<SEC-DOCUMENT>0001160990-25-000031.txt : 20250911
<SEC-HEADER>0001160990-25-000031.hdr.sgml : 20250911
<ACCEPTANCE-DATETIME>20250911145739
ACCESSION NUMBER:		0001160990-25-000031
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250630
FILED AS OF DATE:		20250911
DATE AS OF CHANGE:		20250911
EFFECTIVENESS DATE:		20250911

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO CORPORATE & INCOME STRATEGY FUND
		CENTRAL INDEX KEY:			0001160990
		ORGANIZATION NAME:           	
		EIN:				000000000
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-10555
		FILM NUMBER:		251308189

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-739-4000

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PIMCO CORPORATE INCOME FUND
		DATE OF NAME CHANGE:	20011017
</SEC-HEADER>
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            <custodianLei>529900WAQB9LM0W2OX74</custodianLei>
            <custodianCountry>GR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank A.S.</custodianName>
            <custodianLei>78900029M5OOCV5YAY56</custodianLei>
            <custodianCountry>TR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank Europe PLC Spain Branch</custodianName>
            <custodianLei>N/A</custodianLei>
            <custodianCountry>ES</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank N.A.</custodianName>
            <custodianLei>549300Y6AM1UNEAUG671</custodianLei>
            <custodianCountry>BR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank N.A.</custodianName>
            <custodianLei>579100KKDGKCFFKKF005</custodianLei>
            <custodianCountry>AR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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          <custodian>
            <custodianName>Citibank N.A. Mexico</custodianName>
            <custodianLei>549300WEPPXE5O03XR55</custodianLei>
            <custodianCountry>MX</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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          <custodian>
            <custodianName>Citibank Santiago, Chile</custodianName>
            <custodianLei>CJI8113X31URBY98TE10</custodianLei>
            <custodianCountry>CL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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          <custodian>
            <custodianName>Euroclear</custodianName>
            <custodianLei>21380014SJC1QPK8O356</custodianLei>
            <custodianCountry>BE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)</custodyType>
          </custodian>
          <custodian>
            <custodianName>First Abu Dhabi Bank PJSC</custodianName>
            <custodianLei>2138002Y3WMK6RZS8H90</custodianLei>
            <custodianCountry>AE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Firstrand Bank Limited</custodianName>
            <custodianLei>ZAYQDKTCATIXF9OQY690</custodianLei>
            <custodianCountry>ZA</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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          <custodian>
            <custodianName>HSBC Bank (China) Company Limited</custodianName>
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            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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          <custodian>
            <custodianName>HSBC Bank Australia Limited</custodianName>
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            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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          <custodian>
            <custodianName>Hongkong and Shanghai Banking Corp.</custodianName>
            <custodianLei>2549008A5WPSW0DR7544</custodianLei>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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          <custodian>
            <custodianName>Hongkong and Shanghai Banking Corp.</custodianName>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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          <custodian>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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          <custodian>
            <custodianName>Royal Bank of Canada</custodianName>
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            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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          <custodian>
            <custodianName>STATE STREET BANK AND TRUST COMPANY</custodianName>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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          <custodian>
            <custodianName>Skandinaviska Enskilda Banken</custodianName>
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          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
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          <custodian>
            <custodianName>Skandinaviska Enskilda Banken AB</custodianName>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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          <custodian>
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          <custodian>
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          <custodian>
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          <custodian>
            <custodianName>State Street Bank and Trust Company</custodianName>
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          <custodian>
            <custodianName>State Street Trust Company Canada</custodianName>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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          <custodian>
            <custodianName>UBS Switzerland AG</custodianName>
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          <custodian>
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          <securityClassTitle>PIMCO Corporate &amp; Income Strategy Fund</securityClassTitle>
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    <signature registrantSignedName="PIMCO Corporate &amp; Income Strategy Fund" signedDate="2025-09-11" signature="Bijal Parikh" title="Treasurer"/>
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<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>g1aiii-pimco063025_tpcn.htm
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<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"></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; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Report
of Independent Registered Public Accounting Firm</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 87pt"><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">To
the Board of Trustees and Shareholders of PIMCO Corporate &amp; Income Strategy Fund</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">In
planning and performing our audit of the financial statements of PIMCO Corporate &amp; Income Strategy Fund (the &ldquo;Fund&rdquo;)
as of and for the year ended June 30, 2025, 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 do not express an opinion on the effectiveness of the
Fund&rsquo;s internal control over financial reporting.</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">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. 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 generally accepted accounting principles, 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-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">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-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">A
deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management
or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that
there is a reasonable possibility that a material misstatement of the 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-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 11pt Times New Roman, Times, Serif">
    <TD STYLE="width: 55%; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">www.pwc.com</FONT></TD>
    <TD STYLE="width: 45%; font: 11pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">PricewaterhouseCoopers
                                         LLP, 1100 Walnut Street Suite 1300</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Kansas
                                         City, Missouri 64106</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">T:
                                         816 472 7921</FONT></P></TD>
    </TR>
</TABLE>
<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>
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<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">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 over financial reporting 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 material weaknesses
as defined above as of June 30, 2025.</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">This
report is intended solely for the information and use of the Board of Trustees of PIMCO Corporate &amp; Income Strategy 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-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">/s/
PricewaterhouseCoopers LLP</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">Kansas
City, Missouri</FONT></P>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">August
27, 2025</FONT></P>

