<SEC-DOCUMENT>0001752724-20-114517.txt : 20200603
<SEC-HEADER>0001752724-20-114517.hdr.sgml : 20200603
<ACCEPTANCE-DATETIME>20200602173752
ACCESSION NUMBER:		0001752724-20-114517
CONFORMED SUBMISSION TYPE:	N-CEN/A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200603
DATE AS OF CHANGE:		20200602
EFFECTIVENESS DATE:		20200603

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BlackRock Resources & Commodities Strategy Trust
		CENTRAL INDEX KEY:			0001506289
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CEN/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22501
		FILM NUMBER:		20938271

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		1-800-882-0052

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
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            <custodianCountry>SG</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>
          </custodian>
          <custodian>
            <custodianName>Deutsche Bank Aktiengesellschaft (Madrid, Madrid, ES, Branch)</custodianName>
            <custodianLei>7LTWFZYICNSX8D621K86</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>Standard Chartered Bank Malaysia Berhad</custodianName>
            <custodianLei>549300JTJBG2QBI8KD48</custodianLei>
            <custodianCountry>MY</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>State Street Bank and Trust Company (Edinburgh, GB, Branch)</custodianName>
            <custodianLei>571474TGEMMWANRLN572</custodianLei>
            <custodianCountry>GB</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited (Sydney, NSW, AU, Branch)</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>AU</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>State Street Bank International GmbH</custodianName>
            <custodianLei>ZMHGNT7ZPKZ3UFZ8EO46</custodianLei>
            <custodianCountry>DE</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Goldman Sachs &amp; Co. LLC</custodianName>
            <custodianLei>FOR8UP27PHTHYVLBNG30</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>HSBC Bank (China) Company Limited</custodianName>
            <custodianLei>2CZOJRADNJXBLT55G526</custodianLei>
            <custodianCountry>CN</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Barclays Capital Inc.</custodianName>
            <custodianLei>AC28XWWI3WIBK2824319</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong And Shanghai Banking Corporation Limited</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>HK</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Citibank, National Association (Sao Paulo, Sao Paulo, BR, Branch)</custodianName>
            <custodianLei>E57ODZWZ7FF32TWEFA76</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>Citigroup Global Markets Inc.</custodianName>
            <custodianLei>MBNUM2BPBDO7JBLYG310</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Handlowy w Warszawie Spolka Akcyjna</custodianName>
            <custodianLei>XLEZHWWOI4HFQDGL4793</custodianLei>
            <custodianCountry>PL</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Morgan Stanley &amp; Co. LLC</custodianName>
            <custodianLei>9R7GPTSO7KV3UQJZQ078</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)</custodyType>
          </custodian>
          <custodian>
            <custodianName>The Hongkong and Shanghai Banking Corporation Limited (Jung-gu, Seoul, KR, Branch)</custodianName>
            <custodianLei>2HI3YI5320L3RW6NJ957</custodianLei>
            <custodianCountry>KR</custodianCountry>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>State Street Bank and Trust Company</custodianName>
            <custodianLei>571474TGEMMWANRLN572</custodianLei>
            <custodianStateCountry custodianState="US-MA" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
          <custodian>
            <custodianName>Joint Stock Company Commercial Bank Citibank</custodianName>
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            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Banco Nacional de Mexico, S.A., Integrante del Grupo Financiero Banamex</custodianName>
            <custodianLei>2SFFM4FUIE05S37WFU55</custodianLei>
            <custodianCountry>MX</custodianCountry>
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            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Bank Hapoalim B.M.</custodianName>
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            <custodianCountry>IL</custodianCountry>
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            <isSubCustodian>Y</isSubCustodian>
            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
          </custodian>
          <custodian>
            <custodianName>Standard Chartered Bank (Thai) Public Company Limited</custodianName>
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          <custodian>
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          <custodian>
            <custodianName>Deutsche Bank Aktiengesellschaft (Mumbai, Maharashtra, IN, Branch)</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>
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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 AB (Oslo, Oslo, NO, Branch)</custodianName>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>BlackRock Advisors, LLC</adminName>
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          <broker>
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          <description>Common stock</description>
          <securityClassTitle>BlackRock Resources &amp; Commodities Strategy Trust</securityClassTitle>
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      <isRightsOffering>N</isRightsOffering>
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        <repurchaseSecurityType>Common stock</repurchaseSecurityType>
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      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>N</isSecuritiesModified>
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      <netOperatingExpenses>1.11000000</netOperatingExpenses>
      <marketPricePerShare>8.07000000</marketPricePerShare>
      <netAssetValuePerShare>9.04000000</netAssetValuePerShare>
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      <isIPAReportInternalControl>true</isIPAReportInternalControl>
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    <signature registrantSignedName="BlackRock Resources &amp; Commodities Strategy Trust" signedDate="2020-03-11" signature="Ann Frechette" title="Assistant Treasurer"/>
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</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>NCEN_8772917422825397.txt
<TEXT>
REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM

