsquo;s notice shall set
forth all information required under this Section 11 and shall be received by the Secretary at the principal offices of the Trust:
(1) for an annual meeting, not earlier than the 150<SUP>th</SUP> day and not later than the 120<SUP>th</SUP> day prior to the
first anniversary of the date of public release of the notice for the preceding year&rsquo;s annual meeting; provided, however,
that in the event that the date of the annual meeting is advanced by more than 30 days or delayed by more than 60 days from the
first anniversary of the date of the preceding year&rsquo;s annual meeting, notice by the Shareholder to be timely must be received
by the Secretary no earlier than the 120<SUP>th</SUP> day prior to the date of such annual meeting and no later than the later
of the 90<SUP>th</SUP> day prior to the date of such annual meeting or the 10<SUP>th</SUP> day following the day on which public
announcement of the date of such meeting is first made; and (2) for a special meeting, not later than the close of business on
the seventh day following the date on which notice of the date of such meeting is mailed or otherwise disseminated to Shareholders
or public disclosure of the date of the special meeting is made, whichever occurs first. The public announcement of a postponement
or adjournment of a meeting shall not commence a new time period for the giving of a Shareholder&rsquo;s notice as described above.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">A
Shareholder&rsquo;s notice of a nomination for the election or reelection of a trustee shall set forth as to each individual whom
the Shareholder proposes to nominate as a trustee:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(i)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         name, age, business address, residence address, and principal occupation of any individual(s)
                                         being nominated (a &ldquo;Proposed Nominee&rdquo;) and each individual who has a Disclosable
                                         Relationship with such Proposed Nominee (&ldquo;Proposed Nominee Associate&rdquo;);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(ii)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(iii)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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, including the nominating Shareholder and any Shareholder
                                         Associated Person (as defined below);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(iv)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         representation as to whether such Proposed Nominee is believed to be an &ldquo;interested
                                         person&rdquo; of the Trust, as defined in Section 2(a)(19) of the 1940 Act, and meets
                                         the other legal requirements to serve as a Trustee, including the rules adopted by the
                                         principal listing exchange upon which Shares are listed, the rules adopted pursuant to
                                         Rule 10A-3, and information regarding such individual that is sufficient, in the discretion
                                         of the Board of Trustees or any committee thereof, to examine such determinations;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(v)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         representation that the Proposed Nominee satisfies the Trustee Qualifications as set
                                         out in Article IV of these By-Laws, and information regarding such individual that is
                                         sufficient, in the discretion of the Board of Trustees or any committee thereof, to examine
                                         such representation;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(vi)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         representation that the Shareholder who intends to make the nomination is a holder of
                                         record or beneficial owner of shares of the Trust entitled to vote for each nominee at
                                         such meeting (together with proof thereof as would meet the requirements for proposals
                                         that are to be included in the Trust&rsquo;s proxy statements pursuant to Rule 14a-8
                                         under the Securities Exchange Act of 1934, as amended (&ldquo;Exchange Act&rdquo;), or
                                         any successor to such Rule) and intends to appear in person or by proxy at the meeting
                                         to nominate the person or persons specified in the notice;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(vii)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">as
                                         to the Shareholder who intends to make the nomination and any Shareholder Associated
                                         Person, (A) the class and number of shares that are owned by such Shareholder and any
                                         Shareholder Associated Person, as of the date of such notice (which information shall
                                         be supplemented by such Shareholder not later than five business days after the record
                                         date for the meeting to disclose such information as of the record date); (B) the nominee
                                         holder for, and number of shares owned beneficially but not of record by such Shareholder
                                         and by any Shareholder Associated Person, as of the date of such notice (which information
                                         shall be supplemented by such Shareholder not later than five business days after the
                                         record date for the meeting to disclose such information as of the record date); (C)
                                         the date shares identified in (A) and (B) were acquired and the investment intent of
                                         such acquisition; and (D) whether and the extent to which any hedging or other transaction
                                         or series of transactions has been entered into by or on behalf of, or any other agreement,
                                         arrangement, or understanding (including any short position or any borrowing or lending
                                         of shares) has been made, the effect or intent of which is to mitigate loss to or manage
                                         risk of share price changes for, or to increase or decrease the voting power of, such
                                         Shareholder or any such Shareholder Associated Person with respect to any shares of the
                                         Trust, including any such activity effected by the use of securities or other instruments
                                         or any other issuer in effect as of the date of such notice (which information shall
                                         be supplemented by such Shareholder not later than five business days after the record
                                         date for the meeting to disclose such information as of the record date);</FONT></TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(viii)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         name, age, business address, residence address, and principal occupation of the Shareholder
                                         and Shareholder Associated Person giving notice, as they appear on the Trust&rsquo;s
                                         share ledger and current name and address, if different;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(ix)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">to
                                         the extent known by the Shareholder giving the notice, the name and address of any other
                                         Shareholder supporting the nomination of each individual for trustee on the date of such
                                         Shareholder&rsquo;s notice;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(x)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         representation whether the Shareholder or any Shareholder Associated Person intends to
                                         deliver a proxy statement and/or form of proxy to holders of at least the percentage
                                         of the outstanding shares required to approve the nomination and/or otherwise to solicit
                                         proxies from Shareholders in support of the nomination;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(xi)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">any
                                         other information relating to such 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-12(c) of 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 any other information reasonably necessary to ensure the completeness and accuracy
                                         of the information provided;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(xii)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">such
                                         Proposed Nominee&rsquo;s written consent to being named as a nominee and to serving as
                                         a Trustee if elected;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(xiii)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         certificate executed by the Proposed Nominee certifying that such Proposed Nominee (a)
                                         is not, and will not become a party to, any agreement, arrangement, or understanding
