<SEC-DOCUMENT>0001170299-22-000012.txt : 20220314
<SEC-HEADER>0001170299-22-000012.hdr.sgml : 20220314
<ACCEPTANCE-DATETIME>20220314172346
ACCESSION NUMBER:		0001170299-22-000012
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20211231
FILED AS OF DATE:		20220314
DATE AS OF CHANGE:		20220314
EFFECTIVENESS DATE:		20220314

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO MUNICIPAL INCOME FUND II
		CENTRAL INDEX KEY:			0001170299
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21076
		FILM NUMBER:		22737661

	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
</SEC-HEADER>
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            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>American Stock Transfer and Trust Company, LLC</shareholderServiceAgentName>
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            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NY" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Pacific Investment Management Company LLC</adminName>
            <adminLei>549300KGPYQZXGMYYN38</adminLei>
            <adminStateCountry adminState="US-CA" adminCountry="US"/>
            <isAdminAffiliated>Y</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
          <admin>
            <adminName>State Street Bank and Trust Company</adminName>
            <adminLei>571474TGEMMWANRLN572</adminLei>
            <adminStateCountry adminState="US-MA" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>Y</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokerDealers>
          <brokerDealer>
            <brokerDealerName>Allianz Global Investors (Schweiz) AG</brokerDealerName>
            <brokerDealerFileNo>N/A</brokerDealerFileNo>
            <brokerDealerCrdNo>N/A</brokerDealerCrdNo>
            <brokerDealerLei>549300HHHNE56IHKY326</brokerDealerLei>
            <brokerDealerCountry>CH</brokerDealerCountry>
            <brokerDealerCommission>0.00</brokerDealerCommission>
          </brokerDealer>
          <brokerDealer>
            <brokerDealerName>Allianz Global Investors Distributors LLC</brokerDealerName>
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            <brokerDealerLei>549300SP22LYR965RW31</brokerDealerLei>
            <brokerDealerStateCountry brokerDealerState="US-NY" brokerDealerCountry="US"/>
            <brokerDealerCommission>0.00</brokerDealerCommission>
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          <brokerDealer>
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          </brokerDealer>
          <brokerDealer>
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          <brokerDealer>
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            <principalName>Barclays Capital, Inc.</principalName>
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            <principalTotalPurchaseSale>53346262.00</principalTotalPurchaseSale>
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          <principalTransaction>
            <principalName>Citigroup Global Markets, Inc.</principalName>
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          <principalTransaction>
            <principalName>Merrill Lynch, Pierce, Fenner, &amp; Smith</principalName>
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          </principalTransaction>
          <principalTransaction>
            <principalName>Morgan Stanley &amp; Co., Inc.</principalName>
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            <principalTotalPurchaseSale>19070000.00</principalTotalPurchaseSale>
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          <principalTransaction>
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          <principalTransaction>
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            <principalStateCountry principalState="US-TX" principalCountry="US"/>
            <principalTotalPurchaseSale>9176250.00</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
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        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>784784859.85</mnthlyAvgNetAssets>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <closedEndManagementInvestment>
      <securityRelatedItems>
        <securityRelatedItem>
          <description>Common stock</description>
          <securityClassTitle>PIMCO Municipal Income Fund II</securityClassTitle>
          <commonStocks>
            <commonStock commonStockExchange="XNYS" commonStockTickerSymbol="PML"/>
          </commonStocks>
        </securityRelatedItem>
        <securityRelatedItem>
          <description>Preferred stock</description>
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        <securityRelatedItem>
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        <securityRelatedItem>
          <description>Preferred stock</description>
          <securityClassTitle>PIMCO Municipal Income Fund II D</securityClassTitle>
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          </commonStocks>
        </securityRelatedItem>
        <securityRelatedItem>
          <description>Preferred stock</description>
          <securityClassTitle>PIMCO Municipal Income Fund II E</securityClassTitle>
          <commonStocks>
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          </commonStocks>
        </securityRelatedItem>
        <securityRelatedItem>
          <description>Preferred stock</description>
          <securityClassTitle>PIMCO Municipal Income Fund II Series 2051</securityClassTitle>
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          </commonStocks>
        </securityRelatedItem>
      </securityRelatedItems>
      <isRightsOffering>N</isRightsOffering>
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      <isRepurchaseSecurity>N</isRepurchaseSecurity>
      <isDefaultLongTermDebt>N</isDefaultLongTermDebt>
      <isDividendsInArrears>N</isDividendsInArrears>
      <isSecuritiesModified>Y</isSecuritiesModified>
      <managementFee>1.005</managementFee>
      <netOperatingExpenses>1.301</netOperatingExpenses>
      <marketPricePerShare>14.61</marketPricePerShare>
      <netAssetValuePerShare>12.37</netAssetValuePerShare>
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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>pmlinternalcontrol.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Report of Independent Registered Public
Accounting Firm</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Board of Trustees and Shareholders of PIMCO Municipal
Income Fund II</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In planning and performing our audit of the financial statements
of PIMCO Municipal Income Fund II (the &ldquo;Fund&rdquo;) as of and for the year ended December 31, 2021, 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of controls. A 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject
to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies
or procedures may deteriorate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned
functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies,
in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the fund&rsquo;s
annual or interim financial statements will not be prevented or detected on a timely basis.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our consideration of the Fund&rsquo;s internal control over
financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies
in internal control 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 December 31, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.4pt 0pt 0">This report is intended solely for the information
and use of the Board of Trustees of PIMCO Municipal Income Fund II and the Securities and Exchange Commission and is not intended
to be and should not be used by anyone other than these specified parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4.4pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ PricewaterhouseCoopers LLP</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kansas City, Missouri</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">February 25, 2022</P>

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

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



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AMENDED
AND RESTATED</B>&nbsp;</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PIMCO
MUNICIPAL INCOME FUND II</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Amended
and Restated as of July 14, 2021)</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Agreement
and Declaration of Trust</U>. These Amended and Restated Bylaws (the &ldquo;Bylaws&rdquo;) shall be subject to the Agreement and
Declaration of Trust, as amended or restated from time to time (the &ldquo;Declaration of Trust&rdquo;), of PIMCO Municipal Income
Fund II, the Massachusetts business trust established by the Declaration of Trust (the &ldquo;Trust&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: 0pt 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: 0pt 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: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice</U>.
It shall be sufficient notice to a 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: 0pt 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: 0pt 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: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0pt 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: 0pt 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: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Officers
and Chairman of the Trustees</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Independent Trustees&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;Rule
38a-1&rdquo;). Vacancies in any office may be filled at any time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Chairman
of the Trustees.</U> There shall be an office of the Chairman of the Trustees, which shall serve of 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. 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: 0pt 0"><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: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0pt 0"><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: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0pt 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: 0pt 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: 0pt 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: 0pt 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, Section 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: 0pt 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: 0pt 0; 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: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0pt 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; text-align: center; margin-bottom: 0pt"><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; text-align: center; margin-bottom: 0pt"><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; text-align: center; margin-bottom: 0pt"><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: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0pt 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: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
7</B></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0pt 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: 0pt 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: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0pt 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: 0pt 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: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Share Certificates</U>. Except as provided in Article 11 hereof and Exhibit 1 hereto, each Shareholder shall be entitled to
a certificate stating the number of Shares 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: 0pt 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: 0pt 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: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0pt 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: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shareholders&rsquo;
Voting Powers and Meetings</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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, Article 11 hereto and Exhibit 1 hereto, (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, Article 11 hereto and Exhibit 1 hereto, (iv)&nbsp; with respect to any termination of this Trust to the extent
and as provided in Article IX, Section 4 of the Declaration of Trust, Article 11 hereto and Exhibit 1 hereto (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) or (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, Article 11 hereto and
Exhibit 1 hereto, (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 in respect of the terms of a class of preferred shares of beneficial interest of the Trust as reflected
in 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. For purposes of this Article 10, all preferred shares of beneficial interest of the Trust issued and
outstanding, including, without limitation, the APS and the RVMTP Shares, shall be treated as a single class.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 a majority of the Trustees and
a majority of the Continuing 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 or agent 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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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: 0pt 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: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)&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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&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: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&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;Beneficial Owner&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: 0pt 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: 0pt 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;Shareholder Notice&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 annual meeting to be held in the calendar
year 2003, the Shareholder Notice must be so delivered or mailed and so received on or before May 1, 2003; <U>provided 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;Other Annual Meeting Date&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>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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) 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;Exchange Act&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: 0pt 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: 0pt 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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&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 (10<SUP>th</SUP>) 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: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&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: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&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: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)&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 determine (i) 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: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&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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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
11</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Statement
Creating Five Series of Auction Preferred Shares</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Auction
Preferred Shares, Series A: 4,040 shares of beneficial interest of Preferred Shares, par value $0.00001 per share, liquidation
preference $25,000 per share plus an amount equal to accumulated but unpaid dividends (whether or not earned or declared) thereon,
is hereby designated &ldquo;Auction Preferred Shares, Series A.&rdquo; Each share of Auction Preferred Shares, Series A (sometimes
referred to herein as &ldquo;Series A APS&rdquo;) may be issued on a date to be determined by the Board of Trustees of the Trust
or pursuant to their delegated authority; have an Initial Dividend Rate and an Initial Dividend Payment Date as shall be determined
in advance of the issuance thereof by the Board of Trustees of the Trust or pursuant to their delegated authority; and have such
other preferences, voting powers, limitations as to dividends, qualifications and terms and conditions of redemption as are set
forth in these Bylaws. The Series A APS shall constitute a separate series of Preferred Shares of the Trust, and each share of
Series A APS shall be identical.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Auction
Preferred Shares, Series B: 4,040 shares of beneficial interest of Preferred Shares, par value $0.00001 per share, liquidation
preference $25,000 per share plus an amount equal to accumulated but unpaid dividends (whether or not earned or declared) thereon,
is hereby designated &ldquo;Auction Preferred Shares, Series B.&rdquo; Each share of Auction Preferred Shares, Series B (sometimes
referred to herein as &ldquo;Series B APS&rdquo;) may be issued on a date to be determined by the Board of Trustees of the Trust
or pursuant to their delegated authority; have an Initial Dividend Rate and an Initial Dividend Payment Date as shall be determined
in advance of the issuance thereof by the Board of Trustees of the Trust or pursuant to their delegated authority; and have such
other preferences, voting powers, limitations as to dividends, qualifications and terms and conditions of redemption as are set
forth in these Bylaws. The Series B APS shall constitute a separate series of Preferred Shares of the Trust, and each share of
Series B APS shall be identical.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Auction
Preferred Shares, Series C: 4,040 shares of beneficial interest of Preferred Shares, par value $0.00001 per share,
liquidation preference $25,000 per share plus an amount equal to accumulated but unpaid dividends (whether or not earned or
declared) thereon, is hereby designated &ldquo;Auction Preferred Shares, Series C.&rdquo; Each share of Auction Preferred
Shares, Series C (sometimes referred to herein as &ldquo;Series C APS&rdquo;) may be issued on a date to be determined by the
Board of Trustees of the Trust or pursuant to their delegated authority; have an Initial Dividend Rate and an Initial
Dividend Payment Date as shall be determined in advance of the issuance thereof by the Board of Trustees of the Trust or
pursuant to their delegated authority; and have such other preferences, voting powers, limitations as to dividends,
qualifications and terms and conditions of redemption as are set forth in these Bylaws. The Series C APS shall constitute a
separate series of Preferred Shares of the Trust, and each share of Series C APS shall be identical.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Auction
Preferred Shares, Series D: 4,040 shares of beneficial interest of Preferred Shares, par value $0.00001 per share, liquidation
preference $25,000 per share plus an amount equal to accumulated but unpaid dividends (whether or not earned or declared) thereon,
is hereby designated &ldquo;Auction Preferred Shares, Series D.&rdquo; Each share of Auction Preferred Shares, Series D (sometimes
referred to herein as &ldquo;Series D APS&rdquo;) may be issued on a date to be determined by the Board of Trustees of the Trust
or pursuant to their delegated authority; have an Initial Dividend Rate and an Initial Dividend Payment Date as shall be determined
in advance of the issuance thereof by the Board of Trustees of the Trust or pursuant to their delegated authority; and have such
other preferences, voting powers, limitations as to dividends, qualifications and terms and conditions of redemption as are set
forth in these Bylaws. The Series D APS shall constitute a separate series of Preferred Shares of the Trust, and each share of
Series D APS shall be identical.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Auction
Preferred Shares, Series E: 4,040 shares of beneficial interest of Preferred Shares, par value $0.00001 per share, liquidation
preference $25,000 per share plus an amount equal to accumulated but unpaid dividends (whether or not earned or declared) thereon,
is hereby designated &ldquo;Auction Preferred Shares, Series E.&rdquo; Each share of Auction Preferred Shares, Series E (sometimes
referred to herein as &ldquo;Series E APS&rdquo;) may be issued on a date to be determined by the Board of Trustees of the Trust
or pursuant to their delegated authority; have an Initial Dividend Rate and an Initial Dividend Payment Date as shall be determined
in advance of the issuance thereof by the Board of Trustees of the Trust or pursuant to their delegated authority; and have such
other preferences, voting powers, limitations as to dividends, qualifications and terms and conditions of redemption as are set
forth in these Bylaws. The Series E APS shall constitute a separate series of Preferred Shares of the Trust, and each share of
Series E APS shall be identical.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
Bylaws and the RVMTP Shares Statement (as defined below) attached as Exhibit 1 hereto are intended such that the APS and the RVMTP
Shares are in parity with each other, such that neither shall have a preference or priority over the other with respect to the
payment of dividends and the distribution of assets of the Trust upon dissolution, liquidation, or winding up of the affairs of
the Trust and shall be interpreted accordingly.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise provided, defined terms used in this Article 11 apply only to the APS and defined terms used in Exhibit 1 hereto apply
only to the RVMTP Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Definitions</U>. (a) Unless the context or use indicates another or different meaning or intent, in Article 11 of these Bylaws
the following terms have the following meanings, whether used in the singular or plural:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;&lsquo;AA&rsquo;
Composite Commercial Paper Rate,&rdquo; on any Valuation Date, means (i) the Interest Equivalent of the rate on commercial paper
placed on behalf of issuers whose corporate bonds are rated &ldquo;AA&rdquo; by S&amp;P or &ldquo;Aa&rdquo; by Moody&rsquo;s or
the equivalent of such rating by another Rating Agency, as such rate is made available on a discount basis or otherwise by the
Federal Reserve Bank of New York for the Business Day immediately preceding such date, or (ii) in the event that the Federal Reserve
Bank of New York does not make available such a rate, then the arithmetic average of the Interest Equivalent of the rate on commercial
paper placed on behalf of such issuers, as quoted on a discount basis or otherwise by UBS Warburg LLC or Merrill Lynch, Pierce,
Fenner &amp; Smith Incorporated or their respective successors that are Commercial Paper Dealers, to the Auction Agent for the
close of business on the Business Day immediately preceding such date. If one of the Commercial Paper Dealers does not quote a
rate required to determine the &ldquo;AA&rdquo; Composite Commercial Paper Rate, the &ldquo;AA&rdquo; Composite Commercial Paper
Rate will be determined on the basis of the quotation or quotations furnished by any Substitute Commercial Paper Dealer or Substitute
Commercial Paper Dealers selected by the Trust to provide such rate or rates not being supplied by the Commercial Paper Dealer.
If the number of Dividend Period days shall be (i) 7 or more but fewer than 49 days, such rate shall be the Interest Equivalent
of the 30-day rate on such commercial paper; (ii) 49 or more but fewer than 70 days, such rate shall be the Interest Equivalent
of the 60-day rate on such commercial paper; (iii) 70 or more days but fewer than 85 days, such rate shall be the arithmetic average
of the Interest Equivalent on the 60-day and 90-day rates on such commercial paper; (iv) 85 or more days but fewer than 99 days,
such rate shall be the Interest Equivalent of the 90-day rate on such commercial paper; (v) 99 or more days but fewer than 120
days, such rate shall be the arithmetic average of the Interest Equivalent of the 90-day and 120-day rates on such commercial
paper; (vi) 120 or more days but fewer than 141 days, such rate shall be the Interest Equivalent of the 120-day rate on such commercial
paper; (vii) 141 or more days but fewer than 162 days, such rate shall be the arithmetic average of the Interest Equivalent of
the 120-day and 180-day rates on such commercial paper; and (viii) 162 or more days but fewer than 183 days, such rate shall be
the Interest Equivalent of the 180-day rate on such commercial paper.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Accountant&rsquo;s
Confirmation&rdquo; has the meaning set forth in Section 11.7(c) of these Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Adviser&rdquo;
means the Trust&rsquo;s investment adviser which initially shall be Pacific Investment Management Company LLC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Affiliate&rdquo;
means any Person, other than UBS Warburg LLC or its successors, known to the Auction Agent to be controlled by, in control of,
or under common control with, the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Agent
Member&rdquo; means a member of the Securities Depository that will act on behalf of a Beneficial Owner of one or more APS or
on behalf of a Potential Beneficial Owner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Applicable
Percentage&rdquo; has the meaning set forth in Section 11.10(a)(vii) of these Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Applicable
Rate&rdquo; means the rate per annum at which cash dividends are payable on the APS for any Dividend Period.</FONT></P>

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;APS&rdquo;
means the Series A APS, the Series B APS, the Series C APS, the Series D APS and the Series E APS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;APS
Basic Maintenance Amount,&rdquo; as of any Valuation Date, means the dollar amount equal to the sum of (i)(A) the product of the
number of shares of APS Outstanding on such date multiplied by $25,000 (plus the product of the number of shares of any other
series of Preferred Shares Outstanding on such date multiplied by the liquidation preference of such shares), plus any redemption
premium applicable to APS (or other Preferred Shares) then subject to redemption; (B) the aggregate amount of dividends that will
have accumulated at the respective Applicable Rates (whether or not earned or declared) to (but not including) the first respective
Dividend Payment Dates for each series of APS Outstanding that follow such Valuation Date (plus the aggregate amount of dividends,
whether or not earned or declared, that will have accumulated in respect of other Outstanding Preferred Shares to (but not including)
the first respective dividend payment dates for such other shares that follow such Valuation Date); (C) the aggregate amount of
dividends that would accumulate on shares of each series of APS Outstanding from such first respective Dividend Payment Date therefor
through the 49th day after such Valuation Date, at the Maximum Applicable Rate (calculated as if such Valuation Date were the
Auction Date for the Dividend Period commencing on such Dividend Payment Date) for a 7-Day Dividend Period of shares of such series
to commence on such Dividend Payment Date, assuming, solely for purposes of the foregoing, that if on such Valuation Date the
Trust shall have delivered a Notice of Special Dividend Period to the Auction Agent with respect to shares of such series, such
Maximum Applicable Rate shall be the higher of (a) the Maximum Applicable Rate for the Special Dividend Period of shares of such
series to commence on such Dividend Payment Date and (b) the Maximum Applicable Rate for a 7-Day Rate Period of shares of such
series to commence on such Dividend Payment Date, multiplied by the Moody&rsquo;s Volatility Factor applicable to a 7-Day Dividend
Period, or, in the event the Trust shall have delivered a Notice of Special Dividend Period to the Auction Agent with respect
to shares of such series designating a Special Dividend Period consisting of 49 days or more, the Moody&rsquo;s Volatility Factor
applicable to a Special Dividend Period of that length (plus the aggregate amount of dividends that would accumulate at the maximum
dividend rate or rates on any other Preferred Shares Outstanding from such respective dividend payment dates through the 49th
day after such Valuation Date, as established by or pursuant to the respective statements establishing and fixing the rights and
preferences of such other Preferred Shares) (except that (1) if such Valuation Date occurs during a Non-Payment Period (or, in
the case of Preferred Shares other than APS, a period similar to a Non-Payment Period), the dividend for purposes of calculation
would accumulate at the then current Non-Payment Period Rate (or similar rate for Preferred Shares other than APS) and (2) for
those days during the period described in this subparagraph (C)&nbsp;&nbsp; in respect of which the Applicable Rate in effect
immediately prior to such Dividend Payment Date will remain in effect (or, in the case of Preferred Shares other than APS, in
respect of which the dividend rate or rates in effect immediately prior to such respective dividend payment dates will remain
in effect), the dividend for purposes of calculation would accumulate at such Applicable Rate (or other rate or rates, as the
case may be) in respect of those days); (D) the amount of anticipated expenses of the Trust for the 90 days subsequent to such
Valuation Date; (E) the amount of the Trust&rsquo;s Maximum Potential Gross-up Dividend Liability in respect of shares of APS
(and similar amounts payable in respect of other Preferred Shares) as of such Valuation Date; and (F) any current liabilities
as of such Valuation Date to the extent not reflected in any of (i)(A) through (i)(E) (including, without limitation, any payables
for Municipal Obligations purchased as of such Valuation Date and any liabilities incurred for the purpose of clearing securities
transactions) less (ii) the value (i.e., the face value of cash, short-term Municipal Obligations rated MIG-1, VMIG-1 or P-1,
and short-term securities that are the direct obligation of the U.S. government, provided in each case that such securities mature
on or prior to the date upon which any of (i)(A) through (i)(F) become payable, otherwise the Moody&rsquo;s Discounted Value)
of any of the Trust&rsquo;s assets irrevocably deposited by the Trust for the payment of any of (i)(A) through (i)(F).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;APS
Basic Maintenance Cure Date,&rdquo; with respect to the failure by the Trust to satisfy the APS Basic Maintenance Amount (as required
by Section 11.7(a) of these Bylaws) as of a given Valuation Date, means the tenth Business Day following such Valuation Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;APS
Basic Maintenance Report&rdquo; means a report signed by any of the President, Treasurer, any Senior Vice President or any Vice
President of the Trust which sets forth, as of the related Valuation Date, the assets of the Trust, the Market Value and the Discounted
Value thereof (seriatim and in aggregate), and the APS Basic Maintenance Amount.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Auction&rdquo;
means a periodic operation of the Auction Procedures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Auction
Agent&rdquo; means Deutsche Bank Trust Company Americas unless and until another commercial bank, trust company or other financial
institution appointed by a resolution of the Board of Trustees of the Trust or a duly authorized committee thereof enters into
an agreement with the Trust to follow the Auction Procedures for the purpose of determining the Applicable Rate and to act as
transfer agent, registrar, dividend disbursing agent and redemption agent for the APS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Auction
Date&rdquo; has the meaning set forth in Section 11.10(a)(ii) of these Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Auction
Procedures&rdquo; means the procedures for conducting Auctions set forth in Section 11.10 of these Bylaws.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Beneficial
Owner&rdquo; means a customer of a Broker-Dealer who is listed on the records of that Broker-Dealer (or, if applicable, the Auction
Agent) as a holder of APS or a Broker-Dealer that holds APS for its own account.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Broker-Dealer&rdquo;
means any broker-dealer, or other entity permitted by law to perform the functions required of a Broker-Dealer pursuant to Section
11.10 of these Bylaws, that has been selected by the Trust and has entered into a Broker-Dealer Agreement with the Auction Agent
that remains effective.</FONT></P>