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<DOCUMENT>
<TYPE>MATERIAL AMENDMENTS
<SEQUENCE>3
<FILENAME>g1b1_ar063025-pcn.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin-top: 0; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; margin-left: 0"></P>

<P STYLE="font: 10pt 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: 10pt"><B>SIXTH
AMENDED AND RESTATED</B></FONT></P>

<P STYLE="font: 10pt 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: 10pt"><B>BYLAWS</B></FONT></P>

<P STYLE="font: 10pt 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: 10pt"><B>OF</B></FONT></P>

<P STYLE="font: 10pt 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: 10pt"><B>PIMCO
CORPORATE &amp; INCOME STRATEGY FUND</B></FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt 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: 10pt">(Amended
and Restated as of November 11, 2024)</FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt 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: 10pt"><B>ARTICLE
1</B></FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt 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: 10pt"><B>Agreement
and Declaration of Trust and Principal Office</B></FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1&nbsp;&nbsp;<U>Principal Office of the Trust</U>. A principal office of the Trust shall be located in New York, New York. The Trust may have
other principal offices within or without Massachusetts as the Trustees may determine or as they may authorize.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2&nbsp;&nbsp;<U>Agreement and Declaration of Trust</U>. These Sixth Amended and Restated Bylaws (the &ldquo;<U>Bylaws</U>&rdquo;) shall be
subject to the Agreement and Declaration of Trust, as amended or restated from time to time (the &ldquo;<U>Declaration of Trust</U>&rdquo;),
of PIMCO Corporate &amp; Income Strategy Fund (formerly, PIMCO Corporate Income Fund), the Massachusetts business trust established
by the Declaration of Trust (the &ldquo;<U>Trust</U>&rdquo;). Capitalized terms used in these Bylaws and not otherwise defined
herein shall have the meanings given to such terms in the Declaration of Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt 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: 10pt"><B>ARTICLE
2</B></FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt 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: 10pt"><B>Meetings
of Trustees</B></FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1
&nbsp;&nbsp;
<U>Regular Meetings</U>. Regular meetings of the Trustees may be held without call or notice at such places and at such times
as the Trustees may from time to time determine, provided that notice of the first regular meeting following any such determination
shall be given to absent Trustees. A regular meeting of the Trustees may be held without call or notice immediately after and
at the same place as the annual meeting of the Shareholders (as defined in the Declaration of Trust).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2

&nbsp;&nbsp;<U>Special Meetings</U>. Special meetings of the Trustees may be held at any time and at any place designated in the call of the
meeting when called by the Chairman of the Trustees, the President or the Treasurer or by two or more Trustees, sufficient notice
thereof being given to each Trustee by the Secretary or an Assistant Secretary or by the officer or the Trustees calling the meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3
&nbsp;&nbsp;
<U>Notice</U>. It shall be sufficient notice to the Trustee of a special meeting to send notice by mail at least forty-eight hours
or by telegram, telex or telecopy or other electronic facsimile transmission method at least twenty-four hours before the meeting
addressed to the Trustee at his or her usual or last known business or residence address or to give notice to him or her in person
or by telephone at least twenty-four hours before the meeting. Notice of a meeting need not be given to any Trustee if a written
waiver of notice, 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. Neither notice of a meeting nor a
waiver of a notice need specify the purposes of the meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 10pt 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: 10pt"></FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4
&nbsp;&nbsp;
<U>Quorum</U>. At any meeting of the Trustees a majority of the Trustees then in office shall constitute a quorum. Any meeting
may be adjourned from time to time by a majority of the votes cast upon the question, whether or not a quorum is present, and
the meeting may be held as adjourned without further notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt 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: 10pt"><B>ARTICLE
3</B></FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt 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: 10pt"><B>Officers
and Chairman of the</B></FONT></P>