To the Shareholders and Board of Trustees/Directors of
BlackRock Energy and Resources Trust, BlackRock
Enhanced Capital and Income Fund, Inc., BlackRock
Enhanced Equity Dividend Trust, BlackRock Enhanced
Global Dividend Trust, BlackRock Enhanced International
Dividend Trust, BlackRock Health Sciences Trust,
BlackRock Resources & Commodities Strategy Trust,
BlackRock Science and Technology Trust, BlackRock
Science and Technology Trust II, and BlackRock Utilities,
Infrastructure & Power Opportunities Trust:

In planning and performing our audit of the financial statements
of BlackRock Energy and Resources Trust, BlackRock
Enhanced Capital and Income Fund, Inc., BlackRock Enhanced
Equity Dividend Trust, BlackRock Enhanced Global Dividend
Trust, BlackRock Enhanced International Dividend Trust,
BlackRock Health Sciences Trust, BlackRock Science and
Technology Trust, BlackRock Science and Technology Trust
II, and BlackRock Utilities, Infrastructure & Power
Opportunities Trust (the "Funds") as of and for the year ended
December 31, 2019, in accordance with the standards of the
Public Company Accounting Oversight Board (United States)
(PCAOB), we considered the Funds' 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 Funds' internal control over financial
reporting. Accordingly, we express no such opinion.

The management of the Funds is responsible for establishing
and maintaining effective internal control over financial
reporting. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected
benefits and related costs of controls. A company'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 company's internal control over
financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary
to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in
accordance with authorizations of management and directors of
the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use,
or disposition of a company's assets that could have a material
effect on the financial statements.

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.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on a
timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the company's annual or interim
financial statements will not be prevented or detected on a
timely basis.

Our consideration of the Funds' 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 Funds' internal control over financial
reporting and its operation, including controls for safeguarding
securities, that we consider to be a material weakness, as
defined above, as of December 31, 2019.

This report is intended solely for the information and use of
management and the Board of Trustees/Directors of the Funds
and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than
these specified parties.

Deloitte & Touche LLP
Boston, Massachusetts
February 25, 2020







</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ADVISORY CONTRACTS
<SEQUENCE>3
<FILENAME>NCEN_9982285823879000.htm
<TEXT>