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;Broker-Dealer
Agreement&rdquo; means an agreement between the Auction Agent and a Broker-Dealer pursuant to which such Broker-Dealer agrees
to follow the procedures specified in Section 11.10 of these Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Business
Day&rdquo; means a day on which the New York Stock Exchange is open for trading and which is not a Saturday, Sunday or other day
on which banks in New York City are authorized or obligated by law to close.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Closing
Transactions&rdquo; has the meaning set forth in Section 11.8(a) of these Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Code&rdquo;
means the Internal Revenue Code of 1986, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Commercial
Paper Dealers&rdquo; means UBS Warburg LLC, Merrill Lynch, Pierce, Fenner &amp;&nbsp; Smith Incorporated and such other commercial
paper dealer or dealers as the Trust may from time to time appoint or, in lieu thereof, their respective affiliates or successors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Common
Shares&rdquo; means the shares of beneficial interest designated as common shares, no par value, of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Cure
Date&rdquo; has the meaning set forth in Section 11.4(a)(ii) of these Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Date
of Original Issue&rdquo; means, with respect to any share of APS, the date on which the Trust first issues such share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Declaration
of Trust&rdquo; means the Amended and Restated Agreement and Declaration of Trust of the Trust dated June 18, 2002, as from time
to time amended and supplemented.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Deposit
Securities&rdquo; means cash and Municipal Obligations rated at least A2 (having a remaining maturity of 12 months or less), P-1,
VMIG-1 or MIG-1 by Moody&rsquo;s or A (having a remaining maturity of 12 months or less), A-1+ or SP-1+ by S&amp;P.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Discount
Factor&rdquo; means a Moody&rsquo;s Discount Factor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Discounted
Value&rdquo; of any asset of the Trust means, with respect to a Moody&rsquo;s Eligible Asset, the quotient of the Market Value
thereof divided by the applicable Moody&rsquo;s Discount Factor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Dividend
Payment Date,&rdquo; with respect to APS, has the meaning set forth in Section 11.2(b)(i) of these Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Dividend
Period&rdquo; means the Initial Dividend Period, any 7-Day Dividend Period and any Special Dividend Period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Eligible
Assets&rdquo; means Moody&rsquo;s Eligible Assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0pt 0"><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: 0pt 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: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;Existing
Holder&rdquo; means a Broker-Dealer, or any such other Person that may be permitted by the Trust, that is listed as the holder
of record of APS in the Share Books.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Extension
Period&rdquo; has the meaning set forth in Section 11.2(c)(iii) of these Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Federal
Tax Rate Increase&rdquo; has the meaning set forth under the definition of &ldquo;Moody&rsquo;s Volatility Factor&rdquo; below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Forward
Commitment&rdquo; has the meaning set forth in Section 11.8(d) of these Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Gross-Up
Dividend&rdquo; has the meaning set forth in Section 11.2(e) of these Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Holder&rdquo;
means a Person identified as a holder of record of APS in the Share Register.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Independent
Accountant&rdquo; means a nationally recognized accountant, or firm of accountants, that is, with respect to the Trust, an independent
public accountant or firm of independent public accountants under the Securities Act of 1933, as amended, and serving as such
for the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Initial
Dividend Payment Date&rdquo; means, with respect to a series of APS, the Initial Dividend Payment Date as determined by the Board
of Trustees of the Trust or pursuant to their delegated authority with respect to such series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Initial
Dividend Period&rdquo; has the meaning set forth in Section 11.2(c)(i) of these Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Initial
Dividend Rate&rdquo; means, with respect to a series of APS, the rate per annum applicable to the Initial Dividend Period for
such series of APS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Interest
Equivalent&rdquo; means a yield on a 360-day basis of a discount basis security which is equal to the yield on an equivalent interest-bearing
security.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Issue
Type Category&rdquo; means, with respect to a Municipal Obligation acquired by the Trust, for purposes of calculating
Moody&rsquo;s Eligible Assets as of any Valuation Date, one of the following categories into which such Municipal Obligation
falls based upon a good faith determination by the Trust: health care issues (including issues related to teaching and
non-teaching hospitals, public or private, and elder-care facilities, including nursing homes); housing issues (including
issues related to single- and multi-family housing projects); educational facilities issues (including issues related to
public and private schools); student loan issues; resource recovery issues; transportation issues (including issues related
to mass transit, airports and highways); industrial development bond issues (including issues related to pollution control
facilities); utility issues (including issues related to the provision of gas, water, sewers and electricity); general
obligation issues; lease obligations (including certificates of participation); escrowed bonds; issues backed by tobacco
settlement funds; and other issues (&ldquo;Other Issues&rdquo;) not falling within one of the aforementioned categories. The
general obligation issue category includes any issue that is directly or indirectly guaranteed by any state or any political
subdivision of a state. Utility issues are included in the general obligation issue category if the issue is directly or
indirectly guaranteed by a state or any political subdivision of a state. Municipal Obligations in the utility issue category
will be classified within one of the three following sub-categories: (i) electric, gas and combination issues (if the
combination issue includes an electric issue); (ii) water and sewer utilities and combination issues (if the combination
issues does not include an electric issue); and (iii) irrigation, resource recovery, solid waste and other utilities.
Municipal Obligations in the transportation issue category will be classified within one of the two following
sub-categories: (i) streets and highways, toll roads, bridges and tunnels, airports and multi-purpose port authorities
(multiple revenue streams generated by toll roads, airports, real estate, bridges); (ii) mass transit, parking seaports and
others.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Long
Term Dividend Period&rdquo; means a Special Dividend Period consisting of a specified period of one whole year or more but not
greater than five years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Liens&rdquo;
shall have the meaning set forth in the definition of &ldquo;Moody&rsquo;s Eligible Asset&rdquo; below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Mandatory
Redemption Price&rdquo; means $25,000 per share of APS plus an amount equal to accumulated but unpaid dividends (whether or not
earned or declared) to the date fixed for redemption, but excluding Gross-up Dividends.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Marginal
Tax Rate&rdquo; means the maximum marginal regular federal individual income tax rate applicable to an individual&rsquo;s or a
corporation&rsquo;s ordinary income, whichever is greater.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Market
Value&rdquo; of any asset of the Trust shall be the market value thereof determined by the Pricing Service. Market Value of any
asset shall include any interest accrued thereon. The Pricing Service shall value portfolio securities at the quoted bid prices
or the mean between the quoted bid and asked price or the yield equivalent when quotations are not readily available. Securities
for which quotations are not readily available shall be valued at fair value as determined by the Pricing Service using methods
which include consideration of: yields or prices of securities of comparable quality, type of issue, coupon, maturity and rating;
indications as to value from dealers; and general market conditions. The Pricing Service may employ electronic data processing
techniques and/or a matrix system to determine valuations. In the event the Pricing Service is unable to value a security, the
security shall be valued at the lower of two dealer bids obtained by the Trust from dealers who are members of the National Association
of Securities Dealers, Inc. and who make a market in the security, at least one of which shall be in writing. Futures contracts
and options are valued at closing prices for such instruments established by the exchange or board of trade on which they are
traded, or if market quotations are not readily available, are valued at fair value on a consistent basis using methods determined
in good faith by the Board of Trustees of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0 0pt 6pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Maximum
Applicable Rate,&rdquo; with respect to APS, has the meaning set forth in Section 11.10(a)(vii) of these Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Maximum
Potential Gross-Up Dividend Liability&rdquo; means, as of any Valuation Date, the aggregate amount of Gross-Up Dividends that
would be due if the Trust were to make Retroactive Taxable Allocations, with respect to any fiscal year, estimated based upon
dividends paid and the amount of undistributed realized net capital gains and other taxable income earned by the Trust, as of
the end of the calendar month immediately preceding such Valuation Date and assuming such Gross-Up Dividends are fully taxable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Moody&rsquo;s&rdquo;
means Moody&rsquo;s Investors Service, Inc. or its successors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Moody&rsquo;s
Discount Factor&rdquo; shall mean, for purposes of determining the Discounted Value of any Moody&rsquo;s Eligible Asset, the percentage
determined by reference to the rating on such asset and the shortest Exposure Period set forth opposite such rating that is the
same length as or is longer than the Moody&rsquo;s Exposure Period, in accordance with the table set forth below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; 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: 0pt 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Exposure Period</U></FONT></TD>
    <TD STYLE="width: 7%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Aaa*</U></FONT></TD>
    <TD STYLE="width: 7%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Aa*</U></FONT></TD>
    <TD STYLE="width: 7%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>A*</U></FONT></TD>
    <TD STYLE="width: 8%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Baa*</U></FONT></TD>
    <TD STYLE="width: 8%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Other**</U></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>(V)MIG-1***</U></FONT></TD>
    <TD STYLE="width: 11%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>SP-1+****</U></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Unrated*****</U></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7 weeks</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">151%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">159%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">166%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">173%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">187%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">136%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">148%</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">225%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8 weeks or less but greater than seven weeks.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">154</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">161</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">168</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">176</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">190</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">137</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">149</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">231</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9 weeks or less but greater than eight weeks</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">158</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">163</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">170</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">177</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">192</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">138</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">150</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">240</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moody&rsquo;s
                                         rating.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Municipal
                                         Obligations not rated by Moody&rsquo;s but rated BBB by S&amp;P.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">***</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Municipal
                                         Obligations rated MIG-1 or VMIG-1, which do not mature or have a demand feature at par
                                         exercisable in 30 days and which do not have a long-term rating.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">****</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Municipal
                                         Obligations not rated by Moody&rsquo;s but rated SP-1+ by S&amp;P, which do not mature
                                         or have a demand feature at par exercisable in 30 days and which do not have a long-term
                                         rating.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0%; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*****</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Municipal
                                         Obligations rated less than Baa3 or not rated by Moody&rsquo;s and less than BBB or not
                                         rated by S&amp;P, not to exceed 10% of Moody&rsquo;s Eligible Assets.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, (i) except as provided in clause (ii) below, the Moody&rsquo;s Discount Factor for short-term Municipal Obligations
will be 115%, so long as such Municipal Obligations are rated at least MIG-1, VMIG-l or P-1 by Moody&rsquo;s and mature or have
a demand feature at par exercisable in 30 days or less, or 125%, as long as such Municipal Obligations are rated at least A-1+/AA
or SP-1+/AA by S&amp;P and mature or have a demand feature at par exercisable in 30 days or less, (ii) the Moody&rsquo;s Discount
Factor for residual interest municipal bonds and structured notes shall be the product of (x) the percentage determined by reference
to the rating on the security underlying such residual interest municipal bond multiplied by (y) 1.25 (provided that the trust
in which such residual interest municipal bond is held may be terminated within five business days), and (iii) except as provided
in clause (ii) above, no Moody&rsquo;s Discount Factor will be applied to cash, Receivables for Municipal Obligations Sold, or
futures, options and similar instruments (to the extent such securities are Moody&rsquo;s Eligible Assets); provided, however,
that for purposes of determining the Moody&rsquo;s Discount Factor applicable to a Municipal Obligation, any Municipal Obligation
(excluding any short-term Municipal Obligation) not rated by Moody&rsquo;s but rated by S&amp;P shall be deemed to have a Moody&rsquo;s
rating which is one full rating category lower than its S&amp;P rating.</FONT></P>

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Moody&rsquo;s
Eligible Asset&rdquo; shall mean cash, Receivables for Municipal Obligations Sold, futures and options (to the extent entered
into in Moody&rsquo;s Hedging Transactions) and similar instruments (including residual interest municipal bonds (provided that
the trust in which such residual interest municipal bond is held may be terminated within five business days) and structured notes),
or a Municipal Obligation that (i) pays interest in cash, (ii) does not have its Moody&rsquo;s rating, as applicable, suspended
by Moody&rsquo;s, and (iii) is part of an issue of Municipal Obligations of at least $5,000,000, except that the minimum issue
size is $10,000,000 for Municipal Obligations rated below A by Moody&rsquo;s <FONT STYLE="color: #400080">and</FONT> Municipal Obligations
within the healthcare Issuer Type Category and, in the case of residual interests municipal bonds, the minimum issue size of the
Municipal Obligation underlying the residual interest municipal bond is $10,000,000. For purposes of the foregoing, an &ldquo;issue&rdquo;
of a residual interest municipal bond shall be interpreted to refer to all similar securities issued by the trust in which the
residual interest municipal bond is held and not only to the particular securities issued to the Trust. Except for general obligation
bonds, Municipal Obligations issued by any one issuer and rated BBB&nbsp; or lower or not rated by S&amp;P and rated Ba or B or
not rated by Moody&rsquo;s (&ldquo;Other Securities&rdquo;) may comprise no more than 4% of total Moody&rsquo;s Eligible Assets;
such Other Securities, if any, together with any Municipal Obligations issued by the same issuer and rated Baa by Moody&rsquo;s
or A by S&amp;P, may comprise no more than 6% of total Moody&rsquo;s Eligible Assets; such Other Securities, Baa and A-rated Municipal
Obligations, if any, together with any Municipal Obligations issued by the same issuer and rated A by Moody&rsquo;s or AA by S&amp;P,
may comprise no more than 10% of total Moody&rsquo;s Eligible Assets; and such Other Securities, Baa, A and AA-rated Municipal
Obligations, if any, together with any Municipal Obligations issued by the same issuer and rated Aa by Moody&rsquo;s or AAA by
S&amp;P, may comprise no more than 20% of total Moody&rsquo;s Eligible Assets. For purposes of the foregoing sentence, any Municipal
Obligation backed by the guaranty, letter of credit or insurance issued by a third party shall be deemed to be issued by such
third party if the issuance of such third party credit is the sole determinant of the rating on such Municipal Obligation. Other
Securities falling within a particular Issue Type Category may comprise no more than 12% of total Moody&rsquo;s Eligible Assets;
such Other Securities, if any, together with any Municipal Obligations falling within a particular Issue Type Category and rated
Baa by Moody&rsquo;s or A by S&amp;P, may comprise no more than 20% of total Moody&rsquo;s Eligible Assets; such Other Securities,
Baa and A-rated Municipal Obligations, if any, together with any Municipal Obligations falling within a particular Issue Type
Category and rated A by Moody&rsquo;s or AA by S&amp;P, may comprise no more than 40% of total Moody&rsquo;s Eligible Assets;
and such Other Securities, Baa, A and AA-rated Municipal Obligations, if any, together with any Municipal Obligations falling
within a particular Issue Type Category and rated Aa by Moody&rsquo;s or AAA by S&amp;P, may comprise no more than 60% of total
Moody&rsquo;s Eligible Assets. For purposes of this definition, a Municipal Obligation shall be deemed to be rated BBB by S&amp;P
if rated BBB-, BBB or BBB+ by S&amp;P. Notwithstanding any other provision of this definition, in no event may (i) student loan
Municipal Obligations comprise more than 10% of Moody&rsquo;s Eligible Assets; (ii) resource recovery Municipal Obligations comprise
more than 10% of Moody&rsquo;s Eligible Assets; and (iii) Other Issues comprise more than 10% of Moody&rsquo;s Eligible Assets.
For purposes of applying the foregoing requirements, Municipal Obligations rated MIG-1, VMIG-1 or P-1 or, if not rated by Moody&rsquo;s,
rated A-1+/AA or SP-1+/AA by S&amp;P, shall be considered to have a long-term rating of A. When the Trust sells a Municipal Obligation
and agrees to repurchase such Municipal Obligation at a future date, such Municipal Obligation shall be valued at its Discounted
Value for purposes of determining Moody&rsquo;s Eligible Assets, and the amount of the repurchase price of such Municipal Obligation
shall be included as a liability for purposes of calculating the APS Basic Maintenance Amount. When the Trust purchases a Moody&rsquo;s
Eligible Asset and agrees to sell it at a future date, such Eligible Asset shall be valued at the amount of cash to be received
by the Trust upon such future date, provided that the counterparty to the transaction has a long-term debt rating of at least
A2 from Moody&rsquo;s and the transaction has a term of no more than 30 days, otherwise such Eligible Asset shall be valued at
the Discounted Value of such Eligible Asset.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, an asset will not be considered a Moody&rsquo;s Eligible Asset to the extent it is (i) subject to any material
lien, mortgage, pledge, security interest or security agreement of any kind (collectively, &ldquo;Liens&rdquo;), except for (A)
Liens which are being contested in good faith by appropriate proceedings and which Moody&rsquo;s has indicated to the Trust will
not affect the status of such asset as a Moody&rsquo;s Eligible Asset, (B) Liens for taxes that are not then due and payable or
that can be paid thereafter without penalty, (C) Liens to secure payment for services rendered or cash advanced to the Trust by
its investment manager or portfolio manager, the Trust&rsquo;s custodian, transfer agent or registrar or the Auction Agent and
(D) Liens arising by virtue of any repurchase agreement; (ii) deposited irrevocably for the payment of any liabilities for purposes
of determining the APS Basic Maintenance Amount; or (iii) held in a margin account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Moody&rsquo;s
Exposure Period&rdquo; means the period commencing on a given Valuation Date and ending 49 days thereafter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Moody&rsquo;s
Hedging Transactions&rdquo; has the meaning set forth in Section 11.8(a) of these Bylaws.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Moody&rsquo;s
Volatility Factor&rdquo; means as of any Valuation Date, (i) in the case of any 7-Day Dividend Period, any Special Dividend Period
of 28 days or fewer, or any Special Dividend Period of 57 days or more, a multiplicative factor equal to 275% , except as otherwise
provided in the last sentence of this definition; (ii) in the case of any Special Dividend Period of more than 28 but fewer than
36 days, a multiplicative factor equal to 203%; (iii) in the case of any Special Dividend Period of more than 35 but fewer than
43 days, a multiplicative factor equal to 217%; (iv)&nbsp;&nbsp; in the case of any Special Dividend Period of more than 42 but
fewer than 50 days, a multiplicative factor equal to 226%; and (v) in the case of any Special Dividend Period of more than 49
but fewer than 57 days, a multiplicative factor equal to 235%. If, as a result of the enactment of changes to the Code, the Marginal
Tax Rate will increase, such increase being rounded up to the next five percentage points (the &ldquo;Federal Tax Rate Increase&rdquo;),
until the effective date of such increase, the Moody&rsquo;s Volatility Factor in the case of any Dividend Period described in
(i) above in this definition instead shall be determined by reference to the following table:&nbsp;</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Federal
    Tax Rate Increase</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Factor</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5%</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">295%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">317%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15%</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">341%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">369%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">400%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">436%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35%</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">477%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</FONT></TD>
    <TD STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">525%</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Municipal
Obligations&rdquo; means municipal obligations, including municipal bonds and short-term municipal obligations, the interest from
which is exempt from federal income taxes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Municipal
Index&rdquo; means the Bond Buyer Municipal Bond Index or any successor index approved by Moody&rsquo;s.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;1940
Act&rdquo; means the Investment Company Act of 1940, as amended from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;1940
Act APS Asset Coverage&rdquo; means asset coverage, as defined in section 18(h) of the 1940 Act, of at least 200% with
respect to all Outstanding senior securities of the Trust which are shares of beneficial interest, including APS and VMTP
Shares (or such other asset coverage as may in the future be specified in or under the 1940 Act as the minimum asset coverage
for senior securities which are shares of beneficial interest of a closed-end investment company as a condition of paying
dividends on its common shares).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;1940
Act Cure Date,&rdquo; with respect to the failure by the Trust to maintain the 1940 Act APS Asset Coverage (as required by these
Bylaws) as of the last Business Day of each month, means the last Business Day of the following month.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Non-Call
Period&rdquo; has the meaning set forth under the definition of &ldquo;Specific Redemption Provisions.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Non-Payment
Period&rdquo; means a period commencing on and including a Dividend Payment Date or redemption date for which the Trust shall
fail to (i) declare, prior to the close of business on the second Business Day preceding such Dividend Payment Date, for payment
on or (to the extent permitted by Section 11.2(c)(i) of these Bylaws) within three Business Days after such Dividend Payment Date
to the Holders as of 12:00 noon, New York City time, on the Business Day preceding such Dividend Payment Date, the full amount
of any dividend on APS payable on such Dividend Payment Date, provided, however, that if the Trust is not able to make such declaration
in compliance with the foregoing because an unforeseen event or unforeseen events causes or cause a day that otherwise would have
been a Business Day not to be a Business Day, then the Trust may make such declaration on the Business Day immediately preceding
the Dividend Payment Date, if possible, or, if not possible, on the Dividend Payment Date, and in such case the Trust shall not
be deemed to have failed to declare a dividend otherwise required to be declared, or (ii) deposit, irrevocably in trust, in same-day
funds, with the Auction Agent by 12:00 noon, New York City time, (A) on such Dividend Payment Date the full amount of any cash
dividend on such shares payable (if declared) on such Dividend Payment Date or (B) on any such redemption date for any shares
of APS called for redemption, the Mandatory Redemption Price per share of such APS or, in the case of an optional redemption,
the Optional Redemption Price per share, and ending on and including the Business Day on which, by 12:00 noon, New York City time,
all unpaid cash dividends and unpaid redemption prices shall have been so deposited or shall have otherwise been made available
to Holders in same-day funds; provided that, a Non-Payment Period shall not end unless the Trust shall have given at least five
days&rsquo; but no more than 30 days&rsquo; written notice of such deposit or availability to the Auction Agent, all Existing
Holders (at their addresses appearing in the Share Books) and the Securities Depository. Notwithstanding the foregoing, the failure
by the Trust to deposit funds as provided for by clauses (ii)(A) or (ii)(B) above within three Business Days after any Dividend
Payment Date or redemption date, as the case may be, in each case to the extent contemplated by Section 11.2(c)(i) of these Bylaws,
shall not constitute a &ldquo;Non-Payment Period.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Non-Payment
Period Rate&rdquo; means, initially, 200% of the applicable Reference Rate (or 275% of such rate if the Trust has provided notification
to the Auction Agent prior to the Auction establishing the Applicable Rate for any dividend that net capital gains or other taxable
income will be included in such dividend the APS), provided that the Board of Trustees of the Trust shall have the authority to
adjust, modify, alter or change from time to time the initial Non-Payment Period Rate if the Board of Trustees of the Trust determines
and Moody&rsquo;s (and any Substitute Rating Agency in lieu of Moody&rsquo;s in the event Moody&rsquo;s shall not rate the APS)
advise the Trust in writing that such adjustment, modification, alteration or change will not adversely affect its then current
ratings on the APS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Normal
Dividend Payment Date&rdquo; has the meaning set forth in Section 11.2(b)(i) of these Bylaws.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Notice
of Redemption&rdquo; means any notice with respect to the redemption of shares of APS pursuant to Section 11.4 of these Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Notice
of Revocation&rdquo; has the meaning set forth in Section 11.2(c)(iii) of these Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Notice
of Special Dividend Period&rdquo; has the meaning set forth in Section 11.2(c)(iii) of these Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Optional
Redemption Price&rdquo; means $25,000 per share plus an amount equal to accumulated but unpaid dividends (whether or not earned
or declared) to the date fixed for redemption plus any applicable redemption premium attributable to the designation of a Premium
Call Period, but excluding Gross-up Dividends.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Other
Issues&rdquo; has the meaning set forth in the definition of &ldquo;Issue Type Category.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;Other Securities&rdquo;
has the meaning set forth in the definition of &ldquo;Moody&rsquo;s Eligible Asset.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Outstanding&rdquo;
means, as of any date (i) with respect to APS, shares of APS theretofore issued by the Trust except, without duplication, (A)
any shares of APS theretofore canceled or delivered to the Auction Agent for cancellation, or redeemed by the Trust, or as to
which a Notice of Redemption shall have been given and Deposit Securities shall have been deposited in trust or segregated by
the Trust pursuant to Section 11.4(c) hereto and (B) any shares of APS as to which the Trust or any Affiliate (other than an Affiliate
that is a Broker-Dealer) thereof shall be a Beneficial Owner, provided that shares of APS held by an Affiliate shall be deemed
outstanding for purposes of calculating the APS Basic Maintenance Amount and (ii) with respect to other Preferred Shares, has
the equivalent meaning.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Parity
Shares&rdquo; means the APS and each other outstanding series of Preferred Shares the holders of which, together with the holders
of the APS, shall be entitled to the receipt of dividends or of amounts distributable upon liquidation, dissolution or winding
up, as the case may be, in proportion to the full respective preferential amounts to which they are entitled, without preference
or priority one over the other. For the avoidance of doubt, the RVMTP Shares and each series thereof are Parity Shares along with
the APS for these purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Person&rdquo;
means and includes an individual, a partnership, a trust, an unincorporated association, a joint venture or other entity or a
government or any agency or political subdivision thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Potential
Beneficial Owner&rdquo; means a customer of a Broker-Dealer or a Broker-Dealer that is not a Beneficial Owner of APS but that
wishes to purchase such shares, or that is a Beneficial Owner that wishes to purchase additional APS.</FONT></P>