<P STYLE="font: 10pt 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: 10pt"><B>Trustees</B></FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1
&nbsp;&nbsp;
<U>Enumeration: Qualification</U>. The officers of the Trust shall be a President, a Treasurer, a Secretary, a Chief Compliance
Officer and such other officers, if any, as the Trustees from time to time may in their discretion elect. The Trust may also have
such agents as the Trustees from time to time may in their discretion appoint. Any officer may but need not be a Trustee or a
Shareholder. Any two or more offices may be held by the same person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2
&nbsp;&nbsp;
<U>Election</U>. The President, the Treasurer, and the Secretary shall be elected annually by the Trustees. Other officers, if
any, may be elected or appointed by the Trustees at the same meeting at which the President, Treasurer and Secretary are elected,
or at any other time. If required by the 1940 Act, the Chief Compliance Officer shall be elected or appointed by a majority of
the trustees, as well as a majority of the Trustees who are not Interested Persons of the Trust (&ldquo;<U>Independent Trustees</U>&rdquo;),
and otherwise in accordance with Rule 38a-1 (or any successor rule) under the 1940 Act, as such rule may be amended from time
to time (&ldquo;<U>Rule 38a-1</U>&rdquo;). Vacancies in any office may be filled at any time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3
&nbsp;&nbsp;
<U>Tenure</U>. The Chairman of the Trustees, if one is elected, the President, the Treasurer, the Secretary and the Chief Compliance
Officer shall hold office until their respective successors are chosen and qualified, or in each case until he or she sooner dies,
resigns, is removed with or without cause or becomes disqualified, provided that, if required by the 1940 Act, any renewal of
the Chief Compliance Officer shall be in accordance with Rule 38a-1. Each other officer shall hold office and each agent of the
Trust shall retain authority at the pleasure of the Trustees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4
&nbsp;&nbsp;
<U>Powers</U>. Subject to the other provisions of these Bylaws, each officer shall have, in addition to the duties and powers
herein and in the Declaration of Trust set forth, such duties and powers as are commonly incident to the office occupied by him
or her as if the Trust were organized as a Massachusetts business corporation and such other duties and powers as the Trustees
may from time to time designate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5
&nbsp;&nbsp;
<U>Chairman of the Trustees</U>. There shall be an office of the Chairman of the Trustees, which shall serve on behalf of the
Trustees, but shall not be an officer of the Trust. The office of the Chairman of the Trustees may be held by more than one person.
Any Chairman of the Trustees shall be elected by a majority of the Trustees, as well as a majority of the Independent Trustees
if required by the 1940 Act. If required by the 1940 Act, any Chairman of the
Trustees shall be an Independent Trustee and may, but need not, be a shareholder. The powers and the duties of the Chairman of
the Trustees shall include any and all such powers and duties relating to the operations of the Trustees as, from time to time,
may be conferred upon or assigned to such office by the Trustees or as may be required by law, provided that the Chairman of the
Trustees shall have no individual authority to act for the Trust as an officer of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>


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

<P STYLE="font: 10pt 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: 10pt"></FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
carrying out the responsibilities and duties of the office, the Chairman of the Trustees may seek assistance and input from other
Trustees or Committees of the Trustees, officers of the Trust and the Trust&rsquo;s investment adviser(s) and other service providers,
as deemed necessary or appropriate. The Trustees, including a majority of the Independent Trustees if required by the 1940 Act,
may appoint one or more persons to perform the duties of the Chairman of the Trustees, in the event of his absence at any meeting
or in the event of his disability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6

&nbsp;&nbsp;<U>President; Vice President</U>. The President shall be the chief executive officer. Any Vice President shall have such duties
and powers as may be designated from time to time by the Trustees or the President.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7

&nbsp;&nbsp;<U>Treasurer; Assistant Treasurer</U>. The Treasurer shall be the chief financial and accounting officer of the Trust, and shall,
subject to the provisions of the Declaration of Trust and to any arrangement made by the Trustees with a custodian, investment
adviser, sub-adviser or manager, or transfer, shareholder servicing or similar agent, be in charge of the valuable papers, books
of account and accounting records of the Trust, and shall have such other duties and powers as may be designated from time to
time by the Trustees or by the President. Any Assistant Treasurer shall have such duties and powers as may be designated from
time to time by the Trustees or the President.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8
&nbsp;&nbsp;
<U>Secretary; Assistant Secretary</U>. The Secretary shall record all proceedings of the Shareholders and the Trustees in books
to be kept therefor, which books or a copy thereof shall be kept at the principal office of the Trust. In the absence of the Secretary
from any meeting of the Shareholders or Trustees, an Assistant Secretary, or if there be none or if he or she is absent, a temporary
secretary chosen at such meeting shall record the proceedings thereof in the aforesaid books. Any Assistant Secretary shall have
such duties and powers as may be designated from time to time by the Trustees or the President.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.9