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<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">AMENDED
AND RESTATED SUB-INVESTMENT ADVISORY AGREEMENT</font></u></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:71.95pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">This AMENDED AND RESTATED
SUB-INVESTMENT ADVISORY AGREEMENT dated July 1, 2019 (this &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Agreement</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;),
among BlackRock Resources &amp; Commodities Strategy Trust, a Delaware
statutory trust (the &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Trust</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;), BlackRock Cayman Resources &amp;
Commodities Strategy Fund, Ltd., a wholly-owned subsidiary of the Trust formed
in the Cayman Islands (the &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Subsidiary</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;), BlackRock Advisors, LLC, a
Delaware limited liability company (the &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Advisor</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;), and BlackRock
International Limited, a corporation organized under the laws of Scotland (the
&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Sub-Advisor</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;). The Trust and the Subsidiary are sometimes referred to
herein collectively as the &#8220;Funds&#8221; or individually as a &#8220;Fund.&#8221;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:71.95pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS, the Advisor has agreed
to furnish investment advisory services to the Trust, a closed-end management
investment company registered under the Investment Company Act of 1940, as
amended (the &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">1940 Act</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;), and the Subsidiary;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:71.95pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS, the investment
management agreement among the Advisor, the Trust and the Subsidiary, dated
March 17, 2011 (such agreement or the most recent successor agreement between
such parties relating to advisory services to the Funds is referred to herein
as the &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Advisory Agreement</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;), contemplates that the Advisor may appoint
a sub-adviser to perform investment advisory services with respect to the
Funds; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:71.95pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS, the Advisor retained
the Sub-Advisor to provide it with certain sub- advisory services as described
below in connection with Advisor&#8217;s advisory activities on behalf of the Funds
pursuant to a Sub-Investment Advisory Agreement dated March 11, 2013 (the &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Original
Sub-Advisory Agreement</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;); and</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:71.95pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS, the parties now wish to
amend and restate the Original Sub-Advisory Agreement to reflect the changes
implemented by the Financial Conduct Authority of the United Kingdom (the &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FCA</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;)
to incorporate the requirements of the Markets in Financial Instruments
Directive II (&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">MiFID II</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;) and to make certain additional amendments; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:71.95pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS, this Agreement has been
approved in accordance with the provisions of the 1940 Act, and the Sub-Advisor
is willing to furnish such services upon the terms and conditions herein set
forth.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:71.95pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">NOW, THEREFORE, in consideration
of the mutual premises and covenants herein contained and other good and
valuable consideration, the receipt of which is hereby acknowledged, it is
agreed by and between the parties hereto as follows:</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">1.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Appointment</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The Advisor hereby appoints the Sub-Advisor to act as sub-advisor with
respect to the Funds and the Sub-Advisor accepts such appointment and agrees to
render the services herein set forth for the compensation herein provided. For
the purposes of the rules, guidance and principles of the FCA, as amended or
consolidated from time to time (the &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">FCA</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;"> </font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Rules</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;) and based on
information obtained in respect of the Advisor, the Advisor will be treated by
the Sub-Advisor as a professional client. The Advisor acknowledges and accepts
this categorization. The Advisor has the right to request a different
categorization at any time from the </font></h2>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Sub-Advisor,
however, the Sub-Advisor only provides the services to professional clients and
will no longer be able to provide services to the Advisor in the event of a
request for a change in categorization.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">By signing this Agreement, the Advisor acknowledges that it has been
separately provided with a copy of the supplemental disclosures document
provided to clients and potential clients of the Sub-Advisor that contains the
Sub-Advisor&#8217;s disclosures required under the Markets in Financial Instruments
Directive 2014/65/EU and Markets in Financial Instruments Regulation EU
600/2014, as amended, and made available to the Advisor from time to time (&#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Supplemental
Disclosures</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;), which sets out: (i) information on the services that the
Sub-Advisor is required to provide to the Advisor by applicable regulation and
(ii) other information which the Sub-Advisor deems appropriate. The
Supplemental Disclosures include, among other things: risk disclosures (which
provide a description of the nature of risks of financial instruments), a
summary of the Sub-Advisor&#8217;s conflicts of interest policy and disclosures, a
summary of the Sub-Advisor&#8217;s order execution policy, details of the reports the
Sub-Advisor will provide in relation to the services provided hereunder,
details on how the Sub- Advisor will provide the Advisor with information on
costs and charges, and the Sub-Advisor&#8217;s data protection notice.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">2.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Services of the Sub-Advisor</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Subject to the succeeding provisions