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Potential
Holder&rdquo; means any Broker-Dealer or any such other Person as may be permitted by the Trust, including any Existing Holder,
who may be interested in acquiring APS (or, in the case of an Existing Holder, additional APS).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Preferred
Shares&rdquo; means preferred shares of beneficial interest of the Trust, and includes APS, the RVMTP Shares and any other shares
of beneficial interest hereafter authorized and issued by the Trust of a class having priority over any other class as to distribution
of assets or payments of dividends.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Premium
Call Period&rdquo; has the meaning set forth under the definition of &ldquo;Specific Redemption Provisions.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Pricing
Service&rdquo; means Standard &amp; Poor&rsquo;s/J.J. Kenny or any pricing service designated by the Board of Trustees of the
Trust for purposes of determining whether the Trust has Moody&rsquo;s Eligible Assets with an aggregate Discounted Value that
equals or exceeds the APS Basic Maintenance Amount.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Quarterly
Valuation Date&rdquo; means the last Business Day of the last month of each fiscal quarter of the Trust in each fiscal year of
the Trust, commencing November 29, 2002.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Rating
Agency&rdquo; means a nationally recognized statistical rating organization.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Receivables
for Municipal Obligations Sold&rdquo; shall mean for purposes of calculation of Moody&rsquo;s Eligible Assets as of any Valuation Date,
no more than the aggregate of the following: (i)&nbsp;&nbsp; the book value of receivables for Municipal Obligations sold as of
or prior to such Valuation Date if such receivables are due within five business days of such Valuation Date, and if the trades
which generated such receivables are (x) settled through clearing house firms with respect to which the Fund has received prior
written authorization from Moody&rsquo;s or (y) with counterparties having a Moody&rsquo;s long-term debt rating of at least Baa3; and (ii)
the Moody&rsquo;s Discounted Value of Municipal Obligations sold as of or prior to such Valuation Date which generated receivables,
if such receivables are due within five business days of such Valuation Date but do not comply with either of the conditions specified
in (i) above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Reference
Rate&rdquo; means: (i) with respect to a Dividend Period or a Short Term Dividend Period having 28 or fewer days, the higher of
the applicable &ldquo;AA&rdquo; Composite Commercial Paper Rate and the Taxable Equivalent of the Short-Term Municipal Obligation
Rate, (ii) with respect to any Short Term Dividend Period having more than 28 but fewer than 183 days, the applicable &ldquo;AA&rdquo;
Composite Commercial Paper Rate, (iii) with respect to any Short Term Dividend Period having 183 or more but fewer than 364 days,
the applicable U.S. Treasury Bill Rate and (iv) with respect to any Long Term Dividend Period, the applicable U.S. Treasury Note
Rate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Request
for Special Dividend Period&rdquo; has the meaning set forth in Section 11.2(c)(iii) of these Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 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: 0pt 0"><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: 0pt 0 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;Response&rdquo;
has the meaning set forth in Section 11.2(c)(ii) of these Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Retroactive
Taxable Allocation&rdquo; has the meaning set forth in Section 11.2(e) of these Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Right&rdquo;
has the meaning set forth in Section 11.2(e) of these Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;RVMTP
Shares&rdquo; shall mean Remarketable Variable Rate MuniFund Term Preferred Shares, $0.00001 par value per share, liquidation preference
$100,000 per share plus an amount equal to accumulated but unpaid dividends thereon (whether or not earned or declared), of the
Trust. The preferences, voting powers, restrictions, limitations as to dividends, qualifications, and terms and conditions of
redemption of each series of RVMTP Shares are set forth in the RVMTP Shares Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;RVMTP
Shares Statement&rdquo; shall mean the Amended and Restated Statement Establishing and Fixing the Rights and Preferences of RVMTP
Shares, together with the appendices thereto, attached as Exhibit 1 to these Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;S&amp;P&rdquo;
means Standard &amp; Poor&rsquo;s, a division of The McGraw-Hill Companies, Inc., or its successors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Securities
Depository&rdquo; means The Depository Trust Company and its successors and assigns or any successor securities depository selected
by the Trust as securities depository for the APS that agrees to follow the procedures required to be followed by such securities
depository in connection with the APS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Service&rdquo;
means the United States Internal Revenue Service.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Series
A APS&rdquo; means the Auction Preferred Shares, Series A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Series
B APS&rdquo; means the Auction Preferred Shares, Series B.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Series
C APS&rdquo; means the Auction Preferred Shares, Series C.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Series
D APS&rdquo; means the Auction Preferred Shares, Series D.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Series
E APS&rdquo; means the Auction Preferred Shares, Series E.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;7-Day
Dividend Period&rdquo; means a Dividend Period consisting of seven days.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Share
Books&rdquo; means the books maintained by the Auction Agent setting forth at all times a current list, as determined by the Auction
Agent, of Existing Holders of the APS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Share
Register&rdquo; means the register of Holders maintained on behalf of the Trust by the Auction Agent in its capacity as transfer
agent and registrar for the APS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;Short
Term Dividend Period&rdquo; means a Special Dividend Period consisting of a specified number of days, evenly divisible by seven
and not fewer than fourteen nor more than 364.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Special
Dividend Period&rdquo; means a Short Term Dividend Period or a Long Term Dividend Period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Specific
Redemption Provisions&rdquo; means, with respect to a Special Dividend Period either, or both of, (i) a period (a &ldquo;Non-Call
Period&rdquo;) determined by the Board of Trustees of the Trust, after consultation with the Auction Agent and the Broker-Dealers,
during which the APS subject to such Dividend Period shall not be subject to redemption at the option of the Trust and (ii)&nbsp;&nbsp;
a period (a &ldquo;Premium Call Period&rdquo;), consisting of a number of whole years and determined by the Board of Trustees
of the Trust, after consultation with the Auction Agent and the Broker-Dealers, during each year of which the APS subject to such
Dividend Period shall be redeemable at the Trust&rsquo;s option at a price per share equal to $25,000 plus accumulated but unpaid
dividends plus a premium expressed as a percentage of $25,000, as determined by the Board of Trustees of the Trust after consultation
with the Auction Agent and the Broker-Dealers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Subsequent
Dividend Period&rdquo; has the meaning set forth in Section 11.2(c)(i) of these Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Substitute
Commercial Paper Dealers&rdquo; means such substitute commercial paper dealer or dealers as the Trust may from time to time appoint
or, in lieu of any thereof, their respective affiliates or successors.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Substitute
Rating Agency&rdquo; means a Rating Agency selected by UBS Warburg LLC and Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated,
or their respective affiliates and successors, after consultation with the Trust, to act as the substitute Rating Agency to determine
the credit ratings of the APS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Sufficient
Clearing Bids&rdquo; has the meaning set forth in Section 11.10(a)(xv) of these Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Taxable
Equivalent of the Short-Term Municipal Obligations Rate&rdquo; on any date means 90% of the quotient of (A) the per annum
rate expressed on an interest equivalent basis equal to the S&amp;P Municipal Bond 7 Day High Grade Rate Index or any
successor index (the &ldquo;S&amp;P 7 Day Index&rdquo;), made available for the Business Day immediately preceding such date
but in any event not later than 8:30 A.M., New York City time, on such date by S&amp;P Dow Jones Indices or any successor
thereto, based upon evaluations at par of short-term bonds the interest on which is excludable for regular federal income tax
purposes under the Code of &ldquo;high grade&rdquo; component issuers selected by S&amp;P Dow Jones Indices or any such
successor from time to time in its discretion, which component issuers shall include, without limitation, issuers of general
obligation bonds but shall exclude any bonds the interest on which constitutes an item of tax preference for purposes of the
federal alternative minimum tax for individuals, divided by (B) 1.00 minus the Marginal Tax Rate (expressed as a decimal);
provided, however, that if the S&amp;P 7 Day Index is not made so available by 8:30 A.M., New York City time, on such date by
S&amp;P Dow Jones Indices or any successor, the Taxable Equivalent of the Short-Term Municipal Obligation Rate shall mean the
quotient of (A) the per annum rate expressed on an interest equivalent basis equal to the most recent S&amp;P 7 Day Index so
made available for any preceding Business Day, divided by (B) 1.00 minus the Marginal Tax Rate (expressed as a decimal). The
Trust may not utilize a successor index to the S&amp;P 7 Day Index unless Moody&rsquo;s provides the Trust with written
confirmation that the use of such successor index will not adversely affect the then-current Moody&rsquo;s rating of the
APS.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Treasury
Bonds&rdquo; means United States Treasury Bonds or Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;U.S.
Treasury Bill Rate&rdquo; on any date means (i) the Interest Equivalent of the rate on the actively traded Treasury Bill with
a maturity most nearly comparable to the length of the related Dividend Period, as such rate is made available on a discount basis
or otherwise by the Federal Reserve Bank of New York in its Composite 3:30 P.M. Quotations for U.S. Government Securities report
for such Business Day, or (ii) if such yield as so calculated is not available, the Alternate Treasury Bill Rate on such date.
For purposes of determining the &ldquo;U.S. Treasury Bill Rate&rdquo; the &ldquo;Alternate Treasury Bill Rate&rdquo; on any date
means the Interest Equivalent of the yield as calculated by reference to the arithmetic average of the bid price quotations of
the actively traded Treasury Bill with a maturity most nearly comparable to the length of the related Dividend Period, as determined
by bid price quotations as of any time on the Business Day immediately preceding such date, obtained from at least three recognized
primary U.S. Government securities dealers selected by the Auction Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;U.S.
Treasury Note Rate&rdquo; on any date means (i) the yield as calculated by reference to the bid price quotation of the actively
traded, current coupon Treasury Note with a maturity most nearly comparable to the length of the related Dividend Period, as such
bid price quotation is published on the Business Day immediately preceding such date by the Federal Reserve Bank of New York in
its Composite 3:30 P.M. Quotations for U.S. Government Securities report for such Business Day, or (ii) if such yield as so calculated
is not available, the Alternate Treasury Note Rate on such date. For purposes of determining the U.S. Treasury Note Rate, the
&ldquo;Alternate Treasury Note Rate&rdquo; on any date means the yield as calculated by reference to the arithmetic average of
the bid price quotations of the actively traded, current coupon Treasury Note with a maturity most nearly comparable to the length
of the related Dividend Period, as determined by the bid price quotations as of any time on the Business Day immediately preceding
such date, obtained from at least three recognized primary U.S. Government securities dealers selected by the Auction Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Valuation
Date&rdquo; means, for purposes of determining whether the Trust is maintaining the APS Basic Maintenance Amount, the last Business
Day of each week commencing with the Date of Original Issue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Voting
Period&rdquo; has the meaning set forth in Section 11.5(b) of these Bylaws.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 39pt"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;The foregoing definitions of Accountant&rsquo;s Confirmation, APS Basic Maintenance Amount, APS Basic Maintenance Cure Date, APS
Basic Maintenance Report, Closing Transactions, Deposit Securities, Discounted Value, Forward Commitment, Independent Accountant,
Market Value, Maximum Applicable Rate, Maximum Potential Gross-Up Dividend Liability, Moody&rsquo;s Discount Factor, Moody&rsquo;s
Eligible Asset, Moody&rsquo;s Exposure Period, Moody&rsquo;s Hedging Transactions, Moody&rsquo;s Volatility Factor, Municipal
Index, 1940 Act APS Asset Coverage, 1940 Act Cure Date, Treasury Bonds and Valuation Date (and any terms defined within such definitions)
have been determined by the Board of Trustees of the Trust in order to obtain a &ldquo;Aaa&rdquo; rating from Moody&rsquo;s on
the APS on their Date of Original Issue; and the Board of Trustees of the Trust shall have the authority, without shareholder
approval, to amend, alter or repeal from time to time the foregoing definitions and the restrictions and guidelines set forth
thereunder if Moody&rsquo;s or any Substitute Rating Agency advises the Trust in writing that such amendment, alteration or repeal
will not adversely affect its then current rating on the APS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends</U>.
(a) The Holders of a particular series of APS shall be entitled to receive, when, as and if declared by the Board of Trustees
of the Trust, out of funds legally available therefor, cumulative dividends each consisting of (i) cash at the Applicable Rate,
(ii) a Right to receive cash as set forth in Section 11.2(e) below, and (iii) any additional amounts as set forth in Section 11.2(f)
below, and no more, payable on the respective dates set forth below. Dividends on the shares of each series of APS so declared
and payable shall be paid (i) in preference to and in priority over any dividends declared and payable on the Common Shares, and
(ii) to the extent permitted under the Code and to the extent available, out of net tax-exempt income earned on the Trust&rsquo;s
investments. To the extent permitted under the Code, dividends on APS will be designated as exempt-interest dividends. For the
purposes of this section, the term &ldquo;net tax-exempt income&rdquo; shall exclude capital gains of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;(i)
Cash dividends on shares of each series of APS shall accumulate from the Date of Original Issue and shall be payable, when,
as and if declared by the Board of Trustees of the Trust, out of funds legally available therefor, commencing on the Initial
Dividend Payment Date. Following the Initial Dividend Payment Date for a series of APS, dividends on that series of APS will
be payable, at the option of the Trust, either (i) with respect to any 7-Day Dividend Period and any Short Term Dividend
Period of 35 or fewer days, on the day next succeeding the last day thereof, or (ii) with respect to any Short Term Dividend
Period of more than 35 days and with respect to any Long Term Dividend Period, monthly on the first Business Day of each
calendar month during such Short Term Dividend Period or Long Term Dividend Period and on the day next succeeding the last
day thereof (each such date referred to in clause (i) or (ii) being herein referred to as a &ldquo;Normal Dividend Payment
Date&rdquo;), except that if such Normal Dividend Payment Date is not a Business Day, then the Dividend Payment Date shall be
the first Business Day next succeeding such Normal Dividend Payment Date. Although any particular Dividend Payment Date may
not occur on the originally scheduled date because of the exceptions discussed above, the next succeeding Dividend Payment
Date, subject to such exceptions, will occur on the next following originally scheduled date. If for any reason a Dividend
Period for a series of APS is scheduled to begin on the same day and end on the same day as a Dividend Period for another
series of APS, then the last day of such Dividend Period for such other series of APS shall be the second Business Day next
succeeding such scheduled day unless the Trust obtains the opinion of tax counsel referred to in this paragraph. Subject to
the limitation in the next sentence, if for any reason a Dividend Payment Date cannot be fixed as described above, then the
Board of Trustees of the Trust shall fix the Dividend Payment Date. However, no Dividend Period of any series of APS shall be
co-extensive with any Dividend Period of any other series of APS unless the Trust has received an opinion of tax counsel that
having such co-extensive periods will not affect the deductibility, for federal income tax purposes, of dividends paid on the
different series of APS. The Board of Trustees of the Trust before authorizing a dividend may change a Dividend Payment Date
if such change does not adversely affect the contract rights of the Holders of APS set forth in the Declaration of Trust or
the Bylaws. The Initial Dividend Period, 7-Day Dividend Periods and Special Dividend Periods with respect to a series of APS
are hereinafter sometimes referred to as &ldquo;Dividend Periods.&rdquo; Each dividend payment date determined as provided
above is hereinafter referred to as a &ldquo;Dividend Payment Date.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;Each dividend shall be paid to the Holders as they appear in the Stock Register as of 12:00 noon, New York City time, on the Dividend
Payment Date. Dividends in arrears for any past Dividend Period may be declared and paid at any time, without reference to any
regular Dividend Payment Date, to the Holders as they appear on the Stock Register on a date, not exceeding 15 days prior to the
payment date therefor, as may be fixed by the Board of Trustees of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;(i) During the period from and including the Date of Original Issue to but excluding the Initial Dividend Payment Date for a series
of APS (the &ldquo;Initial Dividend Period&rdquo;), the Applicable Rate for such series of APS shall be the Initial Dividend Rate.
Commencing on the Initial Dividend Payment Date for a series of APS, the Applicable Rate on that series for each subsequent dividend
period (hereinafter referred to as a &ldquo;Subsequent Dividend Period&rdquo;), which Subsequent Dividend Period shall commence
on and include a Dividend Payment Date and shall end on and include the calendar day prior to the next Dividend Payment Date (or
last Dividend Payment Date in a Dividend Period if there is more than one Dividend Payment Date), shall be equal to the rate per
annum that results from implementation of the Auction Procedures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a series of APS, the Applicable Rate for such series for each Dividend Period commencing during a Non-Payment Period shall
be equal to the Non-Payment Period Rate; and each Dividend Period, commencing after the first day of, and during, but not
after the end of, a Non-Payment Period shall be a 7-Day Dividend Period. Except in the case of the willful failure of the
Trust to pay a dividend on a Dividend Payment Date or to redeem any shares of APS on the date set for such redemption, any
amount of any dividend due on any Dividend Payment Date (if, prior to the close of business on the second Business Day
preceding such Dividend Payment Date, the Trust has declared such dividend payable on such Dividend Payment Date to the
Holders of such shares of APS as of 12:00 noon, New York City time, on the Business Day preceding such Dividend Payment Date)
or redemption price with respect to any shares of APS not paid to such Holders when due may be paid to such Holders in the
same form of funds by 12:00 noon, New York City time, on any of the first three Business Days after such Dividend Payment
Date or due date, as the case may be, provided that, such amount is accompanied by a late charge calculated for such period
of non-payment at the Non-Payment Period Rate applied to the amount of such non-payment based on the actual number of days
comprising such period (excluding any days that would have been Business Days but for the occurrence of any unforeseen event
or unforeseen events that caused such days not to be Business Days) divided by 365, and in such case such period shall not
constitute a Non-Payment Period; provided, however, that the Trust shall not be required to pay any late charge if it
declares a dividend on the Dividend Payment Date or the Business Day immediately preceding such Dividend Payment Date in
accordance with clause (i) of the definition of &ldquo;Non-Payment Period&rdquo; and deposits payment for such dividend as
contemplated by clause (ii)(A) of the definition of &ldquo;Non-Payment Period&rdquo; on or before the second Business Day
succeeding the day on which the dividend was declared. In the case of a willful failure of the Trust to pay a dividend on a
Dividend Payment Date or to redeem any shares of APS on the date set for such redemption, the preceding sentence shall not
apply and the Applicable Rate for the Dividend Period commencing during the Non-Payment Period resulting from such
failure shall be the Non-Payment Period Rate. For the purposes of the foregoing, payment to a person in same-day funds on any
Business Day at any time shall be considered equivalent to payment to such person in New York Clearing House (next-day) funds
at the same time on the preceding Business Day, and any payment made after 12:00 noon, New York City time, on any Business
Day shall be considered to have been made instead in the same form of funds and to the same person before 12:00 noon, New
York City time, on the next Business Day.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;The amount of cash dividends per share of any series of APS payable (if declared) on the Initial Dividend Payment Date, each 7-Day
Dividend Period and each Dividend Payment Date of each Short Term Dividend Period shall be computed by multiplying the Applicable
Rate for such Dividend Period by a fraction, the numerator of which will be the number of days in such Dividend Period or part
thereof that such share was outstanding and the denominator of which will be 365, multiplying the amount so obtained by $25,000,
and rounding the amount so obtained to the nearest cent. During any Long Term Dividend Period, the amount of cash dividends per
share of a series of APS payable (if declared) on any Dividend Payment Date shall be computed by multiplying the Applicable Rate
for such Dividend Period by a fraction, the numerator of which will be such number of days in such part of such Dividend Period
that such share was outstanding and for which dividends are payable on such Dividend Payment Date and the denominator of which
will be 360, multiplying the amount so obtained by $25,000, and rounding the amount so obtained to the nearest cent.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;The
Trust may, at its sole option and to the extent permitted by law, by telephonic and written notice (a &ldquo;Request for Special
Dividend Period&rdquo;) to the Auction Agent and to each Broker-Dealer, request that the next succeeding Dividend Period for a
series of APS be a number of days (other than seven), evenly divisible by seven and not fewer than fourteen nor more than 364
in the case of a Short Term Dividend Period or one whole year or more but not greater than five years in the case of a Long Term
Dividend Period, specified in such notice, provided that the Trust may not give a Request for Special Dividend Period for a Dividend
Period of greater than 28 days (and any such request shall be null and void) unless, for any Auction occurring after the initial
Auction, Sufficient Clearing Bids were made in the last occurring Auction and unless full cumulative dividends, any amounts due
with respect to redemptions, and any Gross-Up Dividends payable prior to such date have been paid in full. Such Request for Special
Dividend Period, in the case of a Short Term Dividend Period, shall be given on or prior to the second Business Day but not more
than seven Business Days prior to an Auction Date for a series of APS and, in the case of a Long Term Dividend Period, shall be
given on or prior to the second Business Day but not more than 28 days prior to an Auction Date for a series of APS. Upon receiving
such Request for Special Dividend Period, the Broker-Dealer(s) shall jointly determine the Optional Redemption Price of the APS
during such Special Dividend Period and the Specific Redemption Provisions and shall give the Trust and the Auction Agent written
notice (a &ldquo;Response&rdquo;) of such determination by no later than the second Business Day prior to such Auction Date. In
making such determination the Broker-Dealer(s) will consider (1) existing short-term and long-term market rates and indices of
such short-term and long-term rates, (2) existing market supply and demand for short-term and long-term securities, (3) existing
yield curves for short-term and long-term securities comparable to the APS, (4) industry and financial conditions which may affect
the APS, (5) the investment objective of the Trust, and (6) the Dividend Periods and dividend rates at which current and potential
beneficial holders of the APS would remain or become beneficial holders. After providing the Request for Special Dividend Period
to the Auction Agent and each Broker-Dealer as set forth above, the Trust may by no later than the second Business Day prior to
such Auction Date give a notice (a &ldquo;Notice of Special Dividend Period&rdquo;) to the Auction Agent, the Securities Depository
and each Broker-Dealer which notice will specify (i) the duration of the Special Dividend Period, (ii) the Optional Redemption
Price as specified in the related Response and (iii) the Specific Redemption Provisions, if any, as specified in the related Response.
The Trust also shall provide a copy of such Notice of Special Dividend Period to Moody&rsquo;s. The Trust shall not give a Notice
of Special Dividend Period and, if the Trust has given a Notice of Special Dividend Period, the Trust is required to give telephonic
and written notice of its revocation (a &ldquo;Notice of Revocation&rdquo;) to the Auction Agent, each Broker-Dealer, and the
Securities Depository on or prior to the Business Day prior to the relevant Auction Date if (x) either the 1940 Act APS Asset
Coverage is not satisfied or the Trust shall fail to maintain Moody&rsquo;s Eligible Assets with an aggregate Discounted Value
at least equal to the APS Basic Maintenance Amount, on each of the two Valuation Dates immediately preceding the Business Day
prior to the relevant Auction Date on an actual basis and on a pro forma basis giving effect to the proposed Special Dividend
Period (using as a pro forma dividend rate with respect to such Special Dividend Period the dividend rate which the Broker-Dealers
shall advise the Trust is an approximately equal rate for securities similar to the APS with an equal dividend period) or (y)
sufficient funds for the payment of dividends payable on the immediately succeeding Dividend Payment Date have not been irrevocably
deposited with the Auction Agent by the close of business on the third Business Day preceding the Auction Date immediately preceding
such Dividend Payment Date. The Trust also shall provide a copy of such Notice of Revocation to Moody&rsquo;s. If the Trust is
prohibited from giving a Notice of Special Dividend Period as a result of any of the factors enumerated in clause (x)&nbsp;&nbsp;
or (y) above or if the Trust gives a Notice of Revocation with respect to a Notice of Special Dividend Period for any series of
APS, the next succeeding Dividend Period will be a 7-Day Dividend Period. In addition, in the event Sufficient Clearing Bids are
not made in an Auction, or if an Auction is not held for any reason, such next succeeding Dividend Period will be a 7-Day Dividend
Period and the Trust may not again give a Notice of Special Dividend Period for the APS (and any such attempted notice shall be
null and void) until Sufficient Clearing Bids have been made in an Auction with respect to a 7-Day Dividend Period. If an Auction
is not held because an unforeseen event or unforeseen events cause a day that otherwise would have been a Dividend Payment Date
or an Auction Date not to be a Business Day, then the length of the Dividend Period relating to such Dividend Payment Date shall
be extended by seven days (or a multiple thereof if necessary because of such unforeseen event or events) (an &ldquo;Extension
Period&rdquo;), the Applicable Rate for such Extension Period shall be the Applicable Rate for the Dividend Period so extended
and the Dividend Payment Date for such Dividend Period shall be the first Business Day next succeeding the end of such Extension
Period.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;(i) Holders shall not be entitled to any dividends, whether payable in cash, property or shares on APS, in excess of full cumulative
dividends as herein provided (except for Gross-up Dividends as provided in Section 11.2(e) hereof). Except for the late charge
payable pursuant to Section 11.2(c)(i) hereof, no interest, or sum of money in lieu of interest, shall be payable in respect of
any dividend payment on the shares of APS that may be in arrears.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;For so long as any share of APS is Outstanding, the Trust shall not declare, pay or set apart for payment any dividend or other
distribution (other than a dividend or distribution paid in shares of, or options, warrants or rights to subscribe for or purchase,
Common Shares or other shares of beneficial interest, if any, ranking junior to the shares of APS as to dividends or upon liquidation)
in respect of the Common Shares or any other shares of beneficial interest of the Trust ranking junior to or on a parity with
the shares of APS as to dividends or upon liquidation, or call for redemption, redeem, purchase or otherwise acquire for consideration
any shares of the Common Shares or any other such junior shares (except by conversion into or exchange for shares of the Trust
ranking junior to the shares of APS as to dividends and upon liquidation) or any other such Parity Shares (except by conversion
into or exchange for stock of the Trust ranking junior to or on a parity with the shares of APS as to dividends and upon liquidation),
unless (A) immediately after such transaction, the Trust shall have Moody&rsquo;s Eligible Assets with an aggregate Discounted
Value equal to or greater than the APS Basic Maintenance Amount and the Trust shall maintain the 1940 Act APS Asset Coverage,
(B) full cumulative dividends on shares of APS due on or prior to the date of the transaction have been declared and paid or shall
have been declared and sufficient funds for the payment thereof deposited with the Auction Agent, (C) any Gross-up Dividend required
to be paid pursuant to Section 11.2(e) below on or before the date of such declaration or payment has been paid and (D) the Trust
has redeemed the full number of APS required to be redeemed by any provision for mandatory redemption contained herein.</FONT></P>