&nbsp;&nbsp;<U>Chief Compliance Officer</U>. The Chief Compliance Officer shall perform the duties and have the responsibilities of the chief
compliance officer of the Trust, including if required by the 1940 Act any such duties and responsibilities imposed by Rule 38a-1,
and shall have such other duties and powers as may be designated from time to time by the Trustees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.10&nbsp;&nbsp;<U>Resignations</U>. Any officer may resign at any time by written instrument signed by him or her and delivered to the Chairman
of the Trustees, if any, the President or the Secretary, or to a meeting of the Trustees. Such resignation shall be effective
upon receipt unless specified to be effective at some other time. Except to the extent expressly provided in a written agreement
with the Trust, no officer resigning and no officer removed shall have any right to any compensation for any period following
his or her resignation or removal, or any right to damages on account of such removal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>


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

<P STYLE="font: 10pt 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: 10pt"><B>ARTICLE
4</B></FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt 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: 10pt"><B>Committees</B></FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1
&nbsp;&nbsp;
<U>Quorum; Voting</U>. Except as provided below or as otherwise specifically provided in the resolutions constituting a Committee
of the Trustees and providing for the conduct of its meetings, a majority of the members of any Committee of the Trustees shall
constitute a quorum for the transaction of business, and any action of such a Committee may be taken at a meeting by a vote of
a majority of the members present (a quorum being present) or evidenced by one or more writings signed by such a majority. Members
of a Committee may participate in a meeting of such Committee by means of a conference telephone or other communications equipment
by means of which all persons participating in the meeting can hear each other at the same time and participation by such means
shall constitute presence in person at a meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to a Valuation Committee of the Trustees, one or more of the Committee members shall constitute a quorum for the transaction
of business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as specifically provided in the resolutions constituting a Committee of the Trustees and providing for the conduct of its meetings,
Article 2, Sections 2.2 and 2.3 of these Bylaws relating to special meetings shall govern the notice requirements for Committee
meetings, except that it shall be sufficient notice to a Valuation Committee of the Trustees to send notice by telegram, telex
or telecopy or other electronic means (including by telephone voice-message or e-mail) at least fifteen minutes before the meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt 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: 10pt"><B>ARTICLE
5</B></FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt 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: 10pt"><B>Reports</B></FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1
&nbsp;&nbsp;
<U>General</U>. The Trustees and officers shall render reports at the time and in the manner required by the Declaration of Trust
or any applicable law. Officers and Committees shall render such additional reports as they may deem desirable or as may from
time to time be required by the Trustees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt 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: 10pt"><B>ARTICLE
6</B></FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt 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: 10pt"><B>Fiscal
Year</B></FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1
&nbsp;&nbsp;
<U>General</U>. Except as from time to time otherwise provided by the Trustees, the initial fiscal year of the Trust shall end
on such date as is determined in advance or in arrears by the Treasurer, and the subsequent fiscal years shall end on such date
in subsequent years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt 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: 10pt"><B>ARTICLE
7</B></FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt 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: 10pt"><B>Seal</B></FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1
&nbsp;&nbsp;
<U>General</U>. The seal of the Trust shall, subject to alteration by the Trustees, consist of a flat-faced die with the word
&ldquo;Massachusetts,&rdquo; together with the name of the Trust and the year of its organization cut or engraved thereon; provided,
however, that unless otherwise required
by the Trustees, the seal shall not be necessary to be placed on, and its absence shall not impair the validity of, any document,
instrument or other paper executed and delivered by or on behalf of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt 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: 10pt"><B>ARTICLE
8</B></FONT></P>

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

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

<P STYLE="font: 10pt 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: 10pt"><B>Execution
of Papers</B></FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1&nbsp;&nbsp;
<U>General</U>. Except as the Trustees may generally or in particular cases authorize the execution thereof in some other manner,
all deeds, leases, transfers, contracts, bonds, notes, checks, drafts and other obligations made, accepted or endorsed by the
Trust shall be executed by the President, any Vice President, the Treasurer or by whomever else shall be designated for that purpose
by vote of the Trustees, and need not bear the seal of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt 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: 10pt"><B>ARTICLE
9</B></FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt 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: 10pt"><B>Issuance
of Share Certificates</B></FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1&nbsp;&nbsp;

<U>Share Certificates</U>. Each Shareholder shall be entitled to a certificate stating the number of Shares (as defined in the
Declaration of Trust) owned by him or her, in such form as shall be prescribed from time to time by the Trustees. Such certificates
shall be signed by the President or any Vice President and by the Treasurer or any Assistant Treasurer. Such signatures may be
by facsimile if the certificate is signed by a transfer agent, or by a registrar, other than a Trustee, officer or employee of
the Trust. In case any officer who has signed or whose facsimile signature has been placed on such certificate shall cease to
be such officer before such certificate is issued, it may be issued by the Trust with the same effect as if he or she were such
officer at the time of its issuance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, in lieu of issuing certificates for Shares, the Trustees or the transfer agent may either issue receipts therefor
or may keep accounts upon the books of the Trust for the record holders of such Shares, who shall in either case be deemed, for
all purposes hereunder, to be the holders of certificates for such Shares as if they had accepted such certificates and shall
be held to have expressly assented and agreed to the terms hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2&nbsp;&nbsp;