                                         (whether written or oral) with any person or entity other than the Trust in connection
                                         with service or action as a Trustee of the Trust if elected that has not been disclosed
                                         to the Trust, (b) will serve as a Trustee of the Trust if elected, and (c) satisfies
                                         the Trustee Qualifications of these By-Laws; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(xiv)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         Trustee questionnaire completed and submitted by the Proposed Nominee within 5 business
                                         days of such a request from the Trust and in such form as the Board of Trustees deems
                                         appropriate, and a background check or such information as the Trustees may reasonably
                                         require to determine the eligibility of such Proposed Nominee to serve as a Trustee of
                                         the Trust.</FONT></TD></TR></TABLE>



<!-- Field: Page; Sequence: 7; Value: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
information submitted pursuant to this Section 11 by any Shareholder shall be inaccurate in any material respect, such information
may be deemed not to have been provided in accordance with this Section 11. Any such Shareholder shall notify the Trust of any
inaccuracy or change (within two business days of becoming aware of such inaccuracy or change) in any such information. Upon written
request by the secretary of the Trust or the Board of Trustees, any such Shareholder shall provide, within five business days
of delivery 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 pursuant to this Section 11, 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 pursuant to this Section 11 as of an earlier date. If a Shareholder 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 may be deemed
not to have been provided in accordance with this Section 11.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Chairman of the meeting may refuse to acknowledge a nomination by any Shareholder that is not made in compliance with the foregoing
procedures. Any determination by the Chairman that the Shareholder nomination is not in compliance shall be binding on all parties
absent manifest error. Notwithstanding the foregoing provisions of this Section 11, a Shareholder shall also comply with all applicable
requirements of Massachusetts law and of the Exchange Act and the rules and regulations thereunder with respect to matters set
forth in herein.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">For
purposes of this Section 11 and Section 12 below, &ldquo;Shareholder Associated Person&rdquo; of any Shareholder shall mean (i)
any person controlling, controlled by, or under common control with, directly or indirectly, or acting in concert with, such Shareholder
(including, without limitation, any person who is a member of a &ldquo;group&rdquo; for purposes of Section 13(d) of the Exchange
Act, or any successor provision, that includes such Shareholder); (ii) any beneficial owner of shares owned of record or beneficially
by such Shareholder; and (iii) any person controlling, controlled by, or under common control with any such person named in (i)
or (ii).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
12. <U>Advance Notice of Shareholder Proposals</U>. Any Shareholder who is entitled to vote in the election of trustees and meets
the requirements of the proxy rules under the Exchange Act, may submit to the Board of Trustees proposals to be considered for
submission to the Shareholders of the Trust for their vote. For a proposal to be considered at a meeting of Shareholders, the
Shareholder must have given timely notice thereof to the Secretary of the Trust and must be entitled, both at the time of giving
notice and the time of the meeting, to vote for each such proposal. To be timely, a notice shall set forth all information required
under this Section 12 and shall be received by the Secretary at the principal offices of the Trust: (1) for an annual meeting,
not earlier than the 150<SUP>th</SUP> day and not later than the 120<SUP>th</SUP> day prior to the first anniversary of the date
of public release of the notice for the preceding year&rsquo;s annual meeting; provided, however, that in the event that the date
of the annual meeting is advanced by more than 30 days or delayed by more than 60 days from the first anniversary of the date
of the preceding year&rsquo;s annual meeting, notice by the Shareholder to be timely must be received by the Secretary no earlier
than the 120<SUP>th</SUP> day prior to the date of such annual meeting and no later than the later of the 90<SUP>th</SUP> day
prior to the date of such annual meeting or the 10<SUP>th</SUP> day following the day on which public announcement of the date
of such meeting is first made; and (2) for a special meeting, not later than the close of business on the seventh day following
the date on which notice of the date of such meeting is mailed or otherwise disseminated to Shareholders or public disclosure
of the date of the special meeting is made, whichever occurs first. The public announcement of a postponement or adjournment of
a meeting shall not commence a new time period for the giving of a Shareholder&rsquo;s notice as described above.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Each
such notice shall set forth:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(i)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         proposal to be introduced, the reasons for proposing such business at the meeting, and
                                         any material interest in such business of such Shareholder and any Shareholder Associated
                                         Person (as defined in Section 11 above), individually or in the aggregate, including
                                         any anticipated benefit to the Shareholder or any Shareholder Associated Person therefrom;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(ii)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         representation that the Shareholder is a holder of record or beneficial owner of shares
                                         of the Trust entitled to vote at such meeting (together with proof thereof as would meet
                                         the requirements for proposals that are to be included in the Trust&rsquo;s proxy statements
                                         pursuant to Rule 14a-8 under the Exchange Act or any successor to such Rule) and intends
                                         to appear in person or by proxy at the meeting to introduce the proposal specified in
                                         the notice;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(iii)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">as
                                         to the Shareholder who intends to introduce a proposal and any Shareholder Associated
                                         Person (as defined below), (A) the class and number of shares that are owned by such
                                         Shareholder and any Shareholder Associated Person, as of the date of such notice (which
                                         information shall be supplemented by such Shareholder not later than five business days
                                         after the record date for the meeting to disclose such information as of the record date);
                                         (B) the nominee holder for, and number of shares owned beneficially but not of record
                                         by such Shareholder and by any Shareholder Associated Person, as of the date of such
                                         notice (which information shall be supplemented by such Shareholder not later than five
                                         business days after the record date for the meeting to disclose such information as of
                                         the record date); (C) the date shares identified in (A) and (B) were acquired and the
                                         investment intent of such acquisition; and (D) whether and the extent to which any hedging
                                         or other transaction or series of transactions has been entered into by or on behalf
                                         of, or any other agreement, arrangement, or understanding (including any short position
                                         or any borrowing or lending of shares) has been made, the effect or intent of which is
                                         to mitigate loss to or manage risk of share price changes for, or to increase or decrease
                                         the voting power of, such Shareholder or any such Shareholder Associated Person with
                                         respect to any shares of the Trust, including any such activity effected by the use of
                                         securities or other instruments of any other issuer in effect as of the date of such
                                         notice (which information shall be supplemented by such Shareholder not later than five
                                         business days after the record date for the meeting to disclose such information as of
                                         the record date);</FONT></TD></TR></TABLE>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(iv)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">the
                                         name, age, business address, residence address, and principal occupation of the Shareholder
                                         and the Shareholder Associated Person as they appear on the Trust&rsquo;s share ledger