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e)&nbsp;Each dividend shall consist of (i) cash at the Applicable Rate, (ii) an uncertificated right (a &ldquo;Right&rdquo;) to receive
a Gross-up Dividend (as defined below), and (iii) any additional amounts as set forth in Section 11.2(f) below. Each Right shall
thereafter be independent of the share or shares of APS on which the dividend was paid. The Trust shall cause to be maintained
a record of each Right received by the respective Holders. A Right may not be transferred other than by operation of law. If the
Trust retroactively allocates any net capital gains or other income subject to regular federal income taxes to shares of APS solely
by reason of the fact that such allocation is made as a result of the redemption of all or a portion of the outstanding shares
of APS or the liquidation of the Trust (the amount of such allocation referred to herein as a &ldquo;Retroactive Taxable Allocation&rdquo;),
the Trust will, if it has not given advance notice thereof to the Auction Agent as described in Section 11.2(f) hereof, within
90 days (and generally within 60 days) after the end of the Trust&rsquo;s fiscal year for which a Retroactive Taxable Allocation
is made, provide notice thereof to the Auction Agent and to each holder of a Right applicable to such shares of APS (initially
as nominee of The Depository Trust Company) during such fiscal year at such holder&rsquo;s address as the same appears or last
appeared on the Stock Books of the Trust. The Trust will, within 30 days after such notice is given to the Auction Agent, pay
to the Auction Agent (who will then distribute to such holders of Rights), out of funds legally available therefor, an amount
equal to the aggregate Gross-up Dividends with respect to all Retroactive Taxable Allocations made to such holders during the
fiscal year in question.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
&ldquo;Gross-Up Dividend&rdquo; means payment to a present or former Holder of shares of APS of an amount which, giving effect
to the Retroactive Taxable Allocation, if any, made to such Holder with respect to the fiscal year in question, would cause such
Holder&rsquo;s after-tax return (taking into account both the Retroactive Taxable Allocation and the Gross-up Dividend) to be
equal to the after-tax return such holder would have received if there had been no Retroactive Taxable Allocation. Such Gross-up
Dividend shall be calculated (i) without consideration being given to the time value of money; (ii) assuming that no holder of
shares of APS is subject to the federal alternative minimum tax with respect to dividends received from the Trust; and (iii) assuming
that each Retroactive Taxable Allocation would be taxable in the hands of each holder of APS at the greater of: (x) the maximum
marginal regular federal individual income tax rate applicable to ordinary income or capital gains depending on the taxable character
of the distribution (including any surtax); or (y) the maximum marginal regular federal corporate income tax rate applicable to
ordinary income or capital gains depending on the taxable character of the distribution (disregarding in both (x) and (y) the
effect of any state or local taxes and the phase out of, or provision limiting, personal exemptions, itemized deductions, or the
benefit of lower tax brackets).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;Except as provided below, whenever the Trust is aware that it will include any net capital gains or other income subject to
regular federal income taxes in any dividend on shares of APS, the Trust will notify the Auction Agent of the amount to be so
included at least five Business Days prior to the Auction Date on which the Applicable Rate for such dividend is to be
established. The Trust may also include such income in a dividend on shares of a series of APS without giving advance notice
thereof if it increases the dividend by an additional amount calculated as if such income were the subject of a Retroactive
Taxable Allocation and the additional amount were a Gross-up Dividend, provided that the Trust will notify the Auction Agent
of the additional amounts to be included in such dividend at least five Business Days prior to the applicable Dividend
Payment Date. The Trust shall not be required to pay Gross-up Dividends with respect to any net capital gain or other taxable
income determined by the Internal Revenue Service to be allocable in a manner different from that allocated by the
Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">No fractional shares of APS shall be issued.</FONT></P>



<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)&nbsp;Solely
for purposes of the proviso in clause (i) under the definition of &ldquo;Non-Payment Period,&rdquo; the second parenthetical in
the second sentence of the second paragraph of Section 11.2(c)(i) of these Bylaws and the last sentence of Section 11.2(c)(iii)
of these Bylaws, any day on which banks in New York City generally are closed, for any reason, while the New York Stock Exchange
remains open for trading and any day which otherwise would be a Business Day as defined in these Bylaws on which the Auction Agent
is closed for business, for any reason, shall be considered a day which is not a Business Day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;The shares of a series of APS shall rank on a parity with each other, with shares of any other series of APS and with shares of
any other class of Preferred Shares or series thereof (including any RVMTP Shares) as to the payment of dividends and as to distribution
of assets upon dissolution, liquidation or winding up of the affairs of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidation
Rights</U>. Upon any liquidation, dissolution or winding up of the Trust, whether voluntary or involuntary, the Holders shall
be entitled to receive, out of the assets of the Trust available for distribution to shareholders, before any distribution or
payment is made upon any Common Shares or any other shares of beneficial interest ranking junior in right of payment upon
liquidation to the APS, the sum of $25,000 per share plus accumulated but unpaid dividends (whether or not earned or
declared) thereon to the date of distribution, and after such payment the Holders will be entitled to no other payments other
than Gross-up Dividends as provided in Section 11.2(e) hereof. If upon any liquidation, dissolution or winding up of the
Trust, the amounts payable with respect to the APS and any other Outstanding class or series of Preferred Shares (including
any RVMTP Shares) of the Trust ranking on a parity with the APS as to payment upon liquidation are not paid in full, the
Holders and the holders of such other class or series will share ratably in any such distribution of assets in proportion to
the respective preferential amounts to which they are entitled. In this regard, the provisions of this Section 11.3 shall be
applied consistently with Section 2.3 of Exhibit 1 hereto relating to the RVMTP Shares such that the Holders and the holders
of RVMTP Shares are treated on a parity with one another with respect to any such distribution. After payment of the full
amount of the liquidating distribution to which they are entitled, the Holders will not be entitled to any further
participation in any distribution of assets by the Trust except for any Gross-up Dividends. A consolidation, merger or
statutory share exchange of the Trust with or into any other Trust or entity or a sale, whether for cash, shares of stock,
securities or properties, of all or substantially all or any part of the assets of the Trust shall not be deemed or construed
to be a liquidation, dissolution or winding up of the Trust.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption</U>.
(a) Shares of APS shall be redeemable by the Trust as provided</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;To the extent permitted under the 1940 Act and Massachusetts law, upon giving a Notice of Redemption, the Trust at its option
may redeem shares of any series of APS, in whole or in part, out of funds legally available therefor, at the Optional Redemption
Price per share, on any Dividend Payment Date; provided that no share of APS may be redeemed at the option of the Trust during
(A) the Initial Dividend Period with respect to a series of shares or (B) a Non-Call Period to which such share is subject. In
addition, holders of APS which are redeemed shall be entitled to receive Gross-Up Dividends to the extent provided herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;The
Trust shall redeem, out of funds legally available therefor, at the Mandatory Redemption Price per share, shares of APS and
other Preferred Shares to the extent permitted under the 1940 Act and Massachusetts law, on a date fixed by the Board of
Trustees of the Trust, if the Trust fails to maintain Moody&rsquo;s Eligible Assets with an aggregate Discounted Value equal
to or greater than the APS Basic Maintenance Amount as provided in Section 11.7(a) or to satisfy the 1940 Act APS Asset
Coverage as provided in Section 6 and such failure is not cured on or before the APS Basic Maintenance Cure Date or the 1940
Act Cure Date (herein collectively referred to as a &ldquo;Cure Date&rdquo;), as the case may be. In addition, holders of APS
so redeemed shall be entitled to receive Gross-Up Dividends to the extent provided herein. The number of APS and other
Preferred Shares to be redeemed shall be equal to the lesser of (i) the minimum number of APS the redemption of which, if
deemed to have occurred immediately prior to the opening of business on the Cure Date, together with all shares of other
Preferred Shares subject to redemption or retirement, would result in the Trust having Moody&rsquo;s Eligible Assets with an
aggregate Discounted Value equal to or greater than the APS Basic Maintenance Amount or satisfaction of the 1940 Act APS
Asset Coverage, as the case may be, on such Cure Date (provided that, if there is no such minimum number of shares of APS and
shares of other Preferred Shares (including any RVMTP Shares) the redemption of which would have such result, all shares of
APS and shares of other Preferred Shares, including RVMTP Shares, then Outstanding shall be redeemed), and (ii) the maximum
number of shares of APS, together with all shares of other Preferred Shares, including RVMTP Shares, subject to redemption or
retirement, that can be redeemed out of funds expected to be legally available therefor on such redemption date. In
determining the number of APS and other Preferred Shares required to be redeemed in accordance with the foregoing, the Trust
shall allocate the number required to be redeemed which would result in the Trust having Moody&rsquo;s Eligible Assets with
an aggregate Discounted Value equal to or greater than the APS Basic Maintenance Amount or satisfaction of the 1940 Act APS
Asset Coverage, as the case may be, on a pro rata basis among shares of APS of all series and other Preferred Shares,
including RVMTP Shares, based upon the proportion that the aggregate liquidation preference of the outstanding APS and other
Preferred Shares of any series bears to the aggregate liquidation preference of all outstanding series of APS and other
Preferred Shares, subject to redemption pursuant to provisions similar to those contained in this Section 11.4(a)(ii);
provided that, shares of APS which may not be redeemed at the option of the Trust due to the designation of a Non-Call Period
applicable to such shares (A) will be subject to mandatory redemption only to the extent that other shares are not available
to satisfy the number of shares required to be redeemed and (B) will be selected for redemption in an ascending order of
outstanding number of days in the Non-Call Period (with shares with the lowest number of days to be redeemed first) and by
lot in the event of shares having an equal number of days in such Non-Call Period. The Trust shall effect such redemption on
a Business Day which is not later than 35 days after such Cure Date, except that if the Trust does not have funds legally
available for the redemption of all of the required number of APS and other Preferred Shares, including RVMTP Shares, which
are subject to mandatory redemption or the Trust otherwise is unable to effect such redemption on or prior to 35 days after
such Cure Date, the Trust shall redeem those APS and other Preferred Shares, including RVMTP Shares, which it is unable to
redeem on the earliest practicable date on which it is able to effect such redemption out of funds legally available
therefor. For the avoidance of doubt, Sections 2.6(a) and 2.6(b) of Exhibit 1 hereto contain additional mandatory redemption
provisions relating to the RVMTP Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;Notwithstanding any other provision of this Section 11.4, no shares of APS may be redeemed pursuant to Section 11.4(a)(i) of these
Bylaws (i) unless all dividends in arrears on all remaining outstanding shares of Parity Shares shall have been or are being contemporaneously
paid or declared and set apart for payment and (ii) if redemption thereof would result in the Trust&rsquo;s failure to maintain
Moody&rsquo;s Eligible Assets with an aggregate Discounted Value equal to or greater than the APS Basic Maintenance Amount. In
the event that less than all the outstanding shares of a series of APS are to be redeemed and there is more than one Holder, the
shares of that series of APS to be redeemed shall be selected by lot or such other method as the Trust shall deem fair and equitable.
For the avoidance of doubt, Section 2.6(d)(v) of Exhibit 1 hereto contains additional provisions relating to prohibitions on redemption
of the RVMTP Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;Whenever
shares of APS are to be redeemed, the Trust, not less than 17 nor more than 30 days prior to the date fixed for redemption, shall
mail a notice (&ldquo;Notice of Redemption&rdquo;) by first-class mail, postage prepaid, to each Holder of APS to be redeemed
and to the Auction Agent. The Notice of Redemption shall set forth (i) the redemption date, (ii) the amount of the redemption
price, (iii) the aggregate number of APS of such series to be redeemed, (iv) the place or places where APS of such series are
to be surrendered for payment of the redemption price, (v)&nbsp;&nbsp; a statement that dividends on the shares to be redeemed
shall cease to accumulate on such redemption date (except that holders may be entitled to Gross-up Dividends) and (vi) the provision
of these Bylaws pursuant to which such shares are being redeemed. No defect in the Notice of Redemption or in the mailing or publication
thereof shall affect the validity of the redemption proceedings, except as required by applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Notice of Redemption shall have been given as aforesaid and, concurrently or thereafter, the Trust shall have deposited in
trust with the Auction Agent, or segregated in an account at the Trust&rsquo;s custodian bank for the benefit of the Auction Agent,
Deposit Securities (with a right of substitution) having an aggregate Discounted Value equal to the redemption payment for the
APS as to which such Notice of Redemption has been given with irrevocable instructions and authority to pay the redemption price
to the Holders of such shares, then upon the date of such deposit or, if no such deposit is made, then upon such date fixed for
redemption (unless the Trust shall default in making the redemption payment), all rights (including without limitation voting
rights) of the Holders of such shares as shareholders of the Trust by reason of the ownership of such shares will cease and terminate
(except their right to receive the redemption price in respect thereof and any Gross-up Dividends, but without interest), and
such shares shall no longer be deemed Outstanding. The Trust shall be entitled to receive, from time to time, from the Auction
Agent the interest, if any, on such Deposit Securities deposited with it and the Holders of any shares so redeemed shall have
no claim to any of such interest. In case the Holder of any shares so called for redemption shall not claim the redemption payment
for his shares within one year after the date of redemption, the Auction Agent shall, upon demand, pay over to the Trust such
amount remaining on deposit and the Auction Agent shall thereupon be relieved of all responsibility to the Holder of such shares
called for redemption and such Holder thereafter shall look only to the Trust for the redemption payment.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Voting
Rights</U>. (a) <U>General</U>. Except as otherwise provided in the Declaration of Trust or Bylaws, each Holder of APS shall be
entitled to one vote for each share held on each matter submitted to a vote of all shareholders of the Trust, and the holders
of outstanding shares of Preferred Shares, including APS and RVMTP Shares, and of shares of Common Shares shall vote together
as a single class; provided that the holders of outstanding shares of Preferred Shares, including APS and RVMTP Shares, shall
be entitled, as a class, to the exclusion of the holders of all other securities and classes of capital stock of the Trust, to
elect two trustees of the Trust. Subject to Section 11.5(b) hereof, the holders of outstanding shares of beneficial interest of
the Trust, including the holders of outstanding shares of Preferred Shares, including APS and RVMTP Shares, voting as a single
class, shall elect the balance of the trustees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;<U>Right
to Elect Majority of Board of Trustees of the Trust</U>. During any period in which any one or more of the conditions described
below shall exist (such period being referred to herein as a &ldquo;Voting Period&rdquo;), the number of trustees constituting
the Board of Trustees of the Trust shall be automatically increased by the smallest number that, when added to the two trustees
elected exclusively by the holders of shares of Preferred Shares, including APS and RVMTP Shares, would constitute a majority
of the Board of Trustees of the Trust as so increased by such smallest number; and the holders of Preferred Shares, including
APS and RVMTP Shares, shall be entitled, voting separately as one class (to the exclusion of the holders of all other securities
and classes of shares of beneficial interest of the Trust), to elect such smallest number of additional trustees, together with
the two trustees that such holders are in any event entitled to elect.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Voting Period shall commence:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;if at any time accumulated dividends (whether or not earned or declared, and whether or not funds are then legally available in
an amount sufficient therefor) on the outstanding APS equal to at least two full years&rsquo; dividends shall be due and unpaid
and sufficient cash or specified securities shall not have been deposited with the Auction Agent for the payment of such accumulated
dividends; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;if at any time holders of any Preferred Shares, including the holders of APS, are entitled to elect a majority of the trustees
of the Trust under the 1940 Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the termination of a Voting Period, the voting rights described in this Section 11.5(b) shall cease, subject always, however,
to the reverting of such voting rights in the Holders upon the further occurrence of any of the events described in Section 11.5(b).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;<U>Right
to Vote with Respect to Certain Other Matters</U>. So long as any shares of APS are outstanding, the Trust shall not,
without the affirmative vote of the holders of a majority of the shares of Preferred Shares Outstanding at the time, voting
separately as one class: (i) authorize, create or issue any class or series of shares of beneficial interest ranking prior to
the APS or any other series of Preferred Shares (including the RVMTP Shares) with respect to payment of dividends or the
distribution of assets on liquidation; provided, however, that no vote is required to authorize the issuance of another
series of APS or another class of Preferred Shares (including the RVMTP Shares) that is substantially identical in all
respects to the APS, or (ii) amend, alter or repeal the provisions of the Declaration of Trust or Bylaws, whether by merger,
consolidation or otherwise, so as to adversely affect any of the contract rights expressly set forth in the Declaration of
Trust or Bylaws of holders of APS or any other Preferred Shares (including the RVMTP Shares). To the extent permitted under
the 1940 Act, in the event shares of more than one series of APS are outstanding, the Trust shall not approve any of the
actions set forth in clause (i) or (ii) which adversely affects the contract rights expressly set forth in the Declaration of
Trust or Bylaws of a Holder of a series of APS differently than those of a Holder of any other series of APS without the
affirmative vote of the holders of at least a majority of the APS of each series adversely affected and Outstanding at such
time (each such adversely affected series voting separately as a class). Unless a higher percentage is provided for under the
Declaration of Trust, the affirmative vote of the holders of a majority of the outstanding shares of Preferred Shares,
including APS and RVMTP Shares, voting together as a single class, will be required to approve any plan of reorganization
(including bankruptcy proceedings) adversely affecting such shares or any action requiring a vote of security holders under
Section 13(a) of the 1940 Act. To the extent permitted under the 1940 Act, in the event shares of more than one series of APS
are outstanding, with respect to any action requiring Shareholder approval pursuant to the operation of Section 2 or Section
3 of Article V of the Declaration of Trust, the affirmative vote of at least seventy-five percent of the APS of each series
Outstanding at such time (each such series voting separately as a class) shall also be required. The class (and where
applicable, series) vote of holders of Preferred Shares, including APS and RVMTP Shares, described above will in each case be
in addition to a separate vote of the requisite percentage of Common Shares and Preferred Shares, including APS and
RVMTP Shares, voting together as a single class necessary to authorize the action in question. For the avoidance of doubt,
Sections 2.7(c)(i) and 2.9of Exhibit 1 hereto contains related requirements with respect to the RVMTP Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;<U>Voting
Procedures</U>.</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;As soon as practicable after the accrual of any right of the holders of Preferred Shares to elect additional trustees as described
in Section 11.5(b) above, the Trust shall call a special meeting of such holders and instruct the Auction Agent and any other
registrar for Preferred Shares to mail a notice of such special meeting to such holders, such meeting to be held not less than
10 nor more than 20 days after the date of mailing of such notice. If the Trust fails to send such notice to the Auction Agent
and any other applicable registrar, or if the Trust does not call such a special meeting, it may be called by any such holder
on like notice. The record date for determining the holders entitled to notice of and to vote at such special meeting shall be
the close of business on the fifth Business Day preceding the day on which such notice is mailed. At any such special meeting
and at each meeting held during a Voting Period, such holders, voting together as a class (to the exclusion of the holders of
all other securities and classes of shares of beneficial interest of the Trust), shall be entitled to elect the number of directors
prescribed in Section 11.5(b) above. At any such meeting or adjournment thereof in the absence of a quorum, a majority of such
holders present in person or by proxy shall have the power to adjourn the meeting without notice, other than by an announcement
at the meeting, to a date not more than 120 days after the original record date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;Except as otherwise required by applicable law, for purposes of determining any rights of the Holders to vote on any matter or
the number of shares required to constitute a quorum, whether such right is created by these Bylaws, by the other provisions of
the Declaration of Trust, by statute or otherwise, a share of APS which is not Outstanding shall not be counted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;The terms of office of all persons who are trustees of the Trust at the time of a special meeting of Holders and holders of other
Preferred Shares to elect trustees shall continue, notwithstanding the election at such meeting by the Holders and such other
holders of the number of trustees that they are entitled to elect, and the persons so elected by the Holders and such other holders,
together with the two incumbent trustees elected by the Holders and such other holders of Preferred Shares and the remaining incumbent
trustees elected by the holders of the Common Shares and Preferred Shares, shall constitute the duly elected trustees of the Trust.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;Simultaneously with the expiration of a Voting Period, the terms of office of the additional trustees elected by the Holders and
holders of other Preferred Shares pursuant to Section 11.5(b) above shall terminate, the remaining trustees shall constitute the
trustees of the Trust and the voting rights of the Holders and such other holders to elect additional trustees pursuant to Section
11.5(b) above shall cease, subject to the provisions of the last sentence of Section 11.5(b).</FONT></P>