<U>Loss of Certificates</U>. In case of the alleged loss or destruction or the mutilation of a share certificate, a duplicate
certificate may be issued in place thereof, upon such terms as the Trustees shall prescribe.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3&nbsp;&nbsp;

<U>Issuance of New Certificates to Pledgee</U>. A pledgee of Shares transferred as collateral security shall be entitled to a
new certificate if the instrument of transfer substantially describes the debt or duty that is intended to be secured thereby.
Such new certificate shall express on its face that it is held as collateral security, and the name of pledgor shall be stated
thereon, who alone shall be liable as a Shareholder and entitled to vote thereon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.4&nbsp;&nbsp;

<U>Discontinuance of Issuance of Certificates</U>. Notwithstanding anything to the contrary in this Article 9, the Trustees may
at any time discontinue the issuance of share certificates and may, by written notice to each Shareholder, require the surrender
of share certificates
to the Trust for cancellation. Such surrender and cancellation shall not effect the ownership of Shares in the Trust.</FONT></P>

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

<P STYLE="font: 10pt 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: 10pt"></FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt 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: 10pt"><B>ARTICLE
10</B></FONT></P>

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<P STYLE="font: 10pt 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: 10pt"><B>Shareholders&rsquo;
Voting Powers and&nbsp;</B></FONT></P>