                                         and current name and address, if different;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(v)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">to
                                         the extent known by the Shareholder giving the notice, the name and address of any other
                                         Shareholder supporting the proposal on the date of such Shareholder&rsquo;s notice;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(vi)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         representation whether the Shareholder or any Shareholder Associated Person intends to
                                         deliver a proxy statement and/or form of proxy to holders of at least the percentage
                                         of the outstanding shares required to approve the proposal and/or otherwise to solicit
                                         proxies from Shareholders in support of the proposal;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(vii)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         description of any agreement, arrangement or understanding (whether written or oral)
                                         with respect to the proposal between or among such Shareholder and such beneficial owner,
                                         any of their respective Shareholder Associated Persons, and any other person or persons
                                         (including their names) in connection with the proposal of such business and any material
                                         interest of such person or any Shareholder Associated Person of such person, in such
                                         business, including any anticipated benefit therefrom to such person, or any Shareholder
                                         Associated Person of such person;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(viii)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                         description of all commercial and professional relationships and transactions between
                                         or among such Shareholder and such beneficial owners or their respective Shareholder
                                         Associated Persons, and any other person or persons known to such Shareholder and such
                                         beneficial owners or their respective Shareholder Associated Persons to have a material
                                         interest in the matter that is the subject of such notice; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 80pt"></TD><TD STYLE="width: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(ix)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">all
                                         other information relating to the proposal that is required to be disclosed in connection
                                         with the proposal, or is otherwise required, in each case pursuant to Regulation 14A
                                         (or any successor provision) under the Exchange Act and the rules thereunder.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">If
information submitted pursuant to this Section 12 by any Shareholder shall be inaccurate in any material respect, such information
may be deemed not to have been provided in accordance with this Section 12. Any such Shareholder shall notify the Trust of any
inaccuracy or change (within two business days of becoming aware of such inaccuracy or change) in any such information. Upon written
request by the Secretary of the Trust or the Board of Trustees, any such Shareholder shall provide, within five business days
of delivery 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 pursuant to this Section 12, 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 pursuant to this Section 12 as of an earlier date. If a Shareholder 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 may be deemed
not to have been provided in accordance with this Section 12.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Chairman of the meeting may refuse to acknowledge the introduction of any Shareholder proposal not made in compliance with the
foregoing procedure. Any determination by the Chairman that the Shareholder proposal is not in compliance shall be binding on
all parties absent manifest error. Notwithstanding the foregoing provisions of this Section 12, a Shareholder shall also comply
with all applicable requirements of Massachusetts law and of the Exchange Act and the rules and regulations thereunder with respect
to matters set forth in herein. Nothing in this Section 12 shall be deemed to affect any right of a Shareholder to request inclusion
of a proposal in, nor the right of the Trust to omit a proposal from, the Trust&rsquo;s proxy statement pursuant to Rule 14a-8
(or any successor provision) under the Exchange Act.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
13. <U>Inspection of Records</U>. No Shareholder shall have any right to inspect any records of the Trust, except as conferred
by law or authorized by resolution of the Board of Trustees.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
14. <U>Required Vote</U>. Except as otherwise provided by applicable law or by the Declaration, these By-Laws, or a resolution
of a majority of the Trustees and at least three-fourths of the Continuing Trustees specifying a greater or lesser vote requirement
for the transaction of any item of business that properly comes before a meeting of Shareholders, the affirmative vote of a majority
of the shares outstanding and entitled to vote shall be required to approve any matter that properly comes before the meeting.
However, at all times, the affirmative vote of a majority of the total number of votes entitled to be cast thereon shall be required
to approve the election of a trustee.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">TRUSTEES</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
1. <U>Meetings of the Trustees</U>. The Trustees may in their discretion provide for regular or stated meetings of the Trustees.
Notice of regular or stated meetings need not be given. Unless statute, these By-Laws, or a resolution of the Trustees provides
otherwise, any such notice need not state the business to be transacted at or the purposes of any regular or special meeting of
the Trustees. Meetings of the Trustees other than regular or stated meetings shall be held whenever called by the President, or
by any one of the Trustees, at the time being in office. Notice of the time and place of each meeting other than regular or stated
meetings shall be given by the Secretary or an Assistant Secretary or by the officer or Trustee calling the meeting and shall
be mailed to each Trustee at least two days before the meeting, or shall be emailed or sent via other electronic means to each
Trustee at his or her business address or personally delivered to him or her at least one day before the meeting. Such notice
may, however, be waived by any Trustee. Notice of a meeting need not be given to any Trustee if a written waiver of notice or
a waiver of notice by electronic transmission, executed by him or her before or after the meeting, is filed with the records of
the meeting, or to any Trustee who attends the meeting without protesting prior thereto or at its commencement the lack of notice
to him or her. A waiver of notice need not specify the purpose of any meeting. The Trustees may meet by means of a telephone conference
circuit or similar communications equipment by means of which all persons participating in the meeting can hear each other, which
telephone conference meeting shall be deemed to have been held at a place designated by the Trustees at the meeting. Unless provided
otherwise by statute or regulation, participation in a telephone conference meeting shall constitute presence in person at such
meeting. Any action required or permitted to be taken at any meeting of the Trustees may be taken by the Trustees without a meeting
if a majority of the Trustees consent to the action in writing and the written consents are filed with the records of the Trustees&rsquo;
meetings. Such consents shall be treated as a vote for all purposes.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
2. <U>Quorum and Manner of Acting</U>. One-third of the Trustees shall be present in person at any regular or special meeting
of the Trustees in order to constitute a quorum for the transaction of business at such meeting and (except as otherwise required
by law, the Declaration, or these By-Laws) the act of a majority of the Trustees present at any such meeting, at which a quorum
is present, shall be the act of the Trustees. In the absence of a quorum, a majority of the Trustees present may adjourn the meeting
from time to time until a quorum shall be present. Notice of an adjourned meeting need not be given.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
3. <U>Chairman of the Board</U>. The Board of Trustees shall appoint a Chairman of the Board from among the Trustees who are not
&ldquo;interested persons&rdquo; of the Trust (as defined in Section 2(a)(19) of the 1940 Act). The Chairman of the Board shall
have no greater liability, nor be held to any higher standard, by reason of being Chairman of the Board. The Chairman of the Board
shall preside at all meetings of the Board of Trustees at which he or she is present. The Chairman of the Board shall have and
may exercise such powers as are, from time to time, assigned to him or her by the Board of Trustees or as may be required by law.
The Chairman of the Board shall serve (a) until his or her successor has been duly appointed and qualified by the Board of Trustees,
or (b) until his or her death, or until he or she shall have resigned or have been removed, as herein provided in these By-Laws.