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;<U>Exclusive
Remedy</U>. Unless otherwise required by law, the Holders of APS shall not have any rights or preferences other than those specifically
set forth herein. The Holders of APS shall have no preemptive rights or rights to cumulative voting. In the event that the Trust
fails to pay any dividends on the APS, the exclusive remedy of the Holders shall be the right to vote for trustees pursuant to
the provisions of this Section 11.5.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>1940
Act APS Asset Coverage</U>. The Trust shall maintain, as of the last Business Day of each month in which any APS are outstanding,
the 1940 Act APS Asset Coverage.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>APS
Basic Maintenance Amount</U>. (a) The Trust shall maintain, on each Valuation Date, and shall verify to its satisfaction that
it is maintaining on such Valuation Date Moody&rsquo;s Eligible Assets having an aggregate Discounted Value equal to or greater
than the APS Basic Maintenance Amount. Upon any failure to maintain the required Discounted Value, the Trust will use its best
efforts to alter the composition of its portfolio to retain a Discounted Value at least equal to the APS Basic Maintenance Amount
on or prior to the APS Basic Maintenance Cure Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;
On or before 5:00 p.m., New York City time, on the third Business Day after a Valuation Date on which the Trust fails to satisfy
the APS Basic Maintenance Amount, the Trust shall complete and deliver to the Auction Agent and Moody&rsquo;s a complete APS Basic
Maintenance Report as of the date of such failure, which will be deemed to have been delivered to such recipient if the recipient
receives a copy or telecopy, telex or other electronic transcription thereof and on the same day the Trust mails to the recipient
for delivery on the next Business Day the complete APS Basic Maintenance Report. The Trust will deliver an APS Basic Maintenance
Report to the Auction Agent and Moody&rsquo;s, on or before 5:00 p.m., New York City time, on the third Business Day after a Valuation
Date on which the Trust cures its failure to maintain Moody&rsquo;s Eligible Assets with an aggregate Discounted Value equal to
or greater than the APS Basic Maintenance Amount or on which the Trust fails to maintain Moody&rsquo;s Eligible Assets with an
aggregate Discounted Value which exceeds the APS Basic Maintenance Amount by 5% or more. The Trust will also deliver an APS Basic
Maintenance Report to the Auction Agent and Moody&rsquo;s as of each Quarterly Valuation Date on or before the third Business
Day after such date. Additionally, on or before 5:00 p.m., New York City time, on the third Business Day after the first day of
a Special Dividend Period, the Trust will deliver an APS Basic Maintenance Report to Moody&rsquo;s and the Auction Agent. The
Trust shall also provide Moody&rsquo;s with an APS Basic Maintenance Report when specifically requested by Moody&rsquo;s.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;
Within twenty Business Days after the date of delivery of an APS Basic Maintenance Report in accordance with Section 11.7(b)
above relating to a Quarterly Valuation Date (except as described in the following sentence), the Independent Accountant will
confirm in writing to the Auction Agent and Moody&rsquo;s, (i) the mathematical accuracy of the calculations reflected in
such Report, (ii) that, in such Report, the Trust correctly determined the assets of the Trust which constitute Moody&rsquo;s
Eligible Assets at such Quarterly Valuation Date in accordance with these Bylaws, (iii) that, in such Report, the Trust
determined whether the Trust had, at such Quarterly Valuation Date in accordance with these Bylaws, Moody&rsquo;s Eligible
Assets with an aggregate Discounted Value at least equal to the APS Basic Maintenance Amount, (iv) with respect to the
S&amp;P or Fitch ratings on portfolio securities of the Trust, the issuer name, issue size and coupon rate, if any, listed in
such Report, that the Independent Accountant has verified such information in reference to third-party information sources
(such as Reuters or Bloomberg) and the Independent Accountant shall provide a listing in its letter of any differences, (v)
with respect to the Moody&rsquo;s ratings on portfolio securities of the Trust, the issuer name, issue size and coupon rate,
if any, listed in such Report, that the Independent Accountant has verified such information in reference to third-party
information sources (such as Reuters or Bloomberg) and (vi) that the Independent Accountant has compared the prices in such
Report to the prices in the applicable pricing appraisal report provided by the custodian of the Trust&rsquo;s assets to the
Trust for purposes of valuing securities in the Trust&rsquo;s portfolio and verified that such information agrees (in the
event such information does not agree, the Independent Accountant will provide a listing in its letter of such differences)
(such confirmation is herein called the &ldquo;Accountant&rsquo;s Confirmation&rdquo;). Notwithstanding the foregoing
sentence, the Independent Accountant will provide the confirmation described in the foregoing sentence with respect to APS
Basic Maintenance Reports delivered pursuant to the third sentence of Section 11.7(b) above only for such APS Basic
Maintenance Reports relating to the last fiscal quarter of each fiscal year.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;Within twenty Business Days after the date of delivery to the Auction Agent and Moody&rsquo;s of an APS Basic Maintenance Report
in accordance with Section 11.7(b) above relating to the APS Basic Maintenance Cure Date with respect to such failure, the Trust
shall cause the Independent Accountant to provide to the Auction Agent and Moody&rsquo;s an Accountant&rsquo;s Confirmation as
to such APS Basic Maintenance Report.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;If any Accountant&rsquo;s Confirmation delivered pursuant to subparagraph (c) or (d) of this Section 11.7 shows that an error
was made in the APS Basic Maintenance Report for a particular Valuation Date for which such Accountant&rsquo;s Confirmation as
required to be delivered, or shows that a lower aggregate Discounted Value for the aggregate of all Moody&rsquo;s Eligible Assets
of the Trust was determined by the Independent Accountant, the calculation or determination made by such Independent Accountant
shall be final and conclusive and shall be binding on the Trust, and the Trust shall accordingly amend and deliver the APS Basic
Maintenance Report to the Auction Agent and promptly following receipt by the Trust of such Accountant&rsquo;s Confirmation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)&nbsp;On or before 5:00 p.m., New York City time, on the first Business Day after the Date of Original Issue of the APS, the Trust will
complete and deliver to Moody&rsquo;s an APS Basic Maintenance Report as of the close of business on such Date of original issue.
Also, on or before 5:00 p.m., New York City time, on the first Business Day after shares of Common Shares are repurchased by the
Trust, the Trust will complete and deliver to Moody&rsquo;s an APS Basic Maintenance Report as of the close of business on such
date that Common Shares are repurchased.</FONT></P>

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Other Restrictions</U>. (a) For so long as any APS are rated by Moody&rsquo;s, the Trust will not buy or sell financial futures
contracts, write, purchase or sell call options on financial futures contracts or purchase put options on financial futures contracts
or write call options (except covered call options) on portfolio securities unless it receives written confirmation from Moody&rsquo;s
that engaging in such transactions would not impair the ratings then assigned to the APS by Moody&rsquo;s, except that the Trust
may purchase or sell exchange-traded financial futures contracts based on the Municipal Index or Treasury Bonds, and purchase,
write or sell exchange-traded put options on such financial futures contracts, the Municipal Index or Treasury Bonds, and purchase,
write or sell exchange-traded call options on such financial futures contracts, the Municipal Index or Treasury Bonds (collectively
&ldquo;Moody&rsquo;s Hedging Transactions&rdquo;), subject to the following limitations:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;the Trust will not engage in any Moody&rsquo;s Hedging Transaction based on the Municipal Index (other than transactions that
terminate a futures contract or option held by the Trust by the Trust&rsquo;s taking the opposite position thereto (&ldquo;Closing
Transactions&rdquo;)) that would cause the Trust at the time of such transaction to own or have sold:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.75in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;outstanding financial futures contracts based on the Municipal Index exceeding in number 10% (or such higher percentage as Moody&rsquo;s
may approve) of the average number of daily traded financial futures contracts based on the Municipal Index in the 30 days preceding
the time of effecting such transaction as reported by The Wall Street Journal; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in"><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: 0pt 0 0pt 0.75in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;outstanding financial futures contracts based on the Municipal Index having a Market Value exceeding 50% (or such higher percentage
as Moody&rsquo;s may approve) of the Market Value of all Municipal Obligations constituting Moody&rsquo;s Eligible Assets owned
by the Trust (other than Moody&rsquo;s Eligible Assets already subject to a Moody&rsquo;s Hedging Transaction);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in"><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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
the Trust will not engage in any Moody&rsquo;s Hedging Transaction based on Treasury Bonds (other than Closing Transactions) that
would cause the Trust at the time of such transaction to own or have sold:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0pt 0 0pt 0.75in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;outstanding financial futures contracts based on Treasury Bonds with such contracts having an aggregate Market Value exceeding
20% (or such higher percentage as Moody&rsquo;s may approve) of the aggregate Market Value of Moody&rsquo;s Eligible Assets owned
by the Trust and rated Aa or higher by Moody&rsquo;s (or, if not rated by Moody&rsquo;s but rated by S&amp;P, rated AAA by S&amp;P);
or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in"><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: 0pt 0 0pt 0.75in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;outstanding
financial futures contracts based on Treasury Bonds with such contracts having an aggregate Market Value exceeding 80% of the
aggregate Market Value of all Municipal Obligations constituting Moody&rsquo;s Eligible Assets owned by the Trust (other than
Moody&rsquo;s Eligible Assets already subject to a Moody&rsquo;s Hedging Transaction) and rated Baa or A by Moody&rsquo;s (or,
if not rated by Moody&rsquo;s but rated by S&amp;P, rated A or AA by S&amp;P)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><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: 0pt 0 0pt 0.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(for
purposes of the foregoing clauses (i) and (ii), the Trust shall be deemed to own the number of financial futures contracts that
underlie any outstanding options written by the Trust);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;the Trust will engage in Closing Transactions to close out any outstanding financial futures contract based on the Municipal Index
if the amount of open interest in the Municipal Index as reported by The Wall Street Journal is less than 5,000 (or such lower
number as Moody&rsquo;s may approve);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;the Trust will engage in a Closing Transaction to close out any outstanding financial futures contract by no later than the fifth
Business Day of the month in which such contract expires and will engage in a Closing Transaction to close out any outstanding
option on a financial futures contract by no later than the first Business Day of the month in which such option expires;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;the Trust will engage in Moody&rsquo;s Hedging Transactions only with respect to financial futures contracts or options thereon
having the next settlement date or the settlement date immediately thereafter;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&nbsp;the Trust (A) will not engage in options and futures transactions for leveraging or speculative purposes, except that an option
or futures transaction shall not for these purposes be considered a leveraged position or speculative so long as the combination
of the Fund&rsquo;s non-derivative positions, together with the relevant option or futures transaction, produces a synthetic investment
position, or the same economic result, that could be achieved by an investment, consistent with the Fund&rsquo;s investment objective
and policies, in a security that is not an option or futures transaction, and (B) will not write any call options or sell any
financial futures contracts for the purpose of hedging the anticipated purchase of an asset prior to completion of such purchase;
and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)&nbsp;&nbsp;&nbsp;&nbsp;
while the Trust may use options and futures transactions for hedging and risk management purposes, it will not enter into an option
or futures transaction unless, after giving effect thereto, the Trust would continue to have Moody&rsquo;s Eligible Assets with
an aggregate Discounted Value equal to or greater than the APS Basic Maintenance Amount.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;
For purposes of determining whether the Trust has Moody&rsquo;s Eligible Assets with an aggregate Discounted Value that equals
or exceeds the APS Basic Maintenance Amount, the Discounted Value of Moody&rsquo;s Eligible Assets that the Trust is obligated
to deliver or receive pursuant to an outstanding futures contract or option shall be as follows:</FONT></P>