<P STYLE="font: 10pt 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: 10pt"><B>Meetings</B></FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1&nbsp;&nbsp;<U>Voting Powers</U>. The Shareholders shall have power to vote only (i) for the election or removal of Trustees as provided in
Article IV, Sections 1 and 3 of the Declaration of Trust, (ii) with respect to any Manager or sub-adviser as provided in Article
IV, Section 8 of the Declaration of Trust to the extent required by the 1940 Act, (iii) with respect to certain transactions and
other matters to the extent and as provided in Article V, Sections 2 and 3 of the Declaration of Trust, (iv) with respect to any
termination of this Trust to the extent and as provided in Article IX, Section 4 of the Declaration of Trust (for the avoidance
of any doubt, Shareholders shall have no separate right to vote with respect to the termination of the Trust or a series or class
of Shares if the Trustees (including the Continuing Trustees) exercise their right to terminate the Trust or such series or class
pursuant to clauses (ii) and (y) of Article IX, Section 4 of the Declaration of Trust), (v) with respect to any amendment of the
Declaration of Trust to the extent and as provided in Article IX, Section 7 of the Declaration of Trust, (vi) to the same extent
as the stockholders of a Massachusetts business corporation as to whether or not a court action, proceeding or claim should or
should not be brought or maintained derivatively or as a class action on behalf of the Trust or the Shareholders, and (vii) with
respect to such additional matters relating to the Trust as may be required by law, the Declaration of Trust, these Bylaws or
any registration of the Trust with the Securities and Exchange Commission (or any successor agency) or any state, or as the Trustees
may consider necessary or desirable. Each whole Share shall be entitled to one vote as to any matter on which it is entitled to
vote and each fractional Share shall be entitled to a proportionate fractional vote, except as otherwise provided in the Declaration
of Trust, these Bylaws, or required by applicable law. Except as otherwise provided in the Declaration of Trust or these Bylaws
or required by applicable law, all Shares of the Trust then entitled to vote shall be voted in the aggregate as a single class
without regard to classes or series of Shares. There shall be no cumulative voting in the election of Trustees. Shares may be
voted in person or by proxy. A proxy with respect to Shares held in the name of two or more persons shall be valid if executed
by any one of them unless at or prior to exercise of the proxy the Trust receives a specific written notice to the contrary from
any one of them. The placing of a Shareholder&rsquo;s name on a proxy pursuant to telephonic or electronically transmitted instructions
obtained pursuant to procedures reasonably designed to verify that such instructions have been authorized by such Shareholder
shall constitute execution of such proxy by or on behalf of such Shareholder. A proxy purporting to be executed by or on behalf
of a Shareholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall
rest on the challenger. Until Shares of a particular class or series are issued, the Trustees may exercise all rights of Shareholders
and may take any action required by law, the Declaration of Trust or these Bylaws to be taken by Shareholders as to such class
or series.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2&nbsp;&nbsp;
<U>Voting Power and Meetings</U>. Except as provided in the next sentence, regular meetings of the Shareholders for the election
of Trustees and the transaction of such other business as may properly come before the meeting shall be held, so long as Shares
are listed for trading
on the New York Stock Exchange, on at least an annual basis, on such day and at such place as shall be designated by the Trustees.
In the event that such a meeting is not held in any annual period if so required, whether the omission be by oversight or otherwise,
a subsequent special meeting may be called by the Trustees and held in lieu of such meeting with the same effect as if held within
such annual period. Special meetings of the Shareholders or any or all classes or series of Shares may also be called by the Trustees
from time to time for such other purposes as may be prescribed by law, by the Declaration of Trust or by these Bylaws, or for
the purpose of taking action upon any other matter deemed by the Trustees to be necessary or desirable. A special meeting of Shareholders
may be held at any such time, day and place as is designated by the Trustees. Written notice of any meeting of Shareholders, stating
the date, time, place and purpose of the meeting, shall be given or caused to be given by a majority of the Trustees and a majority
of the Continuing Trustees at least seven days before such meeting to each Shareholder entitled to vote thereat by leaving such
notice with the Shareholder at his or her residence or usual place of business or by mailing such notice, postage prepaid, to
the Shareholder&rsquo;s address as it appears on the records of the Trust. Such notice may be given by the Secretary or an Assistant
Secretary or by any other officer designated for such purpose by the Trustees. Whenever notice of a meeting is required to be
given to a Shareholder under the Declaration of Trust or these Bylaws, a written waiver thereof, executed before or after the
meeting by such Shareholder or his or her attorney thereunto authorized and filed with the records of the meeting, shall be deemed
equivalent to such notice. Notice of a meeting need not be given to any Shareholder who attends the meeting without protesting
prior thereto or at its commencement the lack of notice to such Shareholder. No ballot shall be required for any election unless
required by a Shareholder present or represented at the meeting and entitled to vote in such election. Notwithstanding anything
to the contrary in this Section 10.2, no matter shall be properly before any annual or special meeting of Shareholders and no
business shall be transacted thereat unless in accordance with Section 10.6 of these Bylaws.</FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3&nbsp;&nbsp;
<U>Quorum and Required Vote</U>. Except when a larger quorum is required by any provision of law or the Declaration of Trust or
these Bylaws, thirty percent (30%) of the Shares entitled to vote on a particular matter shall constitute a quorum for the transaction
of business at a Shareholders&rsquo; meeting, except that where any provision of law or the Declaration of Trust or these Bylaws
permits or requires that holders of any class or series of Shares shall vote as an individual class or series, then thirty percent
(30%) (unless a larger quorum is required as specified above) of Shares of that class or series entitled to vote shall be necessary
to constitute a quorum for the transaction of business by that class or series. Any lesser number shall be sufficient for adjournments.
Any adjourned session or sessions may be held, within a reasonable time after the date set for the original meeting, without the
necessity of further notice. Except when a different vote is required by any provision of law or the Declaration of Trust or these
Bylaws, a plurality of the quorum of Shares necessary for the transaction of business at a Shareholders&rsquo; meeting shall decide
any questions and a plurality of Shares voted shall elect a Trustee, provided that where any provision of law or of the Declaration
of Trust or these Bylaws permits or requires that the holders of any class or series of Shares shall vote as an individual class
or series, then a plurality of the quorum of Shares of that class or series necessary for the transaction of business by that
class or series at a Shareholders&rsquo; meeting shall decide that matter insofar as that class or series is concerned.&nbsp;</FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4&nbsp;&nbsp;
<U>Action by Written Consent</U>. Any action taken by Shareholders may be taken without a meeting if a majority of Shareholders