The Chairman of the Board may resign at any time by giving written notice 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 is not specified therein, immediately
upon its receipt or as otherwise determined by the Board of Trustees. The Chairman of the Board may be removed by the Board of
Trustees with or without cause at any time. A vacancy in the office of Chairman of the Board may be filled by the vote of the
Board of Trustees.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
4. <U>Non-Disclosure Agreement</U>. If directed by 2/3 of the Continuing Trustees, a Trustee shall be required as a condition
to his or her service as a Trustee to execute and deliver to the Trust an agreement (in such form and with such content as the
Board of Trustees shall approve) requiring all information received in an individual&rsquo;s capacity as a Trustee of the Trust
to be held confidential.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
5. <U>Requirement to Adhere to Trust Policies</U>. If directed by 2/3 of the Continuing Trustees, a Trustee shall be required
as a condition to his or her service as a Trustee to execute and deliver to the Trust an acknowledgement of the policies of the
Trust upon taking office as a Trustee and after any change in such policies of the Trust. Failure to adhere to any policies shall
constitute grounds for the removal of the Trustee for &ldquo;Cause&rdquo; as provided in Section 2.2 of the Declaration.</FONT></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
6. <U>Qualification</U>. Subject to the provisions of the Declaration, these By-Laws, and except as otherwise required by applicable
law, only persons satisfying the following qualification requirements applicable to all trustees may be nominated, elected, appointed,
qualified, or seated (&ldquo;nominated or seated&rdquo;) to serve as a trustee unless at least a majority of the Board of Trustees
and two-thirds of the Continuing Trustees shall have determined by resolution that failure to satisfy a particular qualification
requirement will not present undue conflicts or impede the ability of the individual to discharge the duties of a trustee or the
free flow of information among trustees or between the Trust&rsquo;s service providers and the Board of Trustees:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(i)
An individual nominated or seated as a trustee shall, at the time the individual is nominated or seated, serve as a trustee or
director of no more than five public companies having securities registered under the Exchange Act (investment companies having
the same investment adviser or administrator shall all be counted as a single company for this purpose);</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(ii)
Except as provided herein and by applicable law, an individual nominated or seated as a trustee shall not be an employee, officer,
partner, member, director, or record or beneficial owner of 5% or more of any class of securities of (A) any investment adviser
or person in a control relationship with such investment adviser (other than the investment adviser to the Trust or any investment
adviser in a control relationship with the Trust&rsquo;s investment adviser), or (B) an entity controlling or controlled by any
investment adviser (other than the Trust&rsquo;s investment adviser or any investment adviser in a control relationship with the
Trust&rsquo;s investment adviser or any person in a control relationship with any of the foregoing);</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(iii)
An individual nominated or seated as a trustee shall not have been charged (unless such charges were dismissed or the individual
was otherwise exonerated) with a criminal offense involving moral turpitude, dishonesty or breach of trust, or have been convicted
or have pled guilty or nolo contendere with respect to a felony under the laws of the United States or any state thereof;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(iv)
An individual nominated or seated as a trustee shall not be and shall not have been subject to any censure, order, consent decree
(including consent decrees in which the respondent has neither admitted nor denied the findings), or adverse final action of any
federal, state, or foreign governmental or regulatory authority (including self-regulatory organizations), barring or suspending
such individual from participation in or association with any investment-related business or restricting such individual&rsquo;s
activities with respect to any investment-related business, nor shall an individual nominated or seated as a trustee be the subject
of any investigation or proceeding that could reasonably be expected to result in such individual failing to satisfy the requirements
of this paragraph, nor shall any individual nominated or seated as a trustee be or have engaged in any conduct which has resulted
in, or could have reasonably been expected or would reasonably be expected to result in, the U.S. Securities and Exchange Commission
(&ldquo;SEC&rdquo;) censuring; placing limitations on the activities, functions, or operations of; suspending, or revoking the
registration of any investment adviser under Section 203(e) or (f) of the Investment Advisers Act of 1940;</FONT></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(v)
An individual nominated or seated as a trustee shall not be and shall not have been the subject of any of the ineligibility provisions
contained in Section 9(a) of the 1940 Act that would result in, or could have reasonably been expected or would reasonably be
expected to result in, such individual or a company of which such individual is an affiliated person (as defined in Section 2(a)(3)
of the 1940 Act) being ineligible, in the absence of an exemptive order under Section 9(c) of the 1940 Act, to serve or act in
the capacity of employee, officer, director, member of an advisory board, investment adviser, or depositor of any registered investment
company, or principal underwriter for any registered investment company, registered unit investment trust, or registered face
amount certificate company;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(vi)
An individual nominated or seated as a trustee shall not be and shall not have been the subject of any of the ineligibility provisions
contained in Section 9(b) of the 1940 Act that, in the absence of an exemptive order under Section 9(c) of the 1940 Act, would
permit, or could reasonably have been expected or would reasonably be expected to permit, the SEC by order to prohibit, conditionally
or unconditionally, either permanently or for a period of time, such individual from serving or acting as an employee, officer,
director, member of an advisory board, investment adviser, or depositor of, or principal underwriter for, a registered investment
company or affiliated person (as defined in Section 2(a)(3) of the 1940 Act) of such investment adviser, depositor, or principal
underwriter;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(vii)
An individual nominated or seated as a trustee shall not be the beneficial owner of, or be a person party to an agreement, arrangement,
understanding, or practice for sharing information or decisions concerning Shareholder actions or the acquisition, disposition,
or voting of Shares with, any person(s) who in the aggregate is or are the beneficial owners of 5% or more of the outstanding
shares of any class of Shares (each such person other than the Fund&rsquo;s investment adviser, any investment adviser in a control
relationship with the Fund&rsquo;s investment adviser, or any person in a control relationship with any of the foregoing, a &ldquo;5%
Holder&rdquo;) and shall not have a disclosure relationship with a 5% Holder;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(viii)
An individual nominated or seated as a trustee shall not, and any immediate family member of such nominee shall not, be employed
or have been employed within the last two full calendar years and current year by, or have, or have had within the last two full
calendar years and current year any material commercial or professional relationship with, any 5% Holder or any person who controls,
is controlled by, or is under common control or acts in concert with any 5% Holder;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(ix)
An individual nominated or seated as a trustee shall not, and any immediate family member of such nominee shall not, have accepted
directly or indirectly, during the calendar year of the election for which such individual is nominated or seated or during the
immediately preceding calendar year, any consulting, advisory, or other compensatory fee from any 5% Holder or from any person
who controls, is controlled by, or is under common control or acts in concert with any 5% Holder; and</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(x)
An individual nominated or seated as a trustee shall not, and any immediate family member of such nominee shall not, be an officer,
director, general partner, or managing member (or person performing similar functions) of any 5% Holder or of any person who controls,
is controlled by, or is under common control or acts in concert with any 5% Holder.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
7. <U>Removal of Trustees</U>. As provided by the Declaration, any Trustee may be removed (provided the aggregate number of Trustees