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

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;assets subject to call options written by the Trust that are either exchange-traded and &ldquo;readily reversible&rdquo; or that
expire within 49 days after the date as of which such valuation is made shall be valued at the lesser of (A) Discounted Value
and (B) the exercise price of the call option written by the Trust;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;assets subject to call options written by the Trust not meeting the requirements of clause (i) of this sentence shall have no
value;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
assets subject to put options written by the Trust shall be valued at the lesser of (A) the exercise price and (B) the Discounted
Value of the assets subject to the option;</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;futures contracts shall be valued at the lesser of (A) settlement price and (B) the Discounted Value of the assets subject to
the futures contract, provided that, if a contract matures within 49 days after the date as of which such valuation is made, where
the Trust is the seller the contract may be valued at the settlement price and where the Trust is the buyer the contract may be
valued at the Discounted Value of the assets subject to the futures contract; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;where delivery may be made to the Trust with any security of a class of securities, the Trust shall assume that it will take delivery
of the security with the lowest Discounted Value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;For purposes of determining whether the Trust has Moody&rsquo;s Eligible Assets with an aggregate Discounted Value that equals
or exceeds the APS Basic Maintenance Amount, the following amounts shall be subtracted from the aggregate Discounted Value of
the Moody&rsquo;s Eligible Assets held by the Trust to the extent the relevant asset is a Moody&rsquo;s Eligible Asset:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0 0pt 0.5in; text-indent: 0.25in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">10% of the exercise price of a written call option;</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">the exercise price of any written put option;</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
where the Trust is the seller under a financial futures contract, 10% of the settlement price of the financial futures
contract;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)
where the Trust is the purchaser under a financial futures contract, any amounts payable by the Trust under such financial
futures contract;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)
the settlement price of the underlying financial futures contract if the Trust writes put options on a financial futures
contract; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)
105% of the Market Value of the underlying financial futures contract if the Trust writes call options on a financial
futures contract and does not own the underlying contract.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0; text-align: center"></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
For so long as any APS are rated by Moody&rsquo;s, the Trust will not enter into any &ldquo;Forward Commitment,&rdquo;
herein defined as any contract to purchase securities for a fixed price at a future date beyond customary settlement time
(other than such contracts that constitute Moody&rsquo;s Hedging Transactions), except that the Trust may enter into Forward
Commitments subject to the following limitations:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;for
each Forward Commitment, the Trust will maintain with its custodian (A) cash, cash equivalents or short-term, fixed-income securities
rated P-1, MIG-1 or VMIG-1 by Moody&rsquo;s or A-1 by S&amp;P and maturing in one year or less with a fair market value that equals
or exceeds the amount by which the Trust&rsquo;s obligations under any Forward Commitments to which it is from time to time a
party exceed obligations to the Trust arising from securities sales by the Trust that are scheduled to settle at a future date,
or (B) long-term, fixed-income securities with a then current market value that equals or exceeds the amount by which the Trust&rsquo;s
obligations under any Forward Commitments to which it is from time to time a party exceed obligations to the Trust arising from
securities sales by the Trust that are scheduled to settle on a future date, or (C) a combination of assets described in (A) and
(B) above that in the aggregate equals or exceeds the amount by which the Trust&rsquo;s obligations under any Forward Commitments
to which it is from time to time a party exceed obligations to the Trust arising from securities sales by the Trust that are scheduled
to settle on a future date; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;the Trust will not enter into a Forward Commitment unless, after giving effect thereto, the Trust would continue to have Moody&rsquo;s
Eligible Assets with an aggregate Discounted Value equal to or greater than the APS Basic Maintenance Amount.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of determining whether the Trust has Moody&rsquo;s Eligible Assets with an aggregate Discounted Value that equals or
exceeds the APS Basic Maintenance Amount, the Discounted Value of all Forward Commitments to which the Trust is a party and of
all securities deliverable to the Trust pursuant to such Forward Commitments shall be zero.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;For so long as APS are Outstanding and rated by Moody&rsquo;s, the Trust, unless it has received written confirmation from Moody&rsquo;s
that such action would not impair the ratings then assigned to the APS by Moody&rsquo;s, will not:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
borrow money except for the purpose of clearing transactions in portfolio securities (which borrowings under any
circumstances shall be limited to an amount equal to 5% of the Market Value of the Trust&rsquo;s assets at the time of such
borrowings and which borrowings shall be repaid within 60 days and not be extended or renewed and shall not cause the
aggregate Discounted Value of Moody&rsquo;s Eligible Assets to be less than the APS Basic Maintenance Amount);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">engage in short sales of securities;</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">lend any securities;</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)&nbsp;issue any class or series of shares of beneficial interest ranking prior to or on a parity with the APS with respect to the payment
of dividends or the distribution of assets upon dissolution, liquidation or winding up of the Trust;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">merge or consolidate into or with any other corporation or entity; and</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vi)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">change the Trust&rsquo;s Pricing Service.</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Notice</U>. All notices or communications, unless otherwise specified in these Bylaws, shall be sufficiently given if in writing
and delivered in person or mailed by first-class mail, postage prepaid. Notice shall be deemed given on the earlier of the date
received or the date seven days after which such notice is mailed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.10
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Auction Procedures</U>. (a) <U>Certain Definitions</U>. As used in this Section 11.10, the following terms shall have the following
meanings, unless the context otherwise requires:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0 0pt 0.5in; text-indent: 0.25in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;APS&rdquo; means the shares of APS being auctioned pursuant to this Section 11.10.</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&ldquo;Auction Date&rdquo; means the first Business Day preceding the first day of a Dividend Period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;Available APS&rdquo; has the meaning specified in Section 11.10(d)(i) below.</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;Bid&rdquo; has the meaning specified in Section 11.10(b)(i) below.</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;Bidder&rdquo; has the meaning specified in Section 11.10(b)(i) below.</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vi)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;Hold Order&rdquo; has the meaning specified in Section 11.10(b)(i) below.</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)&nbsp;&ldquo;Maximum Applicable Rate&rdquo; for any Dividend Period will be the Applicable Percentage of the Reference Rate. The Auction
Agent will round each applicable Maximum Applicable Rate to the nearest one-thousandth (0.001) of one percent per annum, with
any such number ending in five ten-thousandths of one percent being rounded upwards to the nearest one-thousandth (0.001) of one
percent. The Auction Agent will not round the applicable Reference Rate as part of its calculation of the Maximum Applicable Rate.
The &ldquo;Applicable Percentage&rdquo; shall be the percentage determined based on (i) the credit rating assigned on such date
to such shares by Moody&rsquo;s (or, if Moody&rsquo;s shall not make such rating available, the equivalent of such rating by a
Substitute Rating Agency) and (ii) whether the Trust has provided notification to the Auction Agent prior to the Auction establishing
the Applicable Rate for any dividend that net capital gains or other taxable income will be included in such dividend on shares
of APS as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 201pt"></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 60%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; text-align: center"><FONT STYLE="font-size: 10pt">Percentage of</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; text-align: center"><FONT STYLE="font-size: 10pt">Percentage of</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Reference Rate -</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Reference Rate -</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Moody&rsquo;s Credit Ratings on APS</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">No Notification</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Notification</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Aa3 or higher</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">110%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">150%</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">A</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">125%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">160%</FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Baa</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">150%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">250%</FONT></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Below Baa</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">200%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">275%</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Trust shall take all reasonable action necessary to enable Moody&rsquo;s to provide a rating for each series of APS. If Moody&rsquo;s
shall not make such a rating available, UBS Warburg LLC or its affiliates and successors, after consultation with the Trust, shall
select another Rating Agency to act as a Substitute Rating Agency.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(viii)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;Order&rdquo; has the meaning specified in Section 11.10(b)(i) below.</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ix)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;Sell Order&rdquo; has the meaning specified in Section 11.10(b)(i) below.</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)&nbsp;&ldquo;Submission Deadline&rdquo; means 1:00 p.m., New York City time, on any Auction Date or such other time on any Auction Date
as may be specified by the Auction Agent from time to time as the time by which each Broker-Dealer must submit to the Auction
Agent in writing all Orders obtained by it for the Auction to be conducted on such Auction Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xi)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;Submitted Bid&rdquo; has the meaning specified in Section 11.10(d)(i) below.</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xii)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;Submitted Hold Order&rdquo; has the meaning specified in Section 11.10(d)(i) below.</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xiii)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;Submitted Order&rdquo; has the meaning specified in Section 11.10(d)(i) below.</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xiv)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;Submitted Sell Order&rdquo; has the meaning specified in Section 11.10(d)(i) below.</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xv)
&ldquo;Sufficient Clearing Bids&rdquo; has the meaning specified in Section 11.10(d)(i) below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0pt 0 0pt 0.5in; text-indent: 0.25in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xvi)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;Winning Bid Rate&rdquo; has the meaning specified in Section 11.10(d)(i) below.</FONT></P>



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;<U>Orders by Beneficial Owners, Potential Beneficial Owners, Existing Holders and Potential Holders</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;Unless
otherwise permitted by the Trust, Beneficial Owners and Potential Beneficial Owners may only participate in Auctions through their
Broker-Dealers. Broker-Dealers will submit the Orders of their respective customers who are Beneficial Owners and Potential Beneficial
Owners to the Auction Agent, designating themselves as Existing Holders in respect of shares subject to Orders submitted or deemed
submitted to them by Beneficial Owners and as Potential Holders in respect of shares subject to Orders submitted to them by Potential
Beneficial Owners. A Broker-Dealer may also hold shares of APS in its own account as a Beneficial Owner. A Broker-Dealer may thus
submit Orders to the Auction Agent as a Beneficial Owner or a Potential Beneficial Owner and therefore participate in an Auction
as an Existing Holder or Potential Holder on behalf of both itself and its customers. On or prior to the Submission Deadline on
each Auction Date:&nbsp;</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.75in; text-indent: 0.25in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(A)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">each Beneficial Owner may submit to its Broker-Dealer information as to:</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;the number of Outstanding shares, if any, of APS held by such Beneficial Owner which such Beneficial Owner desires to continue
to hold without regard to the Applicable Rate for the next succeeding Dividend Period for such shares;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.25in"><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: 0pt 0 0pt 1in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;the number of Outstanding shares, if any, of APS held by such Beneficial Owner which such Beneficial Owner desires to continue
to hold, provided that the Applicable Rate for the next succeeding Dividend Period for such shares shall not be less than the
rate per annum specified by such Beneficial Owner; and/or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.25in"><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: 0pt 0 0pt 1in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&nbsp;the
number of Outstanding shares, if any, of APS held by such Beneficial Owner which such Beneficial Owner offers to sell without
regard to the Applicable Rate for the next succeeding Dividend Period; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;each Broker-Dealer, using a list of Potential Beneficial Owners that shall be maintained in good faith for the purpose of conducting
a competitive Auction, shall contact Potential Beneficial Owners, including Persons that are not Beneficial Owners, on such list
to determine the number of Outstanding shares, if any, of APS which each such Potential Beneficial Owner offers to purchase, provided
that the Applicable Rate for the next succeeding Dividend Period shall not be less than the rate per annum specified by such Potential
Beneficial Owner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in"><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: 0pt 0 0pt 0.75in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purposes hereof, the communication by a Beneficial Owner or Potential Beneficial Owner to a Broker-Dealer, or the
communication by a Broker-Dealer acting for its own account to the Auction Agent, of information referred to in clause
(A)&nbsp; or (B) of this Section 11.10(b)(i) is hereinafter referred to as an &ldquo;Order&rdquo; and each Beneficial Owner
and each Potential Beneficial Owner placing an Order, including a Broker-Dealer acting in such capacity for its own account,
is hereinafter referred to as a &ldquo;Bidder&rdquo;; an Order containing the information referred to in clause (A)(1) of
this Section 11.10(b)(i) is hereinafter referred to as a &ldquo;Hold Order&rdquo;; an Order containing the information
referred to in clause (A)(2) or (B) of this Section 11.10(b)(i) is hereinafter referred to as a &ldquo;Bid&rdquo;; and an
Order containing the information referred to in clause (A)(3) of this Section 11.10(b)(i) is hereinafter referred to as a
&ldquo;Sell Order&rdquo;. Inasmuch as a Broker-Dealer participates in an Auction as an Existing Holder or a Potential Holder
only to represent the interests of a Beneficial Owner or Potential Beneficial Owner, whether it be its customers or itself,
all discussion herein relating to the consequences of an Auction for Existing Holders and Potential Holders also applies to
the underlying beneficial ownership interests represented.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><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: 0pt 0 0pt 0.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(A)
A Bid by an Existing Holder shall constitute an irrevocable offer to sell:</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 1in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;the number of Outstanding shares of APS specified in such Bid if the Applicable Rate determined on such Auction Date shall be
less than the rate per annum specified in such Bid; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.25in"><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: 0pt 0 0pt 1in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;such number or a lesser number of Outstanding shares of APS to be determined as set forth in Section 11.10(e)(i)(D) if the Applicable
Rate determined on such Auction Date shall be equal to the rate per annum specified therein; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.25in"><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: 0pt 0 0pt 1in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&nbsp;a lesser number of Outstanding shares of APS to be determined as set forth in Section 11.10(e)(ii)(C) if such specified rate per
annum shall be higher than the Maximum Applicable Rate and Sufficient Clearing Bids do not exist.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.25in"><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: 0pt 0 0pt 0.75in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)
A Sell Order by an Existing Holder shall constitute an irrevocable offer to sell:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><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: 0pt 0 0pt 1in; text-indent: 0.25in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">the number of Outstanding shares of APS specified in such Sell Order; or</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 1in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;such number or a lesser number of Outstanding shares of APS to be determined as set forth in Section 11.10(e)(ii)(C) if Sufficient
Clearing Bids do not exist.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.25in"><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: 0pt 0 0pt 0.75in; text-indent: 0.25in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(C)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">A Bid by a Potential Holder shall constitute an irrevocable offer to purchase:</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 1in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;the number of Outstanding shares of APS specified in such Bid if the Applicable Rate determined on such Auction Date shall be
higher than the rate per annum specified in such Bid; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.25in"><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: 0pt 0 0pt 1in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;such number or a lesser number of Outstanding shares of APS to be determined as set forth in Section 11.10(e)(i)(E) if the Applicable
Rate determined on such Auction Date shall be equal to the rate per annum specified therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.25in"><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: 0pt 0 0pt 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;<U>Submission
of Orders by Broker-Dealers to Auction Agent</U>.</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
Each Broker-Dealer shall submit in writing or through the Auction Agent&rsquo;s auction processing system to the Auction Agent
prior to the Submission Deadline on each Auction Date all Orders obtained by such Broker-Dealer, designating itself (unless otherwise
permitted by the Trust) as an Existing Holder in respect of shares subject to Orders submitted or deemed submitted to it by Beneficial
Owners and as a Potential Holder in respect of shares subject to Orders submitted to it by Potential Beneficial Owners, and specifying
with respect to each Order:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0pt 0 0pt 0.75in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)
the name of the Bidder placing such Order (which shall be the Broker-Dealer unless otherwise permitted by the
Trust);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in"><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: 0pt 0 0pt 0.75in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;the aggregate number of Outstanding shares of APS that are the subject of such Order;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in"><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: 0pt 0 0pt 0.75in; text-indent: 0.25in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(C)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">to the extent that such Bidder is an Existing Holder:</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 1in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;the number of Outstanding shares, if any, of APS subject to any Hold Order placed by such Existing Holder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.25in"><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: 0pt 0 0pt 1in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;the number of Outstanding shares, if any, of APS subject to any Bid placed by such Existing Holder and the rate per annum specified
in such Bid; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.25in"><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: 0pt 0 0pt 1in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&nbsp;the number of Outstanding shares, if any, of APS subject to any Sell Order placed by such Existing Holder; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.25in"><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: 0pt 0 0pt 0.75in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(D)&nbsp;to the extent such Bidder is a Potential Holder, the rate per annum specified in such Potential Holder&rsquo;s Bid.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;If any rate per annum specified in any Bid contains more than three figures to the right of the decimal point, the Auction Agent
shall round such rate up to the next highest one-thousandth (.001) of 1%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;If an Order or Orders covering all of the Outstanding shares of APS held by an Existing Holder are not submitted to the Auction
Agent prior to the Submission Deadline, the Auction Agent shall deem a Hold Order (in the case of an Auction relating to a Special
Dividend Period of 91 days or less) or a Sell Order (in the case of an Auction relating to a Special Dividend Period of longer
than 91 days) to have been submitted on behalf of such Existing Holder covering the number of Outstanding shares of APS held by
such Existing Holder and not subject to Orders submitted to the Auction Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;If one or more Orders on behalf of an Existing Holder covering in the aggregate more than the number of Outstanding shares of
APS held by such Existing Holder are submitted to the Auction Agent, such Order shall be considered valid as follows and in the
following order of priority:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0; text-align: center"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;any Hold Order submitted on behalf of such Existing Holder shall be considered valid up to and including the number of Outstanding
shares of APS held by such Existing Holder; provided that if more than one Hold Order is submitted on behalf of such Existing
Holder and the number of shares of APS subject to such Hold Orders exceeds the number of Outstanding shares of APS held by such
Existing Holder, the number of shares of APS subject to each of such Hold Orders shall be reduced pro rata so that such Hold Orders,
in the aggregate, will cover exactly the number of Outstanding shares of APS held by such Existing Holder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in"><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: 0pt 0 0pt 0.75in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;any
Bids submitted on behalf of such Existing Holder shall be considered valid, in the ascending order of their respective rates per
annum if more than one Bid is submitted on behalf of such Existing Holder, up to and including the excess of the number of Outstanding
shares of APS held by such Existing Holder over the number of shares of APS subject to any Hold Order referred to in Section 11.10(c)(iv)(A)
above (and if more than one Bid submitted on behalf of such Existing Holder specifies the same rate per annum and together they
cover more than the remaining number of shares that can be the subject of valid Bids after application of Section 11.10(c)(iv)(A)
above and of the foregoing portion of this Section 11.10(c)(iv)(B) to any Bid or Bids specifying a lower rate or rates per annum,
the number of shares subject to each of such Bids shall be reduced pro rata so that such Bids, in the aggregate, cover exactly
such remaining number of shares); and the number of shares, if any, subject to Bids not valid under this Section 11.10(c)(iv)(B)
shall be treated as the subject of a Bid by a Potential Holder; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><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: 0pt 0 0pt 0.75in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)&nbsp;&nbsp;&nbsp;
any Sell Order shall be considered valid up to and including the excess of the number of Outstanding shares of APS held by such
Existing Holder over the number of shares of APS subject to Hold Orders referred to in Section 11.10(c)(iv)(A) and Bids referred
to in Section 11.10(c)(iv)(B); provided that if more than one Sell Order is submitted on behalf of any Existing Holder and the
number of shares of APS subject to such Sell Orders is greater than such excess, the number of shares of APS subject to each of
such Sell Orders shall be reduced pro rata so that such Sell Orders, in the aggregate, cover exactly the number of shares of APS
equal to such excess.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;If more than one Bid is submitted on behalf of any Potential Holder, each Bid submitted shall be a separate Bid with the rate
per annum and number of shares of APS therein specified.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)&nbsp;Any Order submitted by a Beneficial Owner as a Potential Beneficial Owner to its Broker-Dealer, or by a Broker-Dealer to the Auction
Agent, prior to the Submission Deadline on any Auction Date shall be irrevocable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)&nbsp;The Trust shall not be responsible for a Broker-Dealer&rsquo;s failure to act in accordance with the instructions of Beneficial
Owners or Potential Beneficial Owners or failure to comply with the provisions of this Section 11.10.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) <U>Determination
of Sufficient Clearing Bids, Winning Bid Rate and Applicable Rate</U>.</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;
Not earlier than the Submission Deadline on each Auction Date, the Auction Agent shall assemble all Orders submitted or deemed
submitted to it by the Broker-Dealers (each such Order as submitted or deemed submitted by a Broker-Dealer being hereinafter referred
to individually as a &ldquo;Submitted Hold Order&rdquo;, a &ldquo;Submitted Bid&rdquo; or a &ldquo;Submitted Sell Order&rdquo;,
as the case may be, or as a &ldquo;Submitted Order&rdquo;) and shall determine:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.75in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;&nbsp;&nbsp;
the excess of the total number of Outstanding shares of APS over the number of Outstanding shares of APS that are the subject
of Submitted Hold Orders (such excess being hereinafter referred to as the &ldquo;Available APS&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in"><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: 0pt 0 0pt 0.75in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;
from the Submitted Orders whether the number of Outstanding shares of APS that are the subject of Submitted Bids by Potential
Holders specifying one or more rates per annum equal to or lower than the Maximum Applicable Rate exceeds or is equal to the sum
of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in"><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: 0pt 0 0pt 1in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;&nbsp;&nbsp;&nbsp;
the number of Outstanding shares of APS that are the subject of Submitted Bids by Existing Holders specifying one or more rates
per annum higher than the Maximum Applicable Rate, and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.25in"><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: 0pt 0 0pt 1in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;&nbsp;&nbsp;&nbsp;
the number of Outstanding shares of APS that are subject to Submitted Sell Orders (if such excess or such equality exists (other
than because the number of Outstanding shares of APS in clause (1) above and this clause (2) are each zero because all of the
Outstanding shares of APS are the subject of Submitted Hold Orders), such Submitted Bids by Potential Holders being hereinafter
referred to collectively as &ldquo;Sufficient Clearing Bids&rdquo;); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.25in"><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: 0pt 0 0pt 0.75in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)
if Sufficient Clearing Bids exist, the lowest rate per annum specified in the Submitted Bids (the &ldquo;Winning Bid Rate&rdquo;)
that if:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in"><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: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)&nbsp;each Submitted Bid from Existing Holders specifying the Winning Bid Rate and all other Submitted Bids from Existing Holders specifying
lower rates per annum were rejected, thus entitling such Existing Holders to continue to hold the shares of APS that are the subject
of such Submitted Bids, and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.25in"><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: 0pt 0 0pt 1in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&nbsp;each Submitted Bid from Potential Holders specifying the Winning Bid Rate and all other Submitted Bids from Potential Holders
specifying lower rates per annum were accepted, thus entitling the Potential Holders to purchase the shares of APS that are the
subject of such Submitted Bids, would result in the number of shares subject to all Submitted Bids specifying the Winning Bid
Rate or a lower rate per annum being at least equal to the Available APS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;Promptly after the Auction Agent has made the determinations pursuant to Section 11.10(d)(i), the Auction Agent shall advise the
Trust of the Maximum Applicable Rate and, based on such determinations, the Applicable Rate for the next succeeding Dividend Period
as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.75in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;if Sufficient Clearing Bids exist, that the Applicable Rate for the next succeeding Dividend Period shall be equal to the Winning
Bid Rate;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in"><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: 0pt 0 0pt 0.75in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;if Sufficient Clearing Bids do not exist (other than because all of the Outstanding shares of APS are the subject of Submitted
Hold Orders), that the Applicable Rate for the next succeeding Dividend Period shall be equal to the Maximum Applicable Rate;
or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in"><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: 0pt 0 0pt 0.75in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)&nbsp;if all of the Outstanding shares of APS are the subject of Submitted Hold Orders, that the Dividend Period next succeeding the
Auction shall automatically be the same length as the immediately preceding Dividend Period and the Applicable Rate for the next
succeeding Dividend Period shall be equal to 40% of the Reference Rate (or 60% of such rate if the Trust has provided notification
to the Auction Agent prior to the Auction establishing the Applicable Rate for any dividend pursuant to Section 11.2(f) hereof
that net capital gains or other taxable income will be included in such dividend on shares of APS) on the date of the Auction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in"><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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)&nbsp;<U>Acceptance and Rejection of Submitted Bids and Submitted Sell Orders and Allocation of Shares</U>. Based on the determinations
made pursuant to Section 11.10(d)(i), the Submitted Bids and Submitted Sell Orders shall be accepted or rejected and the Auction
Agent shall take such other action as set forth below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;If Sufficient Clearing Bids have been made, subject to the provisions of Section 11.10(e)(iii) and Section 11.10(e)(iv), Submitted
Bids and Submitted Sell Orders shall be accepted or rejected in the following order of priority and all other Submitted Bids shall
be rejected:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.75in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;the Submitted Sell Orders of Existing Holders shall be accepted and the Submitted Bid of each of the Existing Holders specifying
any rate per annum that is higher than the Winning Bid Rate shall be accepted, thus requiring each such Existing Holder to sell
the Outstanding shares of APS that are the subject of such Submitted Sell Order or Submitted Bid;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in"><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: 0pt 0 0pt 0.75in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;the Submitted Bid of each of the Existing Holders specifying any rate per annum that is lower than the Winning Bid Rate shall
be rejected, thus entitling each such Existing Holder to continue to hold the Outstanding shares of APS that are the subject of
such Submitted Bid;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in"><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: 0pt 0; text-align: center"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in"><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: 0pt 0 0pt 0.75in; text-indent: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(C)&nbsp;the Submitted Bid of each of the Potential Holders specifying any rate per annum that is lower than the Winning Bid Rate shall
be accepted;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in"><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: 0pt 0 0pt 0.75in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(D)&nbsp;the
Submitted Bid of each of the Existing Holders specifying a rate per annum that is equal to the Winning Bid Rate shall be
rejected, thus entitling each such Existing Holder to continue to hold the Outstanding shares of APS that are the subject of
such Submitted Bid, unless the number of Outstanding shares of APS subject to all such Submitted Bids shall be greater than
the number of Outstanding shares of APS (&ldquo;Remaining Shares&rdquo;) equal to the excess of the Available APS over the
number of Outstanding shares of APS subject to Submitted Bids described in Section 11.10(e)(i)(B) and Section 11.10(e)(i)(C),
in which event the Submitted Bids of each such Existing Holder shall be accepted, and each such Existing Holder shall be
required to sell Outstanding shares of APS, but only in an amount equal to the difference between (1) the number of
Outstanding shares of APS then held by such Existing Holder subject to such Submitted Bid and (2) the number of shares of APS
obtained by multiplying (x) the number of Remaining Shares by (y) a fraction the numerator of which shall be the number of
Outstanding shares of APS held by such Existing Holder subject to such Submitted Bid and the denominator of which shall be
the sum of the number of Outstanding shares of APS subject to such Submitted Bids made by all such Existing Holders that
specified a rate per annum equal to the Winning Bid Rate; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><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: 0pt 0 0pt 0.75in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(E)&nbsp;the Submitted Bid of each of the Potential Holders specifying a rate per annum that is equal to the Winning Bid Rate shall be
accepted but only in an amount equal to the number of Outstanding shares of APS obtained by multiplying (x) the difference between
the Available APS and the number of Outstanding shares of APS subject to Submitted Bids described in Section 11.10(e)(i)(B), Section
11.10(e)(i)(C) and Section 11.10(e)(i)(D) by (y) a fraction the numerator of which shall be the number of Outstanding shares of
APS subject to such Submitted Bid and the denominator of which shall be the sum of the number of Outstanding shares of APS subject
to such Submitted Bids made by all such Potential Holders that specified rates per annum equal to the Winning Bid Rate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;If Sufficient Clearing Bids have not been made (other than because all of the Outstanding shares of APS are subject to Submitted
Hold Orders), subject to the provisions of Section 11.10(e)(iii), Submitted Orders shall be accepted or rejected as follows in
the following order of priority and all other Submitted Bids shall be rejected:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)&nbsp;the Submitted Bid of each Existing Holder specifying any rate per annum that is equal to or lower than the Maximum Applicable
Rate shall be rejected, thus entitling such Existing Holder to continue to hold the Outstanding shares of APS that are the subject
of such Submitted Bid;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in"><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: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in"><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: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(B)&nbsp;the Submitted Bid of each Potential Holder specifying any rate per annum that is equal to or lower than the Maximum Applicable
Rate shall be accepted, thus requiring such Potential Holder to purchase the Outstanding shares of APS that are the subject of
such Submitted Bid; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: 0.25in"><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: 0pt 0 0pt 0.75in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)&nbsp;the
Submitted Bids of each Existing Holder specifying any rate per annum that is higher than the Maximum Applicable Rate shall be
accepted and the Submitted Sell Orders of each Existing Holder shall be accepted, in both cases only in an amount equal to the
difference between (1) the number of Outstanding shares of APS then held by such Existing Holder subject to such Submitted Bid
or Submitted Sell Order and (2) the number of shares of APS obtained by multiplying (x) the difference between the Available APS
and the aggregate number of Outstanding shares of APS subject to Submitted Bids described in Section 11.10(e)(ii)(A) and Section
11.10(e)(ii)(B) by (y) a fraction the numerator of which shall be the number of Outstanding shares of APS held by such Existing
Holder subject to such Submitted Bid or Submitted Sell Order and the denominator of which shall be the number of Outstanding shares
of APS subject to all such Submitted Bids and Submitted Sell Orders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;If, as a result of the procedures described in Section 11.10(e), any Existing Holder would be entitled or required to sell, or
any Potential Holder would be entitled or required to purchase, a fraction of a share of APS on any Auction Date, the Auction
Agent shall, in such manner as in its sole discretion it shall determine, round up or down the number of shares of APS to be purchased
or sold by any Existing Holder or Potential Holder on such Auction Date so that each Outstanding share of APS purchased or sold
by each Existing Holder or Potential Holder on such Auction Date shall be a whole share of APS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)
If, as a result of the procedures described in Section 11.10(e), any Potential Holder would be entitled or required to
purchase less than a whole share of APS on any Auction Date, the Auction Agent shall, in such manner as in its sole
discretion it shall determine, allocate shares of APS for purchase among Potential Holders so that only whole shares of APS
are purchased on such Auction Date by any Potential Holder, even if such allocation results in one or more of such Potential
Holders not purchasing any shares of APS on such Auction Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)&nbsp;Based
on the results of each Auction, the Auction Agent shall determine, with respect to each Broker-Dealer that submitted Bids or Sell
Orders on behalf of Existing Holders or Potential Holders, the aggregate number of Outstanding shares of APS to be purchased and
the aggregate number of the Outstanding shares of APS to be sold by such Potential Holders and Existing Holders and, to the extent
that such aggregate number of Outstanding shares to be purchased and such aggregate number of Outstanding shares to be sold differ,
the Auction Agent shall determine to which other Broker-Dealer or </FONT>Broker-Dealers acting for one or more purchasers such
Broker-Dealer shall deliver, or from which other Broker-Dealer or Broker-Dealers acting for one or more sellers such Broker-Dealer
shall receive, as the case may be, Outstanding shares of APS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f) <U>Miscellaneous</U>.</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;The Trust may interpret the provisions of this Section 11.10 to resolve any inconsistency or ambiguity, remedy any formal defect
or make any other change or modification that does not substantially adversely affect the rights of Beneficial Owners of APS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;A
Beneficial Owner or an Existing Holder (A) may sell, transfer or otherwise dispose of shares of APS only pursuant to a Bid or
Sell Order in accordance with the procedures described in this Section 11.10 or to or through a Broker-Dealer or to such other
persons as may be permitted by the Trust, provided that in the case of all transfers other than pursuant to Auctions such Beneficial
Owner or Existing Holder, its Broker-Dealer, if applicable, or its Agent Member advises the Auction Agent of such transfer and
(B) except as otherwise required by law, shall have the ownership of the shares of APS held by it maintained in book entry form
by the Securities Depository in the account of its Agent Member, which in turn will maintain records of such Beneficial Owner&rsquo;s
beneficial ownership. The Trust may not submit an Order in any Auction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0pt 0 0pt 0.5in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;All of the Outstanding shares of APS of a series shall be registered in the name of the nominee of the Securities Depository unless
otherwise required by law or unless there is no Securities Depository. If there is no Securities Depository, at the Trust&rsquo;s
option and upon its receipt of such documents as it deems appropriate, any shares of APS may be registered in the Stock Register
in the name of the Beneficial Owner thereof and such Beneficial Owner thereupon will be entitled to receive certificates therefor
and required to deliver certificates therefor upon transfer or exchange thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in"><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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.11
<U>Securities Depository; Stock Certificates</U>. (a) If there is a Securities Depository, all of the shares of APS of each series
shall be issued to the Securities Depository and registered in the name of the Securities Depository or its nominee. Certificates
may be issued as necessary to represent shares of APS. All such certificates shall bear a legend to the effect that such certificates
are issued subject to the provisions restricting the transfer of shares of APS contained in these Bylaws. Unless the Trust shall
have elected, during a Non-Payment Period, to waive this requirement, the Trust will also issue stop-transfer instructions to
the Auction Agent for the shares of APS. Except as provided in paragraph (b) below, the Securities Depository or its nominee will
be the Holder, and no Beneficial Owner shall receive certificates representing its ownership interest in such shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;If
the Applicable Rate applicable to all shares of APS of a series shall be the Non-Payment Period Rate or there is no Securities
Depository, the Trust may at its option issue one or more new certificates with respect to such shares (without the legend referred
to in Section 11.11(a)) registered in the names of the Beneficial Owners or their nominees and rescind the stop-transfer instructions
referred to in Section 11.11(a) with respect to such shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amended
and Restated Statement Establishing and Fixing the Rights and Preferences of the Remarketable Variable Rate MuniFund Term Preferred
Shares</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>General</U>. The RVMTP Shares Statement is attached to these Bylaws as Exhibit 1, which is hereby incorporated by reference
into and made a part of these Bylaws. These Bylaws and the RVMTP Shares Statement are intended such that the APS and the RVMTP
Shares are in parity with each other, such that neither shall have a preference or priority over the other with respect to the
payment of dividends and the distribution of assets of the Trust upon dissolution, liquidation, or winding up of the affairs of
the Trust, and shall be interpreted accordingly. Unless otherwise provided, defined terms used in Article 11 hereto apply only
to the APS and defined terms used in the RVMTP Shares Statement apply only to the RVMTP Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ARTICLE
13</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amendment
to the Bylaws</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>General</U>. Except to the extent that the Declaration of Trust or applicable law requires a vote or consent of Shareholders
or a higher vote or consent by the Trustees and/or the Continuing Trustees, these Bylaws may be amended, changed, altered or repealed,
in whole or part, only by resolution of a majority of the Trustees and a majority of the Continuing Trustees then in office at
any meeting of the Trustees, or by one or more writings signed by such Trustees and Continuing Trustees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Article 11</U>. Without limiting the provisions of Section 13.1, the Board of Trustees of the Trust may, by resolution duly
adopted, without shareholder approval (except as otherwise required by Article 11 or required by applicable law), amend Article
11 to (a) reflect any amendments hereto which the Board of Trustees of the Trust is entitled to adopt pursuant to the terms of
Article 11 without shareholder approval or (b) add additional series of APS or additional shares of a series of APS (and terms
relating thereto) to the series and shares of APS described herein. Each such additional series and all such additional APS shall
be governed by the terms of Article 11.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>RVMTP Shares Statement</U>. Without limiting the provisions of Section 13.1, the Board of Trustees may, by resolution duly
adopted, without shareholder approval (except as otherwise required by the RVMTP Shares Statement or required by applicable law),
amend the Exhibit 1 hereto to (a) reflect any amendments hereto which the Board of Trustees is entitled to adopt pursuant to the
terms of the RVMTP Shares Statement without shareholder approval or (b) add additional series of RVMTP Shares or additional shares
of a series of RVMTP Shares (and terms relating thereto) to the series and shares of RVMTP Shares described therein. Each such
additional series and all such additional RVMTP Shares shall be governed by the terms of the RVMTP Shares Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Exhibit
1</U></B></FONT></P>