entitled to vote on the matter (or such larger proportion thereof as shall be required by any express provision of law or the
Declaration of Trust or these Bylaws) consent to the action in writing and such written consents are filed with the records of
the meetings of Shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5&nbsp;&nbsp;
<U>Record Dates</U>. For the purpose of determining the Shareholders who are entitled to vote or act at any meeting or any adjournment
thereof, or who are entitled to receive payment of any dividend or of any other distribution, the Trustees may from time to time
fix a time, which shall be not more than 90 days before the date of any meeting of Shareholders or the date for the payment of
any dividend or of any other distribution, as the record date for determining the Shareholders having the right to notice of and
to vote at such meeting and any adjournment thereof or the right to receive such dividend or distribution, and in such case only
Shareholders of record on such record date shall have the right notwithstanding any transfer of Shares on the books of the Trust
after the record date; or without fixing such record date the Trustees may for any of such purposes close the register or transfer
books for all or any part of such period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6&nbsp;&nbsp;
<U>Advance Notice of Shareholder Nominees for Trustees and Other Shareholder Proposals</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&nbsp;&nbsp;As used in this Section 10.6, the term &ldquo;annual meeting&rdquo; refers to any annual meeting of Shareholders as well as any
special meeting held in lieu of an annual meeting as described in the first two sentences of Section 10.2 of these Bylaws, and
the term &ldquo;special meeting&rdquo; refers to all meetings of Shareholders other than an annual meeting or a special meeting
in lieu of an annual meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;The matters to be considered and brought before any annual or special meeting of Shareholders shall be limited to only such matters,
including the nomination and election of Trustees, as shall be brought properly before such meeting in compliance with the procedures
set forth in this Section 10.6. Only persons who are nominated in accordance with the procedures set forth in this Section 10.6
shall be eligible for election as Trustees, and no proposal to fix the number of Trustees shall be brought before an annual or
special meeting of Shareholders or otherwise transacted unless in accordance with the procedures set forth in this Section 10.6,
except as may be otherwise provided in these Bylaws with respect to the right of holders of preferred shares of beneficial interest,
if any, of the Trust to nominate and elect a specified number of Trustees in certain circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;For any matter to be properly before any annual meeting, the matter must be (i) specified in the notice of meeting given by or
at the direction of a majority of the Trustees and a majority of the Continuing Trustees pursuant to Section 10.2 of these Bylaws,
(ii) otherwise brought before the meeting by or at the direction of a majority of the Continuing Trustees (or any duly authorized
committee thereof), or (iii) brought before the meeting in the manner specified in this Section 10.6(c) by a Shareholder of record
entitled to vote at the meeting or by a Shareholder (a &ldquo;<U>Beneficial Owner</U>&rdquo;) that holds Shares entitled to vote
at the meeting through a nominee or &ldquo;street name&rdquo; holder of record
and that can demonstrate to the Trust such indirect ownership and such Beneficial Owner&rsquo;s entitlement to vote such Shares,
provided that the Shareholder was the Shareholder of record or the Beneficial Owner held such Shares at the time the notice provided
for in this Section 10.6(c) is delivered to the Secretary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to any other requirements under applicable law and the Declaration of Trust and these Bylaws, persons nominated by Shareholders
for election as Trustees and any other proposals by Shareholders may be properly brought before an annual meeting only pursuant
to timely notice (the &ldquo;<U>Shareholder Notice</U>&rdquo;) in writing to the Secretary. To be timely, the Shareholder Notice
must be delivered to or mailed and received at the principal executive offices of the Trust not less than forty-five (45) nor
more than sixty (60) days prior to the first anniversary date of the date on which the Trust first mailed its proxy materials
for the prior year&rsquo;s annual meeting; <U>provided</U>, <U>however</U>, with respect to the Trust&rsquo;s first annual meeting,
the Shareholder Notice must be so delivered or mailed and so received on or before January 1, 2003; <U>provided</U>&nbsp;<U>further</U>, <U>however</U>,
if and only if the annual meeting is not scheduled to be held within a period that commences thirty (30) days before the first
anniversary date of the annual meeting for the preceding year and ends thirty (30) days after such anniversary date (an annual
meeting date outside such period being referred to herein as an &ldquo;<U>Other Annual Meeting Date</U>&rdquo;), such Shareholder
Notice must be given in the manner provided herein by the later of the close of business on (i) the date forty-five (45) days
prior to such Other Annual Meeting Date or (ii) the tenth (10<SUP>th</SUP>) business day following the date such Other Annual
Meeting Date is first publicly announced or disclosed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
Shareholder desiring to nominate any person or persons (as the case may be) for election as a Trustee or Trustees of the
Trust shall deliver, as part of such Shareholder Notice: (i)&nbsp;&nbsp;a statement in writing setting forth (A) the name,
age, date of birth, business address, residence address and nationality of the person or persons to be nominated; (B) the
class or series and number of all Shares of the Trust owned of record or beneficially by each such person or persons, as
reported to such Shareholder by such nominee(s); (C) any other information regarding each such person required by paragraphs
(a), (d), (e) and (f) of Item 401 of Regulation S-K or paragraph (b) of Item 22 of Rule 14a-101 (Schedule 14A) under the
Securities Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;), adopted by the Securities and Exchange
Commission (or the corresponding provisions of any regulation or rule subsequently adopted by the Securities and Exchange
Commission or any successor agency applicable to the Trust); (D) any other information regarding the person or persons to be
nominated that would be required to be disclosed in a proxy statement or other filings required to be made in connection with
solicitation of proxies for election of Trustees or directors pursuant to Section 14 of the Exchange Act and the rules and
regulations promulgated thereunder; and (E) whether such Shareholder believes any nominee is or will be an &ldquo;interested
person&rdquo; of the Trust (as defined in the Investment Company Act of 1940, as amended) and, if not an &ldquo;interested
person,&rdquo; information regarding each nominee that will be sufficient for the Trust to make such determination; and (ii)
the written and signed consent of the person or persons to be nominated to be named as nominees and to serve as Trustees if
elected. In addition, the Trustees may require any proposed nominee to furnish such other information as they may reasonably
require or deem necessary to determine the eligibility of such proposed nominee to serve as a Trustee. Any Shareholder Notice
required by this Section 10.6(c) in respect of a proposal to fix the number of Trustees shall also set forth a description of
and the text of the proposal, which description and text
shall state a fixed number of Trustees that otherwise complies with applicable law, these Bylaws and the Declaration of Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>