after such removal shall not be less than the number required by the Declaration) with cause, at any time by written instrument,
signed by at least two-thirds of the remaining Trustees, specifying the date when such removal shall become effective. For the
purpose of this paragraph, &ldquo;cause&rdquo; shall mean, with respect to any particular Trustee, conviction of a felony, a final
judgment of a court of competent jurisdiction holding that such Trustee caused demonstrable, material harm to the Trust through
bad faith or active and deliberate dishonesty, or any other act or omission of willful misfeasance, bad faith, gross negligence,
or reckless disregard of the duties involved in the conduct of his or her office.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
8. <U>No Fiduciary Duty</U>. Except to the extent required by applicable law or expressly stated herein, nothing in these By-Laws
shall be deemed to create any fiduciary duty or other legal duty or obligation (a) on the part of the Trustees or Trust officers
to the Trust, the Shareholders, or any other person; or (b) on the part of the Trust to the Shareholders or any other person except
the Trustees.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">COMMITTEES
AND ADVISORY BOARD</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
1. <U>Executive and Other Committees</U>. The Trustees by vote of a majority of all the Trustees may elect from their own number
an Executive Committee to consist of not less than three (3) to hold office at the pleasure of the Trustees, which shall have
the power to conduct the current and ordinary business of the Trust while the Trustees are not in session, including the purchase
and sale of securities and such other powers of the Trustees as the Trustees may, from time to time, delegate to them except those
powers which by law, the Declaration, or these By-Laws they are prohibited from delegating. The Trustees may also elect from their
own number other Committees from time to time, the number composing such Committees, the powers conferred upon the same (subject
to the same limitations as with respect to the Executive Committee) and the term of membership on such Committees to be determined
by the Trustees. The Trustees may designate a Chairman of any such Committee. In the absence of such designation the Committee
may elect its own Chairman.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
2. <U>Meeting, Quorum, and Manner of Acting</U>. The Trustees may (1) provide for stated meetings of any Committees, (2) specify
the manner of calling and notice required for special meetings of any Committee, (3) specify the number of members of a Committee
required to constitute a quorum and the number of members of a Committee required to exercise specified powers delegated to such
Committee, (4) authorize the making of decisions to exercise specified powers by written assent of the requisite number of members
of a Committee without a meeting, and (5) authorize the members of a Committee to meet by means of a telephone conference circuit.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Executive Committee shall keep regular minutes of its meetings and records of decisions taken without a meeting and cause them
to be recorded in a book designated for that purpose and kept in the office of the Trust.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
3. <U>Advisory Board</U>. The Trustees may appoint an Advisory Board to consist in the first instance of not less than three (3)
members. Members of such Advisory Board shall not be Trustees or officers and need not be Shareholders. Members of this Board
shall hold office for such period as the Trustees may by resolution provide. Any member of such Board may resign therefrom by
a written instrument signed by him or her, which shall take effect upon delivery to the Trustees. The Advisory Board shall have
no legal powers and shall not perform the functions of Trustees in any manner, said Board being intended merely to act in an advisory
capacity. Such Advisory Board shall meet at such times and upon such notice as the Trustees may by resolution provide.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">OFFICERS</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
1. <U>Number and Qualifications</U>. The Trust shall have a President, a Treasurer, and a Secretary, each of whom shall be elected
by the Board of Trustees. The Board of Trustees may also elect or appoint any other officers and agents it deems necessary or
proper. Any two or more offices may be held by the same person, except the office of President and Vice President, but no officer
shall execute, acknowledge, or verify in more than one capacity any instrument required by law to be executed, acknowledged, or
verified in more than one capacity. The President, the Treasurer, and the Secretary shall be elected by the Board of Trustees
each year at its first meeting held after the annual meeting of Shareholders, each to hold office until the meeting of the Board
following the next annual meeting of Shareholders and until his or her successor shall have been duly elected and shall have qualified,
or until his or her death, or until he or she shall have resigned or have been removed, as provided in these By-Laws. Other elected
officers are elected by the Trustees. Assistant officers may be appointed by the elected officers. Such other officers and agents
shall have such duties and shall hold their offices for such terms as may be prescribed by the Board or by the appointing authority.
Any officer other than the Chairman of the Board may be, but none need be, a Trustee, and any officer may be, but none need be
a Shareholder.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
2. <U>Resignations</U>. Any officer of the Trust may resign at any time by giving written notice of his or her resignation to
the Board of Trustees, the Chairman of the Board, the President, or the Secretary. Any resignation shall take effect at the time
specified therein or, if the time when it shall become effective is not specified therein, immediately upon its receipt. The acceptance
of a resignation shall not be necessary to make it effective unless otherwise stated in the resignation.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
3. <U>Removal of Officer, Agent or Employee</U>. Any officer, agent or employee of the Trust may be removed by the Board of Trustees
with or without cause at any time, and the Board may delegate the power of removal as to agents and employees not elected or appointed
by the Board of Trustees.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
4. <U>Vacancies</U>. A vacancy in any office, whether arising from death, resignation, removal, or any other cause, may be filled
for the unexpired portion of the term of the office that shall be vacant, in the manner prescribed in these By-Laws for the regular
election or appointment to that office.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
5. <U>Compensation</U>. The compensation, if any, of the officers of the Trust shall be fixed by the Board of Trustees, but this
power may be delegated to any officer with respect to other officers under his or her control.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
6. <U>Bonds or Other Security</U>. If required by the Board, any officer of the Trust shall give a bond or other security for
the faithful performance of his or her duties, in an amount and with any surety or sureties as the Board may require.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
7. <U>President</U>. The President shall be the chief executive officer of the Trust and shall have, subject to the control of
the Board of Trustees, general charge of the business and affairs of the Trust, and may employ and discharge employees and agents
of the Trust, except those elected or appointed by the Board, and he or she may delegate these powers.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
8. <U>Vice President</U>. Each Vice President shall have the powers and perform the duties that the President or the Board of
Trustees may from time to time prescribe. In the absence or disability of the President, the Vice President or, if there be more
than one Vice President, any Vice President designated by the Board of Trustees, shall perform all the duties and may exercise
any of the powers of the President, subject to the control of the Board of Trustees.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
9. <U>Treasurer</U>. The Treasurer shall be the principal financial and accounting officer of the Trust. He or she shall deliver
all funds of the Trust that may come into his or her hands to such Custodian as the Trustees may employ pursuant to Article X
of these By-Laws. He or she shall render a statement of condition of the finances of the Trust to the Trustees as often as they
shall require the same, and he or she shall in general perform all the duties incident to the office of Treasurer and such other
duties as from time to time may be assigned to him or her by the Board of Trustees.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
10. <U>Assistant Treasurers</U>. In the absence or disability of the Treasurer, the Assistant Treasurer, or, if there be more
than one, any Assistant Treasurer designated by the Board of Trustees, shall perform all the duties, and may exercise all the
powers, of the Treasurer. The Assistant Treasurers, if any, shall perform such other duties as from time to time may be assigned