of this section, the oversight and supervision of the Advisor and the direction
and control of the Board of Trustees of the Trust, the Sub-Advisor will perform
certain of the day-to-day operations of the Funds, which may include one or
more of the following services, at the request of the Advisor: (a)&nbsp;acting
as investment advisor for and managing the investment and reinvestment of those
assets of the Funds as the Advisor may from time to time request and in
connection therewith have complete discretion in purchasing and selling such
securities and other assets for the Funds and in voting, exercising consents
and exercising all other rights appertaining to such securities and other
assets on behalf of the Funds; (b) arranging, subject to the provisions of
paragraph 3 hereof, for the purchase and sale of securities and other assets of
the Funds; (c) providing investment research and credit analysis concerning the
Funds&#8217; investments, (d) assisting the Advisor in determining what portion of
the Funds&#8217; assets will be invested in cash, cash equivalents and money market instruments,
(e) placing orders for all purchases and sales of such investments made for the
Funds, and (f) maintaining the books and records as are required to support the
Funds investment operations. At the request of the Advisor, the Sub-Advisor
will also, subject to the oversight and supervision of the Advisor and the
direction and control of the Board of Trustees of the Trust, provide to the
Advisor or the Funds any of the facilities and equipment and perform any of the
services described in Section 3 of the Advisory Agreement. In addition, the
Sub-Advisor will keep the Funds and the Advisor informed of developments
materially affecting the Funds and shall, on its own initiative, furnish to the
Funds from time to time whatever information the Sub-Advisor believes
appropriate for this purpose. The Sub-Advisor will periodically communicate to
the Advisor, at such times as the Advisor may direct, information concerning
the purchase and sale of securities for the Funds, including: (a) the name of
the issuer, (b) the amount of the purchase or sale, (c) the name of the broker
or dealer, if any, through which the purchase or sale is effected, (d) the
CUSIP number of the instrument, if any, and (e) such other information as the
Advisor may reasonably require for purposes of fulfilling its obligations to
the Funds under the Advisory Agreement. The Sub-Advisor will provide the
services rendered by it under this Agreement in accordance with the Trust&#8217;s
investment objectives, policies and restrictions as stated in the Trust&#8217;s </font></h1>
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<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">- </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">2</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
-</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_3"></a><a name="_bclPageBorder3"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Prospectus and Statement of Additional Information (as
currently in effect and as they may be amended or supplemented from time to
time) and the resolutions of the Trust&#8217;s Board of Trustees.</font></h1>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Sub-Advisor represents, warrants and covenants that it is
authorized and regulated by the FCA.</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">3.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Covenants</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. (a) In the performance of its duties under this
Agreement, the Sub-Advisor shall at all times conform to, and act in accordance
with, any requirements imposed by: (i) the provisions of the 1940 Act and the
Investment Advisers Act of 1940, as amended (the &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Advisers Act</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;) and all
applicable Rules and Regulations of the Securities and Exchange Commission (the
&#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">SEC</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;); (ii) any other applicable provision of law; (iii) the provisions
of the Agreement and Declaration of Trust and By-Laws of the Trust, as such
documents are amended from time to time; (iv) the investment objectives and
policies of the Trust as set forth in its Registration Statement on Form N-2;
(v) the provisions of the Memorandum and Articles of Association of the
Subsidiary, as such documents are amended from time to time; and (vi) any
policies and determinations of the Board of Trustees of the Trust.</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">In addition, the Sub-Advisor will:</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(i)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">provide the Supplemental Disclosures, which include information on the
Sub-Advisor&#8217;s order execution policy (the &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Order Execution Policy</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;). The
Advisor confirms that it has read and understood, and consents to, the Order
Execution Policy. In particular, the Advisor consents to: (i) the Sub- Advisor
trading through brokers/counterparties and/or outside of a Trading Venue (as
defined in the FCA Rules), and (ii) some or all orders resulting from the
Sub-Advisor&#8217;s decisions to deal on the Advisor&#8217;s behalf, or received from the
Advisor, to be placed with an affiliated company, who will act as agent for the
purpose of executing such orders in accordance with the Order Execution Policy.
Subject to the other provisions of this paragraph, in placing orders with
brokers and dealers, the Sub-Advisor will attempt to obtain the best price and
the most favorable execution of its orders in accordance with the Order
Execution Policy. In placing orders, the Sub-Advisor will consider the
experience and skill of the firm&#8217;s securities traders as well as the firm&#8217;s
financial responsibility and administrative efficiency. Consistent with this
obligation, the Sub-Advisor may select brokers on the basis of the research,
statistical and pricing services they provide to the Funds and other clients of
the Advisor or the Sub-Advisor. Information and research received from such
brokers will be in addition to, and not in lieu of, the services required to be
performed by the Sub- Advisor hereunder. A commission paid to such brokers may
be higher than that which another qualified broker would have charged for
effecting the same transaction, provided that the Sub-Advisor determines in
good faith that such commission is reasonable in terms either of the
transaction or the overall responsibility of the Advisor and the Sub-Advisor to
the Funds and their other clients and that the total commissions paid by the
Funds will be reasonable in relation to the benefits to the Funds over the
long-term. In no instance, however, will the Funds&#8217; securities be purchased
from or sold to the Advisor, the Sub- Advisor or any affiliated person thereof,
except to the extent permitted by the SEC or by applicable law. Subject to the
foregoing and the </font></h3>
<a name="_bclFooter3"></a><DIV>