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

<P STYLE="font: 10pt 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: 10pt"><B><U>Amended
and Restated Statement Establishing and Fixing the Rights and Preferences of the Remarketable Variable Rate MuniFund Term Preferred
Shares</U></B></FONT></P>

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

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


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<P STYLE="font: 10pt 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: 10pt"><B>PIMCO
MUNICIPAL INCOME FUND II</B></FONT></P>

<P STYLE="font: 10pt 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: 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>AMENDED
AND RESTATED STATEMENT ESTABLISHING AND FIXING THE RIGHTS AND PREFERENCES OF REMARKETABLE VARIABLE RATE MUNIFUND TERM PREFERRED
SHARES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1pt; text-align: center"></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 169pt"><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: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-top: 4pt">RECITALS</TD>
    <TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 4.3pt; padding-left: 4.3pt; padding-top: 4pt">DEFINITIONS</TD>
    <TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 4pt; padding-left: 25.9pt; text-indent: -8.65pt; width: 10%"><FONT STYLE="color: #010000">1.1</FONT></TD>
    <TD STYLE="width: 80%; padding-top: 4pt">Definitions</TD>
    <TD STYLE="text-align: right; width: 5%; padding-top: 4pt"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 4pt; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="color: #010000">1.2</FONT></TD>
    <TD STYLE="padding-top: 4pt">Interpretation</TD>
    <TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 4pt; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="color: #010000">1.3</FONT></TD>
    <TD STYLE="padding-top: 4pt">Liability of Officers, Trustees and Shareholders</TD>
    <TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-size: 10pt">15</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-left: 40.3pt; text-indent: -0.5in; padding-top: 4pt">TERMS APPLICABLE TO ALL SERIES OF REMARKETABLE VARIABLE RATE MUNIFUND TERM PREFERRED SHARES</TD>
    <TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 4pt; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="color: #010000">2.1</FONT></TD>
    <TD STYLE="padding-top: 4pt">Number of Shares; Ranking</TD>
    <TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 4pt; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="color: #010000">2.2</FONT></TD>
    <TD STYLE="padding-top: 4pt">Dividends and Distributions</TD>
    <TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 4pt; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="color: #010000">2.3</FONT></TD>
    <TD STYLE="padding-top: 4pt">Liquidation Rights</TD>
    <TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 4pt; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="color: #010000">2.4</FONT></TD>
    <TD STYLE="padding-top: 4pt">Coverage &amp; Leverage Tests</TD>
    <TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 4pt; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="color: #010000">2.5</FONT></TD>
    <TD STYLE="padding-top: 4pt">Mandatory Tender and Remarketing</TD>
    <TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 4pt; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="color: #010000">2.6</FONT></TD>
    <TD STYLE="padding-top: 4pt">Redemption</TD>
    <TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 4pt; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="color: #010000">2.7</FONT></TD>
    <TD STYLE="padding-top: 4pt">Voting Rights</TD>
    <TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-size: 10pt">39</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 4pt; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="color: #010000">2.8</FONT></TD>
    <TD STYLE="padding-top: 4pt">Rating Agencies</TD>
    <TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-size: 10pt">44</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 4pt; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="color: #010000">2.9</FONT></TD>
    <TD STYLE="padding-top: 4pt">Issuance of Additional Preferred Shares</TD>
    <TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-size: 10pt">44</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 4pt; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="color: #010000">2.10</FONT></TD>
    <TD STYLE="padding-top: 4pt">Status of Redeemed or Repurchased RVMTP Shares</TD>
    <TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-size: 10pt">45</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 4pt; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="color: #010000">2.11</FONT></TD>
    <TD STYLE="padding-top: 4pt">Distributions with respect to Taxable Allocations</TD>
    <TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-size: 10pt">45</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 4pt; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="color: #010000">2.12</FONT></TD>
    <TD STYLE="padding-top: 4pt">Term Redemption Liquidity Account and Liquidity Requirement</TD>
    <TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-size: 10pt">46</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 4pt; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="color: #010000">2.13</FONT></TD>
    <TD STYLE="padding-top: 4pt">Global Certificate</TD>
    <TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-size: 10pt">48</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 4pt; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="color: #010000">2.14</FONT></TD>
    <TD STYLE="padding-top: 4pt">Notice</TD>
    <TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-size: 10pt">49</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 4pt; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="color: #010000">2.15</FONT></TD>
    <TD STYLE="padding-top: 4pt">Termination</TD>
    <TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-size: 10pt">49</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 4pt; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="color: #010000">2.16</FONT></TD>
    <TD STYLE="padding-top: 4pt">Appendices</TD>
    <TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-size: 10pt">49</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 4pt; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="color: #010000">2.17</FONT></TD>
    <TD STYLE="padding-top: 4pt">Actions on Other than Business Days</TD>
    <TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-size: 10pt">49</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 4pt; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="color: #010000">2.18</FONT></TD>
    <TD STYLE="padding-top: 4pt">Modification</TD>
    <TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-size: 10pt">49</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 4pt; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="color: #010000">2.19</FONT></TD>
    <TD STYLE="padding-top: 4pt">Transfers</TD>
    <TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-size: 10pt">49</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 4pt; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="color: #010000">2.20</FONT></TD>
    <TD STYLE="padding-top: 4pt">No Additional Rights</TD>
    <TD STYLE="text-align: right; padding-top: 4pt"><FONT STYLE="font-size: 10pt">50</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt 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: 10pt"><B>PIMCO
MUNICIPAL INCOME FUND II</B></FONT></P>

<P STYLE="font: 10pt 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: 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>AMENDED
AND RESTATED STATEMENT ESTABLISHING AND FIXING THE RIGHTS AND PREFERENCES OF REMARKETABLE VARIABLE RATE MUNIFUND TERM PREFERRED
SHARES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0 0pt 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PIMCO
Municipal Income Fund II (the &ldquo;<U>Fund</U>&rdquo;), a Massachusetts business trust, certifies that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RECITALS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FIRST</B>:
The Fund is authorized under Article III of the Fund&rsquo;s Agreement and Declaration of Trust, as amended (which, as hereafter restated
or amended from time to time, is herein called the &ldquo;<U>Declaration</U>&rdquo;), to issue an unlimited number of Preferred
Shares (as defined below), par value $0.00001 per share.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECOND</B>:
Pursuant to the authority expressly vested in the Board of Trustees of the Fund by Article III of the Declaration, effective August
23, 2018, the Board of Trustees, by resolution, authorized the issuance of Preferred Shares, $0.00001 par value per share, of
the Fund, such shares initially classified as Variable Rate MuniFund Term Preferred Shares (&ldquo;<U>VMTP</U>&rdquo;) and issued
in one or more series (each such series, a &ldquo;<U>Series</U>&rdquo;) on September 18, 2018.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THIRD</B>:
Pursuant to the authority expressly vested in the Board of Trustees of the Fund by Article III of the Declaration, effective June
30, 2021, the Board of Trustees, by resolution, authorized the redesignation of the VMTP of the Fund as Remarketable Variable
Rate MuniFund Term Preferred Shares (&ldquo;<U>RVMTP</U>&rdquo;). The date of such Redesignation, the &ldquo;<U>Redesignation
Date</U>&rdquo;. The terms related to a Series may be set forth in this Statement through an Appendix (as defined below) attached
hereto or in a separate Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FOURTH</B>:
The number of shares, preferences, voting powers, restrictions, limitations as to dividends, qualifications, and terms and conditions
of redemption, of each Series of RVMTP subject to this Statement, as now or hereafter authorized by the Board of Trustees, are
set forth in this Statement, as modified, amended or supplemented from time to time in an appendix to this Statement (each, an
&ldquo;<U>Appendix</U>&rdquo; and collectively, the &ldquo;<U>Appendices</U>&rdquo;) specifically relating to such Series as now or
hereafter authorized by the Board of Trustees (each such Series being referred to herein as a &ldquo;<U>Series of RVMTP Shares</U>,&rdquo;
&ldquo;<U>RVMTP Shares of a Series</U>&rdquo; or a &ldquo;<U>Series</U>,&rdquo; and shares of all such Series subject to this Statement
being referred to herein individually as a &ldquo;<U>RVMTP Share</U>&rdquo; and collectively as the &ldquo;<U>RVMTP Shares</U>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DEFINITIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Definitions</U>. Unless the context or use
indicates another or different meaning or intent and except with respect to any Series as specifically provided in the Appendix
applicable to such Series, each of the following terms when used in this Statement shall have the &nbsp;meaning ascribed to it
below, whether such term is used in the singular or plural and regardless of tense:</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>1940
Act</U>&rdquo; means the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, or any successor
statute.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>1940
Act Asset Coverage</U>&rdquo; means &ldquo;asset coverage,&rdquo; as defined for purposes of Section 18(h) of the 1940 Act, of at
least 200% with respect to all outstanding senior securities of the Fund which are stocks for purposes of the 1940 Act, including
all outstanding RVMTP Shares and Auction Preferred Shares (or such other asset coverage as may in the future be specified in or
under the 1940 Act or by rule, regulation or order of the United States Securities and Exchange Commission as the minimum asset
coverage for senior securities which are shares of stock of a closed-end investment company), determined on the basis of values
calculated as of a time within 48 hours (only including Business Days) next preceding the time of such determination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>1940
Act Asset Coverage Cure Date</U>&rdquo; means, with respect to the failure by the Fund to maintain the 1940 Act Asset Coverage
(as required by this Statement) as of the last Business Day of each month, the last Business Day of the following month.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Additional
Amount Payment</U>&rdquo; means a payment to a Holder of an amount which, when combined with the amount of the portion of any dividend
to which a Taxable Allocation relates, and after imposition of U.S. federal income tax, taking into account the assumptions in
the immediately following sentence, equals the after tax dollar amount of the dividend that would have been received by such Holder
if no Taxable Allocation had been made with respect to such dividend. Such Additional Amount Payment shall be calculated (i) without
consideration being given to the time value of money; (ii) assuming that no Holder is subject to the federal alternative minimum
tax with respect to dividends received from the Fund; and (iii) assuming that each Taxable Allocation and each Additional Amount
Payment (except to the extent such Additional Amount Payment is reported as an exempt-interest dividend for purposes of Section
852(b)(5) of the Code) would be taxable, (x) in the case of the Purchaser (or (1) any entity taxed as a corporation that (i) joins
in filing a consolidated federal corporate income tax return with the Purchaser, or (ii) is otherwise an affiliate of the Purchaser
and is taxed as a corporation (excluding any such entity that is taxed as a regulated investment company under Subchapter M of
the Code), or (2) any entity that is a direct or indirect wholly-owned subsidiary of one or more of the entities described in
clause (1) (each of the entities described in clauses (1) or (2), a &ldquo;<U>Corporate Affiliate</U>&rdquo;)) at the maximum marginal
regular federal corporate income tax rate applicable to ordinary income or net capital gain, as applicable, in effect at the time
such Additional Amount Payment is paid, disregarding in each case the effect of any state or local taxes, or (y) in the case of
any other Holder at the greater of (A) the rate expressed in clause (x), or (B) the maximum marginal regular federal individual
income tax rate applicable to ordinary income or net capital gain, as applicable, in effect at the time such Additional Amount
Payment is paid, disregarding in each case the effect of any state or local taxes, assuming that section 1411 of the Code is applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Adviser</U>&ldquo;
means Pacific Investment Management Company LLC, a Delaware limited liability company, or such other entity as shall be then serving
as the investment adviser of the Fund, and shall include, as appropriate, any sub-adviser duly appointed by the Adviser.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Agent
Member</U>&rdquo; means a Person with an account at the Securities Depository that holds one or more RVMTP Shares through the Securities
Depository, directly or indirectly, for a Designated Owner and that will be authorized and instructed, directly or indirectly,
by a Designated Owner to disclose information to the Remarketing Settlement Agent, if any, and/or the Calculation and Paying Agent
with respect to such Designated Owner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Appendices</U>&ldquo;
and &ldquo;<U>Appendix</U>&rdquo; shall have the respective meanings as set forth in the Recitals of this Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Applicable
Multiplier</U>&rdquo; means, with respect to any Rate Period for any Series of RVMTP Shares, the percentage set forth opposite
the applicable credit rating most recently assigned to such Series by the Rating Agency in the table below on the Rate Determination
Date for such Rate Period:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Long-Term
    Ratings*</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 24%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fitch</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 24%; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Applicable
    Multiplier</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AAA
    to AA-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 2pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 2pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A+
    to A-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 2pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 2pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">115%</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BBB+
    to BBB-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 2pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 2pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 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: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*And/or
the equivalent ratings of any other Rating Agency then rating the RVMTP Shares utilizing the highest of the ratings of the Rating
Agencies then rating the RVMTP Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Applicable
Spread</U>&rdquo; means, with respect to any Rate Period for any Series of RVMTP Shares, the percentage per annum set forth opposite
the applicable credit rating most recently assigned to such Series by the Rating Agency in the table below on the Rate Determination
Date for such Rate Period:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Long-Term
    Ratings*</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="vertical-align: bottom; width: 24%; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fitch</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 24%; text-align: center; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Applicable
    Spread**</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AAA
    to AA-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.92%</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A+
    to A-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.12%</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BBB+
    to BBB-</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 1pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.92%</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*And/or
the equivalent ratings of any other Rating Agency then rating the RVMTP Shares utilizing the highest of the ratings of the Rating
Agencies then rating the RVMTP Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**Unless
an Increased Rate Period is in effect and is continuing, in which case the Applicable Spread shall be 5.92%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Auction
Preferred Shares</U>&rdquo; means the Auction Preferred Shares of the Fund, the preferences, voting powers, restrictions, limitations
as to dividends, qualifications, and terms and conditions of redemption as set forth in the Auction Preferred Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Auction
Preferred Statement</U>&rdquo; means Article 11 (Statement Creating Five Series of Auction Preferred Shares) of the Amended and
Restated Bylaws of the Fund as of June 30, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Banks</U>&ldquo;
shall have the meaning as set forth in <U>Section 2.19(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Below
Investment Grade</U>&rdquo; means, with respect to any Series of RVMTP Shares and as of any date, the following ratings with respect
to each Rating Agency (to the extent it is a Rating Agency on such date):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 1in; text-indent: 1in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">(i)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lower than BBB-, in the case of Fitch; and</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 1in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">lower than an equivalent long-term credit rating
to that set forth in clause (i), in the case of any Other Rating Agency.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Board
of Trustees</U>&rdquo; means the Board of Trustees of the Fund or any duly authorized committee thereof as permitted by applicable
law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Business
Day</U>&rdquo; means any day (a) other than a day on which commercial banks in The City of New York, New York are required or authorized
by law or executive order to close and (b) on which the New York Stock Exchange is not closed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>By-Laws</U>&ldquo;
means the By-Laws of the Fund as amended or restated from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Calculation
and Paying Agent</U>&rdquo; means, with respect to any Series, The Bank of New York Mellon and its successors or any other calculation
and paying agent appointed by the Fund with respect to such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Calculation
and Paying Agent Agreement</U>&rdquo; means, with respect to any Series, the Calculation and Paying Agent Agreement dated September
18, 2018 by and among the Calculation and Paying Agent, the Fund and certain other Persons, and as the same may be amended, restated
or modified from time to time, or any similar agreement between the Fund and any other calculation and paying agent appointed
by the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Closed-End
Funds</U>&rdquo; shall have the meaning as set forth in <U>Section 2.19(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><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: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Code</U>&ldquo;
means the Internal Revenue Code of 1986, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><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: 0pt 0 0pt 231pt"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Common
Shares</U>&rdquo; means the common shares of beneficial interest, par value $0.00001 per share, of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Conditional
Acceptance</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(a)(ii)(B).</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Corporate
Affiliate</U>&rdquo; shall have the meaning as set forth in the definition of &ldquo;Additional Amount Payment&rdquo; in this <U>Section
1.1</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Custodian</U>&ldquo;
means a bank, as defined in Section 2(a)(5) of the 1940 Act, that has the qualifications prescribed in paragraph 1 of Section
26(a) of the 1940 Act, or such other entity as shall be providing custodian services to the Fund as permitted by the 1940 Act
or any rule, regulation, or order thereunder, and shall include, as appropriate, any similarly qualified sub-custodian duly appointed
by the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Custodian
Agreement</U>&rdquo; means any Custodian Agreement by and between the Custodian and the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Date
of Original Issuance</U>&rdquo; means, with respect to any Series, the date specified as the Date of Original Issuance for such
Series in the Appendix for such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Declaration</U>&ldquo;
shall have the meaning as set forth in the Recitals of this Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><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: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Default</U>&ldquo;
shall mean a Dividend Default or a Redemption Default.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Deposit
Securities</U>&rdquo; means, as of any date, any United States dollar-denominated security or other investment of a type described
below that either (i) is a demand obligation payable to the holder thereof on any Business Day or (ii) has a maturity date, mandatory
redemption date or mandatory payment date, on its face or at the option of the holder, preceding the relevant Redemption Date,
Dividend Payment Date or other payment date in respect of which such security or other investment has been deposited or set aside
as a Deposit Security:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">cash or any cash equivalent;</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">any U.S. Government Obligation;</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any Municipal Security that has a credit rating from at least one NRSRO that is the highest applicable rating generally ascribed
by such NRSRO to Municipal Securities with substantially similar terms as of the date of this Statement (or such rating&rsquo;s future
equivalent or, if not rated, as determined by PIMCO to be of comparable quality), including (A) any such Municipal Security that
has been pre-refunded by the issuer thereof with the proceeds of such refunding having been irrevocably deposited in trust or
escrow for the repayment thereof and (B) any such fixed or variable rate Municipal Security that qualifies as an eligible security
under Rule 2a-7 under the 1940 Act;</FONT></P>