to them by the Treasurer or the Board of Trustees.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
11. <U>Secretary</U>. The Secretary shall keep the minutes of all meetings of the Board of Trustees and of all meetings of Shareholders
in proper books provided for that purpose; he or she shall have custody of the seal of the Trust; he or she shall have charge
of the share transfer books, lists, and records unless the same are in the charge of the Transfer Agent. He or she shall attend
to the giving and serving of all notices by the Trust in accordance with the provisions of these By-Laws and as required by law;
and subject to these By-Laws, he or she shall in general perform all duties incident to the office of Secretary and such other
duties as from time to time may be assigned to him or her by the Board of Trustees.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
12. <U>Assistant Secretaries</U>. In the absence or disability of the Secretary, the Assistant Secretary, or, if there be more
than one, any Assistant Secretary designated by the Board of Trustees, shall perform all of the duties, and may exercise all of
the powers, of the Secretary. The Assistant Secretaries, if any, shall perform such other duties as from time to time may be assigned
to them by the Secretary or the Board of Trustees.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
13. <U>Delegation of Duties</U>. In case of the absence or disability of any officer of the Trust, or for any other reason that
the Board of Trustees may deem sufficient, the Board may confer for the time being the powers or duties, or any of them, of such
officer upon any other officer or upon any Trustee.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">FISCAL
YEAR</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
fiscal year of the Trust shall begin on the 1<SUP>st</SUP> day of January in each year and shall end on the last day of December
in each year, provided, however, that the Trustees may from time to time change the fiscal year.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ARTICLE
VIII</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SEAL</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Trustees shall adopt a seal that shall be in such form and shall have such inscription thereon as the Trustee may from time to
time prescribe.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ARTICLE
IX</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">WAIVERS
OF NOTICE</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Whenever
any notice whatever is required to be given by law, the Declaration, or these By-Laws, a waiver thereof in writing (which includes
email and other similar forms of electronic communication), signed by the person or persons entitled to said notice, whether before
or after the time stated therein, shall be deemed equivalent thereto. A notice shall be deemed to have been given for the purpose
of these By-Laws when it has been successfully transmitted by email or other similar forms of electronic communication.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ARTICLE
X</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">CUSTODIAN</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
1. <U>Appointment and Duties</U>. The Trustees shall at all times employ a bank or trust company having a capital, surplus, and
undivided profits of at least five million dollars ($5,000,000) as Custodian with authority as its agent, but subject to such
restrictions, limitations, and other requirements, if any, as may be contained in the Declaration, these By-Laws, and the 1940
Act:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
hold the securities owned by the Trust and deliver the same upon written order;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
receive and receipt for any monies due to the Trust and deposit the same in its own banking department or elsewhere as the Trustees
may direct;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
disburse such funds upon orders or vouchers;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
authorized by the Trustees, to keep the books and accounts of the Trust and furnish clerical and accounting services; and</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
authorized to do so by the Trustees, to compute the net income of the Trust, all upon such basis of compensation as may be agreed
upon between the Trustees and the Custodian. If so directed by a Majority Shareholder Vote, the Custodian shall deliver and pay
over all property of the Trust held by it as specified in such vote.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Trustees may also authorize the Custodian to employ one or more sub-Custodians from time to time to perform such of the acts and
services of the Custodian and upon such terms and conditions as may be agreed upon between the Custodian and such sub-Custodian
and approved by the Trustees, provided that in every case such sub-Custodian shall be a bank or trust company organized under
the laws of the United States or one of the states thereof and having capital, surplus, and undivided profits of at least five
million dollars ($5,000,000).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
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 Exchange Act, or such other person as may be permitted by the Commission, or otherwise in accordance with the 1940 Act,
pursuant to which system all securities of any particular class or series of any issuer deposited within the system are treated
as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities, provided that
all such deposits shall be subject to withdrawal only upon the order of the Trust or its Custodian.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
3. <U>Acceptance of Receipts in Lieu of Certificates</U>. Subject to such rules, regulations, and orders as the Commission may
adopt, the Trustees may direct the Custodian to accept written receipts or other written evidence indicating purchases of securities
held in book-entry form in the Federal Reserve System in accordance with regulations promulgated by the Board of Governors of
the Federal Reserve System and the local Federal Reserve Banks in lieu of receipt of certificates representing such securities.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
4. <U>Provisions of Custodian Contract</U>. The following provisions shall apply to the employment of a Custodian pursuant to
this Article X and to any contract entered into with the Custodian so employed:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(a)
The Trustees shall cause to be delivered to the Custodian all securities owned by the Trust or to which it may become entitled,
and shall order the same to be delivered by the Custodian only upon completion of a sale, exchange, transfer, pledge, loan of
portfolio securities to another person or other disposition thereof, and upon receipt by the Custodian of the consideration therefor
or a certificate of deposit or a receipt of an issuer or of its Transfer Agent, all as the Trustees may generally or from time
to time require or approve, or to a successor Custodian; and the Trustees shall cause all funds owned by the Trust or to which
it may become entitled to be paid to the Custodian, and shall order the same disbursed only for investment against delivery of
the securities acquired, or the return of cash held as collateral for loans of portfolio securities, or in payment of expenses,
including management compensation, and liabilities of the Trust, including distributions to Shareholders, or to a successor Custodian;
provided, however, that nothing herein shall prevent delivery of securities for examination to the broker selling the same in
accord with the &ldquo;street delivery&rdquo; custom whereby such securities are delivered to such broker in exchange for a delivery
receipt exchanged for a delivery receipt exchanged on the same day for an uncertified check of such broker to be presented on
the same day for certification. Notwithstanding anything to the contrary in these By-Laws, upon receipt of proper instructions,
which may be standing instructions, the Custodian may delivery funds in the following cases. In connection with repurchase agreements,
the Custodian may transmit, prior to receipt on behalf of the Fund of any securities or other property, funds from the Fund&rsquo;s
custodian account to a special custodian approved by the Trustees of the Fund, which funds shall be used to pay for securities
to be purchased by the Fund subject to the Fund&rsquo;s obligation to sell and the seller&rsquo;s obligation to repurchase such
securities. In such case, the securities shall be held in the custody of the special custodian. In connection with the Trust&rsquo;s
purchase or sale of financial futures contracts, the Custodian shall transmit, prior to receipt on behalf of the Fund of any securities
or other property, funds from the Trust&rsquo;s custodian account in order to furnish to and maintain funds with brokers as margin
to guarantee the performance of the Trust&rsquo;s futures obligations in accordance with the applicable requirements of commodities
exchanges and brokers.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(b)
In case of the resignation, removal, or inability to serve of any such Custodian, the Trust shall promptly appoint another bank
or trust company meeting the requirements of this Article X as successor Custodian. The agreement with the Custodian shall provide