<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">- </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">3</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
-</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_4"></a><a name="_bclPageBorder4"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">provisions of the 1940 Act, the
Securities Exchange Act of 1934, as amended, and other applicable provisions of
law, the Sub-Advisor may select brokers and dealers with which it or the Funds
are affiliated;</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(ii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">maintain books and records with respect to the Funds&#8217; securities
transactions and will render to the Advisor and the Trust&#8217;s Board of Trustees
such periodic and special reports as they may request;</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(iii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">maintain a policy and practice of conducting its investment advisory
services hereunder independently of the commercial banking operations of its
affiliates. When the Sub-Advisor makes investment recommendations for the
Funds, its investment advisory personnel will not inquire or take into
consideration whether the issuer of securities proposed for purchase or sale
for the Funds&#8217; accounts are customers of the commercial department of its
affiliates;</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(iv)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">treat confidentially and as proprietary information of the Funds all
records and other information relative to the Funds, and the Trust&#8217;s prior,
current or potential shareholders, and will not use such records and
information for any purpose other than performance of its responsibilities and duties
hereunder, except after prior notification to and approval in writing by the
Funds, which approval shall not be unreasonably withheld and may not be
withheld where the Sub-Advisor may be exposed to civil or criminal contempt
proceedings for failure to comply, when requested to divulge such information
by duly constituted authorities, or when so requested by the Funds; and</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:1.0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(v)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">be responsible for ensuring that the Advisor complies with any position
limit that the FCA or any other applicable regulator might apply to any
commodity derivatives held in the Funds. The Advisor shall provide the Sub-
Advisor with information relating to any positions in commodity derivatives
held outside of the Funds by the Advisor or any other member of its group, as
applicable.</font></h3>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">4.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Services Not Exclusive</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Nothing in this Agreement shall prevent
the Sub-Advisor or any officer, employee or other affiliate thereof from acting
as investment advisor for any other person, firm or corporation, or from
engaging in any other lawful activity, and shall not in any way limit or
restrict the Sub-Advisor or any of its officers, employees or agents from
buying, selling or trading any securities for its or their own accounts or for
the accounts of others for whom it or they may be acting; provided, however,
that the Sub-Advisor will undertake no activities which, in its judgment, will
adversely affect the performance of its obligations under this Agreement.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">5.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Books and Records</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. In compliance with the requirements of Rule
31a-3 under the 1940 Act, the Sub-Advisor hereby agrees that all records which
it maintains for the Funds are the property of the Funds as the case may be and
further agrees to surrender promptly to the Funds any such records upon the
Funds&#8217; request as the case may be. The Sub-Advisor further agrees to preserve
for the periods prescribed by Rule 31a-2 under the 1940 Act the records
required to be maintained by Rule 31a-1 under the 1940 Act (to the extent such
books and records are not maintained by the Advisor).</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;">&nbsp;</h1>
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<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">- </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">4</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
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</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_5"></a><a name="_bclPageBorder5"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">6.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Expenses</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. During the term of this Agreement, the Sub-Advisor will
bear all costs and expenses of its employees and any overhead incurred by the
Sub-Advisor in connection with its duties hereunder; provided that the Board of
Trustees of the Trust may approve reimbursement to the Sub-Advisor of the
pro-rata portion of the salaries, bonuses, health insurance, retirement
benefits and all similar employment costs for the time spent on the Funds&#8217;
operations (including, without limitation, compliance matters) (other than the
provision of investment advice and administrative services required to be
provided hereunder) of all personnel employed by the Sub-Advisor who devote
substantial time to the Funds&#8217; operations or the operations of other investment
companies advised or sub-advised by the Sub-Advisor.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">7.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Compensation</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">For that portion of the Funds for which the Sub-Advisor acts as sub-
adviser, the Advisor agrees to pay to the Sub-Advisor and the Sub-Advisor
agrees to accept as full compensation for all services rendered by the
Sub-Advisor pursuant to this Agreement, an annual fee in arrears in an amount
equal to 50.6% of the management fees received by the Advisor from the Funds
with respect to the average daily value of the Managed Assets of the Funds
allocated to the Sub-Advisor.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">For purposes of this Agreement, the Managed Assets of the Funds shall be
calculated pursuant to the procedures adopted by resolutions of the Board of
Trustees of the Trust for calculating the value of the Funds&#8217; assets or
delegating such calculations to third parties.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(c)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">If Advisor waives any or all of its advisory fee payable under the