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

<P STYLE="font: 10pt 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: 10pt"></FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
limiting the foregoing, any Shareholder who gives a Shareholder Notice of any matter proposed to be brought before a Shareholder
meeting (whether or not involving nominees for Trustees) shall deliver, as part of such Shareholder Notice: (i) the description
of and text of the proposal to be presented; (ii) a brief written statement of the reasons why such Shareholder favors the proposal;
(iii) such Shareholder&rsquo;s name and address as they appear on the Trust&rsquo;s books; (iv) any other information relating
to the Shareholder that would be required to be disclosed in a proxy statement or other filings required to be made in connection
with the solicitation of proxies with respect to the matter(s) proposed pursuant to Section 14 of the Exchange Act and the rules
and regulations promulgated thereunder; (v) the class or series and number of all Shares of the Trust owned beneficially and of
record by such Shareholder; (vi) any material interest of such Shareholder in the matter proposed (other than as a Shareholder);
(vii) a representation that the Shareholder intends to appear in person or by proxy at the Shareholder meeting to act on the matter(s)
proposed; (viii) if the proposal involves nominee(s) for Trustees, a description of all arrangements or understandings between
the Shareholder and each proposed nominee and any other person or persons (including their names) pursuant to which the nomination(s)
are to be made by the Shareholder; and (ix) in the case of a Beneficial Owner, evidence establishing such Beneficial Owner&rsquo;s
indirect ownership of, and entitlement to vote, Shares at the meeting of Shareholders. As used in this Section 10.6, Shares &ldquo;beneficially
owned&rdquo; shall mean all Shares which such person is deemed to beneficially own pursuant to Rules 13d-3 and 13d-5 under the
Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;For any matter to be properly before any special meeting, the matter must be specified in the notice of meeting given by or at
the direction of a majority of the Trustees and a majority of the Continuing Trustees pursuant to Section 10.2 of these Bylaws.
In the event the Trust calls a special meeting for the purpose of electing one or more Trustees, any Shareholder may nominate
a person or persons (as the case may be) for election to such position(s) as specified in the Trust&rsquo;s notice of meeting
if and only if the Shareholder provides a notice containing the information required in the Shareholder Notice to the Secretary
required with respect to annual meetings by Section 10.6(c) hereof, and such notice is delivered to or mailed and received at
the principal executive office of the Trust not later than the close of business on the tenth (10th) day following the day on
which the date of the special meeting and of the nominees proposed by the Trustees to be elected at such meeting are publicly
announced or disclosed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;&nbsp;For purposes of this Section 10.6, a matter shall be deemed to have been &ldquo;publicly announced or disclosed&rdquo; if such
matter is disclosed in a press release reported by the Dow Jones News Service, Associated Press or comparable national news service,
in a document publicly filed by the Trust with the Securities and Exchange Commission, or in a Web site accessible to the public
maintained by the Trust or by its investment adviser or an affiliate of such investment adviser with respect to the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;&nbsp;In no event shall an adjournment or postponement (or a public announcement thereof) of a meeting of Shareholders commence a new
time period (or extend any time period) for the giving of notice as provided in this Section 10.6.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&nbsp;&nbsp;The person presiding at any meeting of Shareholders, in addition to making any other determinations that may be appropriate to
the conduct of the meeting, shall have the power and duty to (i) determine whether a nomination or proposal of other matters to
be brought before a meeting and notice thereof have been duly made and given in the manner provided in this Section 10.6 and elsewhere
in these Bylaws and the Declaration of Trust and (ii) if not so made or given, to direct and declare at the meeting that such
nomination and/or such other matters shall be disregarded and shall not be considered. Any determination by the person presiding
shall be binding on all parties absent manifest error.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;&nbsp;Notwithstanding anything to the contrary in this Section 10.6 or otherwise in these Bylaws, unless required by federal law, no
matter shall be considered at or brought before any annual or special meeting unless such matter has been approved for these purposes
by a majority of the Continuing Trustees and, in particular, no Beneficial Owner shall have any rights as a Shareholder except
as may be required by federal law. Furthermore, nothing in this Section 10.6 shall be construed as creating any implication or
presumption as to the requirements of federal law.</FONT></P>

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11</B></FONT></P>

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<P STYLE="font: 10pt 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: 10pt"><B>ARTICLE
12</B></FONT></P>

<P STYLE="font: 10pt 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: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt 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: 10pt"><B>Amendment
to the Bylaws</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1&nbsp;&nbsp;
<U>General</U>. Except to the extent that the Declaration of Trust or applicable law require a vote or consent of Shareholders,
these Bylaws may be amended, changed, altered or repealed, in whole or part, only by resolution of a majority of the Trustees
then in office at any meeting of the Trustees, or by one or more writings signed by such Trustees.</FONT></P>

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