that the retiring Custodian shall, upon receipt of notice of such appointment, deliver the funds and property of the Trust in
its possession to and only to such successor, and that pending appointment of a successor Custodian, or a vote of the Shareholders
to function without a Custodian, the Custodian shall not delivery funds and property of the Trust to the Trust, but may deliver
them to a bank or trust company doing business in Boston, Massachusetts, of its own selection, having an aggregate capital, surplus,
and undivided profits (as shown in its last published report) of at least $5,000,000, as the property of the Trust to be held
under terms similar to those on which they were held by the retiring Custodian.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ARTICLE
XI</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">SALES
OF SHARES OF THE TRUST</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
1. <U>Sales of Shares</U>. (a) The Trustees may from time to time issue and sell or cause to be issued and sold Shares for cash
or other property, which shall in every case be paid or delivered to the Custodian as agent of the Trust before the delivery of
any certificate for such shares. The Shares, including additional Shares that may have been purchased by the Trust (herein sometimes
referred to as &ldquo;treasury shares&rdquo;), may not be sold at less than the net asset value thereof determined by or on behalf
of the Trustees as of a time within 48 hours, excluding Sundays and holidays, next preceding the time of such determination, except
(1) in connection with an offering to the holders of Shares, (2) with the consent of a majority of the holders of Shares, (3)
upon conversion of a convertible security in accordance with its terms, (4) upon the exercise of any warrant issued in accordance
with the provisions of section 18(d) of the 1940 Act, or (5) under such other circumstances as the Commission may permit by rules
and regulations or orders for the protection of investors.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(b)
No Shares need be offered to existing Shareholders before being offered to others. No Shares shall be sold by the Trust (although
Shares previously contracted to be sold may be issued upon payment therefor) during any period when the determination of net asset
value is suspended by declaration of the Trustees. In connection with the acquisition by merger or otherwise of all or substantially
all the assets of an investment company (whether a regulated or private investment company or a personal holding company), the
Trustees may issue or cause to be issued Shares and accept in payment therefor such assets at not more than market value in lieu
of cash, notwithstanding that the federal income tax basis to the Trust of any assets so acquired may be less than the market
value, provided that such assets are of the character in which the Trustees are permitted to invest the funds of the Trust.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
2. <U>Share Certificates</U>. Unless otherwise provided by the Board of Trustees and permitted by law, each holder of Shares of
the Trust shall be entitled upon specific written request to such person as may be designated by the Trust to have a certificate
or certificates, in a form approved by the Board, representing the number of Shares of the Trust owned by him or her; provided,
however, that certificates for fractional Shares will not be delivered in any case. If Share certificates are issued, the Board
of Trustees may make any additional rules and regulations, not inconsistent with these By-Laws, as it may deem expedient concerning
the issue, transfer, and registration of certificates for Shares of the Trust. The Board may appoint, or authorize any officer
or officers to appoint, one or more transfer agents or one or more transfer clerks and one or more registrars and may require
all certificates for Shares to bear the signature or signatures of any of them.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
3. <U>Uncertificated Shares</U>. The Board of Trustees may authorize the issuance of uncertificated securities if permitted by
law. In the event that the Board of Trustees authorizes the issuance of uncertificated securities, the Board of Trustees may,
in its discretion, and at any time, discontinue the issuance of Share certificates and may, by written notice to the registered
owners of each certificated Share, require the surrender of Share certificates to the Trust for cancellation. Such surrender and
cancellation shall not affect the ownership of Shares of the Trust.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ARTICLE
XII</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">DIVIDENDS
AND DISTRIBUTIONS</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
1. <U>Limitations on Distributions</U>. The total of distributions to Shareholders paid in respect of any one fiscal year, subject
to the exceptions noted below, shall, when and as declared by the Trustees be approximately equal to the sum of (A) the net income,
exclusive of the profits or losses realized upon the sale of securities or other property, for such fiscal year, determined in
accordance with generally accepted accounting principles (which, if the Trustees so determine, may be adjusted for net amounts
included as such accrued net income in the price of Shares issued or repurchased), but if the net income exceeds the amount distributed
by less than one cent per share outstanding at the record date for the final dividend, the excess shall be treated as distributable
income of the following year; and (B) in the discretion of the Trustees, an additional amount which shall not substantially exceed
the excess of profits over losses on sales of securities or other property for such fiscal year. The decision of the Trustees
as to what, in accordance with generally accepted accounting principles, is income and what is principal shall be final, and except
as specifically provided herein the decision of the Trustees as to what expenses and charges of the Trust shall be charged against
principal and what against income shall be final, all subject to any applicable provisions of the 1940 Act and rules, regulations,
and orders of the Commission promulgated thereunder. For the purposes of the limitation imposed by this Section 1, Shares issued
pursuant to Section 2 of this Article XII shall be valued at the amount of cash that the Shareholders would have received if they
had elected to receive cash in lieu of such Shares.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">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 to 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. Any payment made to Shareholders pursuant to clause (B) of this Section 1 shall be accompanied
by a written statement showing the source or sources of such payment, and the basis of computation thereof. The Trustees may,
in their discretion, elect to retain the amounts referred to in Clause B of this Section 1 and pay any federal income taxes thereon.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
2. <U>Distributions Payable in Cash or Shares</U>. The Trustees may adopt and offer to Shareholders such dividend reinvestment
plans, cash dividend payout plans, or related plans as the Trustees shall deem appropriate. The Trustees shall have power, to
the fullest extent permitted by the laws of Massachusetts but subject to the limitation as to cash distributions imposed by Section
1 of this Article XII, at any time or from time to time to declare and cause to be paid distributions payable at the election
of any of the Shareholders (whether exercised before or after the declaration of the distribution) either in cash or in Shares,
provided that the sum of (i) the cash distribution actually paid to any Shareholder and (ii) the net asset value of the Shares
which that Shareholder elects to receive, in effect at such time as the Trustees may specify, shall not exceed the full amount
of cash to which that Shareholder would be entitled if he elected to receive only cash. In the case of a distribution payable
in cash or Shares, a Shareholder failing to express his or her election before a given time shall be deemed to have elected to
take Shares rather than cash.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
3. <U>Stock Dividends</U>. Anything in these By-Laws to the contrary notwithstanding, the Trustees may at any time declare and
distribute pro rata among the Shareholders a &ldquo;stock dividend&rdquo; out of either authorized but unissued Shares or treasury
Shares or both.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ARTICLE
XIII</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">CLAIMS</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
1. <U>Direct Claims</U>. As used herein, a &ldquo;direct&rdquo; Shareholder claim shall refer to (i) a claim based upon alleged
violations of a Shareholder&rsquo;s individual rights independent of any harm to the Trust or the Shareholders generally, including
a Shareholder&rsquo;s voting rights under Article III, rights to receive a dividend payment as may be declared from time to time,
rights to inspect books and records, or other similar rights personal to the Shareholder and independent of any harm to the Trust
or the Shareholders generally&#894; and (ii) a claim for which a direct Shareholder action is expressly provided under the U.S.