Advisory Agreement, or reimburses the Trust pursuant to Section 8(b) of that
Agreement, with respect to the Fund, Sub-Advisor will bear its share of the
amount of such waiver or reimbursement by waiving fees otherwise payable to it
hereunder on a proportionate basis to be determined by comparing the aggregate
fees that would otherwise be paid to it hereunder with respect to the Fund to
the aggregate fees that would otherwise be paid by the Trust to Advisor under
the Advisory Agreement with respect to the Fund. Advisor shall inform
Sub-Advisor prior to waiving any advisory fees.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">8.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Indemnity</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The Trust may, with the prior consent of the Board of Trustees of the
Trust, including a majority of the trustees of the Trust that are not
&#8220;interested persons&#8221; of the Trust (as defined in Section 2(a)(19) of the 1940
Act), indemnify the Sub-Advisor and each of the Sub-Advisor&#8217;s directors,
officers, employees, agents, associates and controlling persons and the
directors, partners, members, officers, employees and agents thereof (including
any individual who serves at the Sub-Advisor&#8217;s request as director, officer,
partner, member, trustee or the like of another entity) (each such person being
an &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Indemnitee</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;) against any liabilities and expenses, including amounts
paid in satisfaction of judgments, in compromise or as fines and penalties, and
counsel fees (all as provided in accordance with applicable state law)
reasonably incurred by such Indemnitee in connection with the defense or
disposition of any action, suit or other proceeding, whether civil or criminal,
before any court or administrative or investigative body in which such
Indemnitee may be or may have been involved as a party or otherwise or with which
such </font></h2>
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<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">- </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">5</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
-</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_6"></a><a name="_bclPageBorder6"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Indemnitee may be or may have been threatened,
while acting in any capacity set forth herein or thereafter by reason of such
Indemnitee having acted in any such capacity, except with respect to any matter
as to which such Indemnitee shall have been adjudicated not to have acted in
good faith in the reasonable belief that such Indemnitee&#8217;s action was in the
best interest of the Trust and furthermore, in the case of any criminal
proceeding, so long as such Indemnitee had no reasonable cause to believe that
the conduct was unlawful; provided, however, that (1) no Indemnitee shall be
indemnified hereunder against any liability to the Trust, the Subsidiary, or
the Trust&#8217;s shareholders or any expense of such Indemnitee arising by reason of
(i) willful misfeasance, (ii) bad faith, (iii) gross negligence or (iv)
reckless disregard of the duties involved in the conduct of such Indemnitee&#8217;s
position (the conduct referred to in such clauses (i) through (iv) being
sometimes referred to herein as &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">disabling conduct</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;), (2) as to any
matter disposed of by settlement or a compromise payment by such Indemnitee,
pursuant to a consent decree or otherwise, no indemnification either for said
payment or for any other expenses shall be provided unless there has been a
determination that such settlement or compromise is in the best interests of
the Trust and that such Indemnitee appears to have acted in good faith in the
reasonable belief that such Indemnitee&#8217;s action was in the best interest of the
Trust and did not involve disabling conduct by such Indemnitee and (3) with
respect to any action, suit or other proceeding voluntarily prosecuted by any
Indemnitee as plaintiff, indemnification shall be mandatory only if the
prosecution of such action, suit or other proceeding by such Indemnitee was
authorized by a majority of the full Board of Trustees of the Trust, including
a majority of the trustees of the Trust who are not &#8220;interested persons&#8221; of the
Trust (as defined in Section 2(a)(19) of the 1940 Act).</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The Trust shall make advance payments in connection with the expenses of
defending any action with respect to which indemnification might be sought
hereunder if the Trust receives a written affirmation of the Indemnitee&#8217;s good
faith belief that the standard of conduct necessary for indemnification has
been met and a written undertaking to reimburse the Trust unless it is
subsequently determined that such Indemnitee is entitled to such
indemnification and if the trustees of the Trust determine that the facts then
known to them would not preclude indemnification. In addition, at least one of
the following conditions must be met: (A) the Indemnitee shall provide a
security for such Indemnitee-undertaking, (B) the Trust shall be insured
against losses arising by reason of any unlawful advance, or (C) a majority of
a quorum consisting of trustees of the Trust who are neither &#8220;interested
persons&#8221; of the Trust (as defined in Section 2(a)(19) of the 1940 Act) nor
parties to the proceeding (&#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Disinterested Non- Party Trustees</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;) or an
independent legal counsel in a written opinion, shall determine, based on a
review of readily available facts (as opposed to a full trial-type inquiry),
that there is reason to believe that the Indemnitee ultimately will be found
entitled to indemnification.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(c)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">All determinations with respect to indemnification hereunder shall be
made (1) by a final decision on the merits by a court or other body before whom
the proceeding was brought that such Indemnitee is not liable by reason of
disabling conduct, or (2) in the absence of such a decision, by (i) a majority
vote of a quorum of the Disinterested Non-Party Trustees of the Trust, or (ii)
if such a quorum is not obtainable or even, if obtainable, if a majority vote
of such quorum so directs, independent legal counsel in a written opinion. All
determinations that advance payments in connection with the expense of
defending any proceeding shall be authorized shall be made in accordance with
the immediately preceding clause (2) above.</font></h2>


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<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">- </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">6</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
-</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_7"></a><a name="_bclPageBorder7"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:71.95pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The
rights accruing to any Indemnitee under these provisions shall not exclude any
other right to which such Indemnitee may be lawfully entitled.</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">9.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Limitation on Liability</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The Sub-Advisor will not be liable for any error of judgment or mistake
of law or for any loss suffered by the Advisor or by the Funds in connection
with the performance of this Agreement, except a loss resulting from a breach
of fiduciary duty with respect to the receipt of compensation for services or a
loss resulting from willful misfeasance, bad faith or gross negligence on its
part in the performance of its duties or from reckless disregard by it of its
duties under this Agreement. As used in this Section 8(a), the term
&#8220;Sub-Advisor&#8221; shall include any affiliates of the Sub-Advisor performing
services for the Fund contemplated hereby and partners, directors, officers and
employees of the Sub-Advisor and such affiliates.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Notwithstanding anything to the contrary contained in this Agreement,
the parties hereto acknowledge and agree that, as provided in Section 5.1 of
Article V of the Agreement and Declaration of Trust, this Agreement is executed
by the Trustees and/or officers of the Trust, not individually but as such
Trustees and/or officers of the Trust, and the obligations hereunder are not
binding upon any of the Trustees or Shareholders individually but bind only the
estate of the Trust.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">10.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Duration and Termination</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">This Agreement shall become effective as of July 1, 2019 and, unless
sooner terminated with respect to the Trust as provided herein, shall continue
in effect for a period of one year. Thereafter, if not terminated, this
Agreement shall continue in effect with respect to the Trust for successive
periods of 12 months, provided such continuance is specifically approved at
least annually by both (a) the vote of a majority of the Trust&#8217;s Board of
Trustees or a vote of a majority of the outstanding voting securities of the
Trust at the time outstanding and entitled to vote and (b) by the vote of a
majority of the Trustees, who are not parties to this Agreement or interested persons
(as such term is defined in the 1940 Act) of any such party, cast in person at
a meeting called for the purpose of voting on such approval.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Notwithstanding the foregoing, this Agreement may be terminated by the
Trust or the Advisor at any time, without the payment of any penalty, upon
giving the Sub-Advisor 60 days&#8217; notice (which notice may be waived by the
Sub-Advisor), provided that such termination by the Trust or the Advisor shall
be directed or approved by the vote of a majority of the Trustees of the Trust
in office at the time or by the vote of the holders of a majority of the voting
securities of the Trust at the time outstanding and entitled to vote, or by the
Sub-Advisor on 60 days&#8217; written notice (which notice may be waived by the Trust
and the Advisor), and will terminate automatically upon any termination of the
Advisory Agreement between the Trust and the Advisor. This Agreement will also
immediately terminate in the event of its assignment. (As used in this
Agreement, the terms &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">majority of the outstanding voting securities</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">,&#8221; &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">interested</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">person</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221; and &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">assignment</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221; shall have the same meanings of such
terms in the 1940 Act.)</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">11.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Notices and Communications</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Any legal notice under this Agreement
shall be in writing to the other party at such address as the other party may
designate from time to time </font></h1>
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<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">- </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">7</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
-</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_8"></a><a name="_bclPageBorder8"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">for the receipt of such
legal notice and shall be deemed to be received on the earlier of the date
actually received or on the fourth day after the postmark if such legal notice
is mailed first class postage prepaid. In relation to communications other than
legal notices under this Agreement, each party may communicate with and provide
information to the other party in whatever medium deemed appropriate. This may
include the use of e-mail, the internet or other electronic means, in the place
of paper communications.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">12.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Amendment of this Agreement</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. This Agreement may be amended by the
parties only if such amendment is specifically approved by the vote of the
Board of Trustees of the Trust, including a majority of those Trustees who are
not parties to this Agreement or interested persons of any such party cast in
person at a meeting called for the purpose of voting on such approval and,
where required by the 1940 Act, by a vote of a majority of the outstanding
voting securities of the Fund.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">13.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Miscellaneous</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The captions in this Agreement are included for
convenience of reference only and in no way define or delimit any of the
provisions hereof or otherwise affect their construction or effect. If any
provision of this Agreement shall be held or made invalid by a court decision,
statute, rule or otherwise, the remainder of this Agreement shall not be
affected thereby. This Agreement shall be binding on, and shall inure to the
benefit of the parties hereto and their respective successors.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">14.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Governing Law</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. This Agreement shall be governed by and construed
in accordance with the laws of the State of New York for contracts to be
performed entirely therein without reference to choice of law principles
thereof and in accordance with the applicable provisions of the 1940 Act.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">15.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Counterparts</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. This Agreement may be executed in counterparts by
the parties hereto, each of which shall constitute an original counterpart, and
all of which, together, shall constitute one Agreement.</font></h1>