federal securities laws. Any other claim asserted by a Shareholder, including without limitation any claims purporting to be brought
on behalf of the Trust or involving any alleged harm to the Trust, shall be considered a &ldquo;derivative&rdquo; claim as used
herein.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Section
2. <U>Derivative Claims</U>.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(a)
Any decision by the Trustees to reject a demand or to bring, maintain or settle (or not to bring, maintain or settle) a proceeding,
or to vindicate (or not vindicate) any claim on behalf, or for the benefit, of the Trust, or to submit the matter to a vote of
Shareholders, shall be made by majority vote of the Trustees in their sole business judgment and such decision shall be binding
upon the Shareholders. In their sole discretion, the Trustees may submit the decision of whether to proceed with such a claim
or reject such claim to a vote of Shareholders of the Trust or any series or class, as appropriate.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(b)
No Shareholder shall commence any proceeding asserting or relating to a derivative claim unless and until (i) a written demand
has been made upon the Trust to take action on such claim, and (ii) subject to further extension as provided below, (a) 180 days
have elapsed from the date the demand was made, or (b) if the decision whether to reject such demand has been duly submitted to
a vote of the Shareholders, 180 days have elapsed from the date the demand was made. Notwithstanding the period prescribed for
consideration by the Trustees of any demand, the Trust shall advise the Shareholder submitting such demand if the Trust requires
additional time within which to conduct an inquiry into the allegations made in the demand, and such notification shall extend
the time periods provided for in numbered clause (ii) above, and no claim, suit or proceeding shall be commenced during the pendency
of the inquiry. Additionally, upon any decision to reject a demand relating to any claim by the Board of Trustees in accordance
with Section 2(a) above or by a vote of Shareholders, no suit, proceeding or other action shall be commenced or maintained by
that Shareholder based upon or substantially related or similar to such claim.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(c)
Any written demand shall be mailed to the Secretary of the Trust at the Trust&rsquo;s principal office and shall set forth with
particularity the nature of the proposed proceeding or claim and the essential facts relied upon by the Shareholder to support
the allegations made in the demand. &nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">(d)
Any Trustee acting in connection with any demand or any proceeding relating to a claim on behalf or for the benefit of the Trust
who is not an &ldquo;interested person&rdquo; of the Trust within the meaning of the 1940 Act shall be deemed to be independent
and disinterested with respect to such demand, proceeding or claim.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ARTICLE
XIV</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">AMENDMENTS</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">These
By-Laws, or any of them, may be altered, amended, or repealed, or new By-Laws may be adopted (a) by Majority Shareholder Vote,
or (b) by the Trustees; provided, however, that no By-Law may be amended, adopted, or repealed by the Trustees if such amendment,
adoption, or repeal requires, pursuant to law, the Declaration or these By-Laws, a vote of the Shareholders or if such amendment,
adoption, or repeal changes or affects the provisions of Sections 1 and 4 of Article X or the provisions of this Article XIII.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">ARTICLE
XV</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">MISCELLANEOUS</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Trust shall not impose any restrictions upon the transfer of the Shares of the Trust except as provided in the Declaration, but
this requirement shall not prevent the charging of customary transfer agent fees.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
Trust shall not permit any officer or Trustee of the Trust, or any partner, officer, or director of the Investment Adviser or
underwriter of the Trust to deal for or on behalf of the Trust with himself or herself as principal or agent, or with any partnership,
association, or corporation in which he or she has a financial interest; provided, however, that the foregoing provisions shall
not prevent (a)&nbsp;officers and Trustees of the Trust or partners, officers, or directors of the Investment Adviser or underwriter
of the Trust from buying, holding, or selling shares in the Trust, or from being partners, officers, or directors or otherwise
financially interested in the Investment Adviser or underwriter of the Trust or any affiliate thereof; (b)&nbsp;purchases or sales
of securities or other property by the Trust from or to an affiliated person or to the Investment Adviser or underwriters of the
Trust if such transaction is exempt from the applicable provisions of the 1940 Act; (c)&nbsp;purchases of investments for the
portfolio of the Trust or sales of investments owned by the Trust through a security dealer who is, or one or more of whose partners,
shareholders, officers, or directors is, an officer or Trustee of the Trust, or a partner, officer, or director of the Investment
Adviser or underwriter of the Trust, if such transactions are handled in the capacity of broker only and commissions charged do
not exceed customary brokerage charges for such services; (d)&nbsp;employment of legal counsel, registrar, Transfer Agent, dividend
disbursing agent, or Custodian who is, or has a partner, shareholder, officer, or director who is, an officer or Trustee of the
Trust, or a partner, officer, or director of the Investment Adviser or underwriter of the Trust, if only customary fees are charged
for services to the Trust; (e)&nbsp;sharing statistical research, legal and management expenses, and office hire and expenses
with any other investment company in which an officer or Trustee of the Trust, or a partner, officer, or director of the Investment
Adviser or underwriter of the Trust, is an officer or director or otherwise financially interested.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The
provisions of these By-Laws are severable, and if the Board of Trustees shall determine, with the advice of legal counsel, that
any of such provisions is in conflict with applicable law, 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. 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.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Unless
the Trust consents, in advance and in writing, to the selection of an alternative forum, and to the fullest extent permitted by
law, the United States District Court for the District of Massachusetts sitting in Boston, Suffolk County, Massachusetts, or the
Courts of the Commonwealth of Massachusetts sitting in Boston, Suffolk County, Massachusetts, shall be the sole and exclusive
forum for any action or dispute arising out of, relating to, or connected in any way with, the Trust, including, but not limited
to (a) any derivative action or proceeding brought in the right or on behalf of the Trust, (b) any action asserting a claim of
breach of (i) any duty owed by any Trustee, officer, employee or agent of the Trust to the Trust or to the Shareholders of the
Trust or (ii) a standard of conduct applicable to trustees, (c) any action asserting a claim against the Trust or any Trustee,
officer, employee or agent of the Trust arising under, pursuant to, or connected in any way with, any provision of Massachusetts
law, the Declaration, these By-Laws, the internal affairs of the Trust, or federal law, including the 1940 Act, or (d) any other
action or suit asserting any kind of claim against the Trust or any Trustee, officer, employee or agent of the Trust, whether
or not that claim is governed by the internal affairs doctrine. Any person or entity purchasing or otherwise acquiring any interest
in Shares shall be deemed to have notice of and consented to the provisions hereof.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 40pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">END
OF BY-LAWS</FONT></P>

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