<p align=center style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">[Signature Page
Follows]</font></p>




<p align=left style="margin-bottom:8.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:left;"><font color=#2f312a face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:107%;">&nbsp;</font></p>


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<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">- </font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">8</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">
-</font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_9"></a><a name="_bclPageBorder9"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:69.8pt;"><font color=#2f312a face="Times New Roman" lang=EN-US style="font-size:12.0pt;">IN WITNESS WHEREOF, the parties hereto have caused this
instrument to be executed by their duly authorized officers designated below as
of the day and year first above written.</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=#1c211f face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BLACKROCK
ADVISORS, LLC</font></p>

<p style="margin-bottom:.0001pt;margin-left:3.25in;margin-right:0in;margin-top:24.0pt;text-align:justify;"><font color=#1c211f face="Times New Roman" lang=EN-US style="font-size:12.0pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=#1c211f face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/
Neal J. Andrews&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u></p>

<p style="margin-bottom:.0001pt;margin-left:279.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=#1c211f face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Name: &#160; Neal
J. Andrews </font></p>

<p style="margin-bottom:24.0pt;margin-left:279.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=#1c211f face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Title: &#160;&#160;&#160; Managing Director</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=#1c211f face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BLACKROCK
INTERNATIONAL LIMITED</font></p>

<p style="margin-bottom:.0001pt;margin-left:3.25in;margin-right:0in;margin-top:24.0pt;text-align:justify;"><font color=#1c211f face="Times New Roman" lang=EN-US style="font-size:12.0pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=#1c211f face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/
Jeremy Agnew&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u></p>

<p style="margin-bottom:.0001pt;margin-left:279.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=#1c211f face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Name: &#160; Jeremy
Agnew</font></p>

<p style="margin-bottom:24.0pt;margin-left:321.3pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-42.3pt;"><font color=#1c211f face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Title: &#160;&#160;&#160; Managing
Director</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=#1c211f face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BLACKROCK
INTERNATIONAL LIMITED</font></p>

<p style="margin-bottom:.0001pt;margin-left:3.25in;margin-right:0in;margin-top:24.0pt;text-align:justify;"><font color=#1c211f face="Times New Roman" lang=EN-US style="font-size:12.0pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=#1c211f face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/
Selena Haniff&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u></p>

<p style="margin-bottom:.0001pt;margin-left:279.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=#1c211f face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Name: &#160; Selena
Haniff</font></p>

<p align=left style="margin-bottom:24.0pt;margin-left:321.75pt;margin-right:0in;margin-top:0in;text-align:left;text-indent:-42.75pt;"><font color=#1c211f face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Title: &#160;&#160;&#160; Director </font></p>

<p align=left style="margin-bottom:12.0pt;margin-left:3.25in;margin-right:0in;margin-top:0in;text-align:left;"><font color=#1c211f face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BLACKROCK RESOURCES &amp; COMMODITIES STRATEGY TRUST</font></p>

<p style="margin-bottom:.0001pt;margin-left:3.25in;margin-right:0in;margin-top:24.0pt;text-align:justify;"><font color=#1c211f face="Times New Roman" lang=EN-US style="font-size:12.0pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=#1c211f face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/
John Perlowski&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u></p>

<p style="margin-bottom:.0001pt;margin-left:279.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=#1c211f face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Name: &#160;&#160; John
Perlowski </font></p>

<p style="margin-bottom:24.0pt;margin-left:322.65pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-43.65pt;"><font color=#1c211f face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Title: &#160;&#160;&#160;&#160; President
and Chief Executive Officer</font></p>

<p align=left style="margin-bottom:12.0pt;margin-left:3.25in;margin-right:0in;margin-top:0in;text-align:left;"><font color=#1c211f face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BLACKROCK CAYMAN RESOURCES &amp; COMMODITIES STRATEGY
FUND, LTD.</font></p>

<p style="margin-bottom:.0001pt;margin-left:3.25in;margin-right:0in;margin-top:24.0pt;text-align:justify;"><font color=#1c211f face="Times New Roman" lang=EN-US style="font-size:12.0pt;">By:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u><font color=#1c211f face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/
John Perlowski&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u></p>

<p style="margin-bottom:.0001pt;margin-left:279.0pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=#1c211f face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Name: &#160;&#160; John
Perlowski </font></p>

<p style="margin-bottom:24.0pt;margin-left:322.65pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-43.65pt;"><font color=#1c211f face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Title: &#160;&#160;&#160;&#160; President
and Chief Executive Officer</font></p>




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