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any investment in any money market fund registered under the 1940 Act that qualifies under Rule 2a-7 under the 1940 Act, or similar
investment vehicle described in Rule 12d1-1(b)(2) under the 1940 Act, that invests principally in Municipal Securities or U.S.
Government Obligations or any combination thereof; or</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any letter of credit from a bank or other financial institution that has a credit rating from at least one NRSRO that is the highest
applicable rating generally ascribed by such NRSRO to bank deposits or short-term debt of similar banks or other financial institutions
as of the date of this Statement (or such rating&rsquo;s future equivalent or, if not rated, as determined by PIMCO to be of comparable
quality).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Designated
Owner</U>&rdquo; means a Person in whose name RVMTP Shares of any Series are recorded as beneficial owner of such RVMTP Shares
by the Securities Depository, an Agent Member or other securities intermediary on the records of such Securities Depository, Agent
Member or securities intermediary, as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Designated
Owner Term Extension Request</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(a)(ii)(A)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Dividend
Default</U>&rdquo; shall have the meaning as set forth in <U>Section 2.2(g)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Dividend
Payment Date</U>&rdquo; means, with respect to any Series, the first Business Day of each calendar month that any shares of such
Series are outstanding; <U>provided</U>, <U>however</U>, that with respect to any Series for which the first Dividend Period,
as specified in the Appendix relating to such Series, is longer than one month, the first Dividend Payment Date for such Series
shall be the first Business Day of the calendar month immediately following the end of such Dividend Period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Dividend
Period</U>&rdquo; means, with respect to any Series, the Dividend Period for such Series set forth in the Appendix for such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Dividend
Rate</U>&rdquo; means, with respect to any Rate Period for a Series of RVMTP Shares and subject to the adjustment described in
<U>Section 2.11(a)</U>, the greater of (i) the sum of the Index Rate for such Rate Period <U>plus</U> the Applicable Spread for
such Rate Period <U>plus</U> the Failed Remarketing Spread (if applicable) and (ii) the sum of (a) the product of the Index Rate
for such Rate Period <U>multiplied by</U> the Applicable Multiplier for such Rate Period <U>plus</U> (b) 0.92% <U>plus</U> (c)
the Failed Remarketing Spread (if applicable); <U>provided</U>, <U>however</U>, that with respect to any Increased Rate Period,
the Dividend Rate shall mean the Increased Rate for such Increased Rate Period; and <U>provided further</U> that the Dividend
Rate for any Rate Period shall in no event exceed the Maximum Rate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Early
Term Redemption Date</U>&rdquo; means, with respect to any Series, the date specified as the Early Term Redemption Date (if any)
in the Appendix for such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: center"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Effective
Leverage Ratio</U>&rdquo; shall have the meaning as set forth in <U>Section 2.4(d)</U>. &ldquo;<U>Effective Leverage Ratio Cure
Date</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(b)(ii)(A).</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Electronic
Means</U>&rdquo; means email transmission, facsimile transmission or other similar electronic means of communication providing
evidence of transmission (but excluding online communications systems covered by a separate agreement) acceptable to the sending
party and the receiving party, in any case if operative as between any two parties, or, if not operative, by telephone (promptly
confirmed by any other method set forth in this definition), which, in the case of notices to the Calculation and Paying Agent
and the Custodian, shall be sent by such means to each of its representatives set forth in the Calculation and Paying Agent Agreement
and the Custodian Agreement, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Exchange
Act</U>&rdquo; means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Failed
Early Term Redemption Date Remarketing</U>&rdquo; shall have the meaning set forth in <U>Section 2.5(c)(i)</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Failed
Special Terms Period Remarketing</U>&rdquo; shall have the meaning set forth in <U>Section 2.5(c)(ii)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Failed
Remarketing Spread</U>&rdquo; means (a) in the case of a Failed Special Terms Period Remarketing, (i) for so long as two or more
Failed Special Terms Period Remarketings have not occurred, 0.05%, and (ii) following the second occurrence of a Failed Special
Terms Period Remarketing, 0.10% multiplied by the number of Failed Special Terms Period Remarketings that have occurred after
the first Failed Special Terms Period Remarketing, and (b) in the case of a Failed Early Term Redemption Date Remarketing: (i)
0.75% for the first 59 days following the applicable Early Term Redemption Date, (ii) 1.00% for the 60th to the 89th day following
such Early Term Redemption Date, (iii) 1.25% for the 90th to the 119th day following such Early Term Redemption Date, (iv) 1.50%
for the 120th to the 149th day following such Early Term Redemption Date, and (v) 1.75% for the 150th day following such Early
Term Redemption Date to the date of the associated mandatory redemption of the RVMTP Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Fitch</U>&ldquo;
means Fitch Ratings, a part of the Fitch Group, and any successor or successors thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Fund</U>&ldquo;
shall have the meaning as set forth in the Preamble to this Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Holder</U>&ldquo;
means, with respect to the RVMTP Shares of any Series or any other security issued by the Fund, a Person in whose name such security
is registered in the registration books of the Fund maintained by the Calculation and Paying Agent or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: center"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Holder
Term Extension Request</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(a)(iii).</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Increased
Rate</U>&rdquo; means, with respect to any Increased Rate Period for a Series of RVMTP Shares, the Index Rate for such Increased
Rate Period plus an Applicable Spread of 5.92%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Increased
Rate Period</U>&rdquo; shall have the meaning as set forth in <U>Section 2.2(g)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Index
Rate</U>&rdquo; means, with respect to any Rate Period for a Series of RVMTP Shares, the SIFMA Municipal Swap Index made available
by 3:00 p.m., New York City time, as determined on the Rate Determination Date relating to such Rate Period or, except as otherwise
provided in the definition of &ldquo;SIFMA Municipal Swap Index&rdquo; if such index is not made available by 5:00 p.m., New York
City time, on such date, the SIFMA Municipal Swap Index as determined on the previous Rate Determination Date; provided, however,
if the SIFMA Municipal Swap Index is less than zero (0), the SIFMA Municipal Swap Index will be deemed to be zero (0) for purposes
of the determination of the &ldquo;Index Rate&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Initial
Rate Period</U>&rdquo; means, with respect to the RVMTP Shares of any Series, the period commencing on and including the Date of
Original Issuance thereof and ending on, and including, the next succeeding calendar day that is a Wednesday (or if such Wednesday
is not a Business Day, the next succeeding Business Day).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Liquidation
Preference</U>&rdquo; means, with respect to any Series, the amount specified as the liquidation preference per share for that
Series in the Appendix for such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Liquidity
Account Initial Date</U>&rdquo; means, with respect to any Series, the date designated as the Liquidity Account Initial Date in
the Appendix for such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Liquidity
Account Investments</U>&rdquo; means Deposit Securities or any other security or investment owned by the Fund that is rated not
less than A3 by Moody&rsquo;s, A- by Standard &amp; Poor&rsquo;s, A- by Fitch or an equivalent rating by any other NRSRO (or any such rating&rsquo;s
future equivalent) or if not rated, determined by the Adviser to be of comparable quality.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Liquidity
Requirement</U>&rdquo; shall have the meaning as set forth in <U>Section 2.12(b)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Mandatory
1940 Act Asset Coverage Redemption Price</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(b)(i)(A)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Mandatory
Tender</U>&rdquo; means, in connection with a Remarketing, the required tender of all RVMTP Shares of a particular Series (except
to the extent affirmatively retained by any applicable Holder of RVMTP Shares of such Series pursuant to <U>Section 2.5(a)(iv)</U>)
to the Remarketing Settlement Agent for purchase on the applicable Mandatory Tender Date</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Mandatory
Tender Date</U>&rdquo; shall have the meaning as set forth in <U>Section 2.5(a)(iii)(C).</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><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: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Mandatory
Tender Event</U>&rdquo; shall have the meaning as set forth in <U>Section 2.5(a)(i)(C).</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Mandatory
Tender Redemption Date</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(a)(iv)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Mandatory
Tender Redemption Price</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(a)(iv)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Market
Value</U>&rdquo; of any asset of the Fund means, for securities for which market quotations are readily available, the market value
thereof determined on the basis of official closing prices or the last reported sales prices on the valuation date, or if no sales
are reported on the valuation date, based on quotes obtained from established market makers or prices (including evaluated prices)
supplied by the Fund&rsquo;s approved pricing services, quotation reporting systems and other third-party sources. Investments for which
market quotes or market based valuations are not readily available are valued at fair value as determined in good faith by the
Board of Trustees or persons acting at their direction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Maximum
Rate</U>&rdquo; means 15% per annum.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><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: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Moody&rsquo;s</U>&ldquo;
means Moody&rsquo;s Investors Service, Inc. and any successor or successors thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Municipal
Securities</U>&rdquo; means municipal securities as described under the heading &ldquo;Portfolio Contents&rdquo; in the prospectus
or other offering document for a Series of RVMTP Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>No
Adverse Effect Opinion</U>&rdquo; means an opinion of independent counsel nationally recognized for having expertise in the taxation
of regulated investment companies to the effect that the requested action, if undertaken, will not have an adverse effect on any
of the opinions of counsel delivered in connection with the issuance of the RVMTP Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Notice
of Mandatory Tender</U>&rdquo; shall have the meaning set forth in <U>Section 2.5(a)(ii)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><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: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Notice
of Redemption</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(d)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><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: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Notice
of Special Terms Period</U>&rdquo; shall have the meaning as set forth in <U>Section 2.2(h)(iii).</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Notice
of Taxable Allocation</U>&rdquo; shall have the meaning as set forth in <U>Section 2.11(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>NRSRO</U>&ldquo;
means (a) each of Fitch, Moody&rsquo;s and Standard &amp; Poor&rsquo;s so long as such Person is a nationally recognized statistical rating
organization within the meaning of Section 3(a)(62) of the Exchange Act and (b) any other nationally recognized statistical rating
organization within the meaning of Section 3(a)(62) of the Exchange Act that is not an &ldquo;affiliated person&rdquo; (as defined
in Section 2(a)(3) of the 1940 Act) of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Optional
Redemption Date</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(c)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Optional
Redemption Premium</U>&rdquo; means, with respect to any Series, the premium payable by the Fund upon the redemption of RVMTP Shares
of such Series at the option of the Fund, as set forth in the Appendix for such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Optional
Redemption Price</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(c)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Other
Rating Agency</U>&rdquo; means each Rating Agency, if any, other than Fitch, Standard &amp; Poor&rsquo;s, or Moody&rsquo;s then providing a
rating for the RVMTP Shares pursuant to the request of the Fund and with the consent of the Holders of a majority of the RVMTP
Shares, which shall not be unreasonably withheld by such Holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Outstanding</U>&ldquo;
means, as of any date with respect to RVMTP Shares of any Series, the number of RVMTP Shares of such Series theretofore issued
by the Fund except (without duplication):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any RVMTP Shares of such Series theretofore exchanged,
cancelled, retired or redeemed or delivered to the Calculation and Paying Agent for cancellation or redemption in accordance with
the terms hereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any RVMTP Shares of such Series as to which the
Fund shall has given a Notice of Redemption and irrevocably deposited with the Calculation and Paying Agent sufficient Deposit
Securities to redeem such shares in accordance with <U>Section 2.6</U> hereof; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 0.5in; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any RVMTP Shares of such Series as to which the
Fund is the Holder or the Designated Owner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Person</U>&ldquo;
means and includes an individual, a partnership, a trust, a corporation, a limited liability company, an unincorporated association,
a joint venture or other entity or a government or any agency or political subdivision thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>PIMCO
Person</U>&rdquo; means the Adviser or any affiliated person (as defined in Section 2(a)(3) of the 1940 Act) of the Adviser (other
than the Fund, in the case of a redemption or purchase </FONT>of the RVMTP Shares which are to be cancelled within ten (10) calendar
days of purchase by the Fund).</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Preferred
Shares</U>&rdquo; means the authorized preferred shares of beneficial interest of the Fund, including RVMTP Shares of each Series,
Auction Preferred Shares, shares of any other series of preferred shares of beneficial interest now or hereafter issued by the
Fund, and any other shares of beneficial interest hereafter authorized and issued by the Fund of a class having priority over
another class as to distribution of assets or payments of dividends.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Pro
Rata Allocation</U>&rdquo; shall have the meaning set forth in <U>Section 2.6(b)(i)(A)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Purchase
Agreement</U>&rdquo; means (i) with respect to the initial Series of RVMTP Shares issued pursuant to this Statement, the Purchase
Agreement to be dated as of September 18, 2018 between the Fund and the Purchaser, in any case, as such agreement may be amended,
restated, or modified from time to time, including, without limitation, the amendment and restatement of such Purchase Agreement
dated as of July 14, 2021 and (ii) with respect to any subsequent Series of RVMTP Shares issued pursuant to this Statement, the
purchase agreement or other similar agreement for the RVMTP Shares of such Series (if any) specified in the Appendix for such
Series, in any case, as such agreement may be amended, restated, or modified from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Purchaser</U>&ldquo;
means, Wells Fargo Municipal Capital Strategies, LLC, a wholly-owned subsidiary of Wells Fargo &amp; Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rate
Determination Date</U>&rdquo; means, with respect to the Initial Rate Period for any Series of RVMTP Shares, the calendar day immediately
preceding the Date of Original Issuance of such Series, and with respect to any Subsequent Rate Period for any Series of RVMTP
Shares, the last calendar day of the immediately preceding Rate Period for such Series or, if such calendar day is not a Business
Day, the next succeeding Business Day; <U>provided</U>, <U>however</U>, that the next succeeding Rate Determination Date will
be determined without regard to any prior extension of a Rate Determination Date to a Business Day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rate
Period</U>&rdquo; means, with respect to any Series of RVMTP Shares, the Initial Rate Period and any Subsequent Rate Period of
the RVMTP Shares of such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rating
Agency</U>&rdquo; means, as of any date and in respect of a Series of RVMTP Shares, (i)&nbsp;&nbsp; any of Fitch, Moody&rsquo;s, or
Standard &amp; Poor&rsquo;s, to the extent it maintains a rating on the RVMTP Shares of such Series on such date and has not been
replaced as a Rating Agency in accordance with <U>Section 2.8</U> and (ii) any Other Rating Agency designated as a Rating
Agency on such date in accordance with <U>Section 2.8</U>. In the event that at any time any Rating Agency (i) ceases to be a
Rating Agency for purposes of any Series of RVMTP Shares and such Rating Agency has been replaced by an Other Rating Agency
in accordance with <U>Section 2.8</U>, any references to any credit rating of the replaced Rating Agency in this Statement or
any Appendix shall be deleted for purposes hereof as provided below and shall be deemed instead to be references to the
equivalent </FONT>credit rating of the Other Rating Agency that has replaced such Rating Agency as of the most recent date on
which such replacement Other Rating Agency published credit ratings for such Series of RVMTP Shares or (ii) designates a new
rating definition for any credit rating of such Rating Agency with a corresponding replacement rating definition for such
credit rating of such Rating Agency, any references to such replaced rating definition of such Rating Agency contained in
this Statement or any Appendix shall instead be deemed to be references to such corresponding replacement rating definition.
In the event that at any time the designation of any Rating Agency as a Rating Agency for purposes of any Series of RVMTP
Shares is terminated in accordance with <U>Section 2.8</U>, any rating of such terminated Rating Agency, to the extent it
would have been taken into account in any of the provisions of this Statement or the Appendix for such Series, shall be
disregarded, and only the ratings of the then-designated Rating Agencies for such Series shall be taken into account for
purposes of this Statement and such Appendix.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Rating
Agency Guidelines</U>&rdquo; means the guidelines of any Rating Agency, as they may be modified from time to time, compliance with
which is required to cause such Rating Agency to continue to issue a rating with respect to a Series of RVMTP Shares for so long
as such Series is Outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Ratings
Event</U>&rdquo; shall have the meaning set forth in <U>Section 2.2(g)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Redesignation
Date</U>&rdquo; shall be the date specified as the Redesignation Date for such Series in the Appendix for such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Redemption
Date</U>&rdquo; means, with respect to a redemption pursuant to <U>Section 2.6(a)(i), (b) or (c)</U>, the date fixed for redemption
as stated in the Notice of Redemption with respect to such redemption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Redemption
Default</U>&rdquo; shall have the meaning as set forth in <U>Section 2.2(g)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Redemption
Price</U>&rdquo; shall mean the Term Redemption Price, the Mandatory 1940 Act Asset Coverage Redemption Price, the Mandatory Tender
Redemption Price, or the Optional Redemption Price, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Remarketing</U>&ldquo;
means the offering of RVMTP Shares for resale as described in <U>Section 2.5(b)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Remarketing
Purchase Price</U>&rdquo; means, with respect to the RVMTP Shares subject to a Remarketing, a price per share equal to the Liquidation
Preference per share plus an amount equal to all unpaid dividends and other distributions on such RVMTP Shares accumulated from
and including the Date of Original Issuance of such RVMTP Shares to (but excluding) the Mandatory Tender Date for such RVMTP Shares
(whether or not earned or declared by the Fund, but excluding interest thereon).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>Remarketing
Settlement Agent</U>&rdquo; means the entity appointed as such by the Fund with respect to a Remarketing of any Series of the RVMTP
Shares and any additional or successor entities appointed by the Fund pursuant to a Remarketing Settlement Agent Agreement with
the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Remarketing
Settlement Agent Agreement</U>&rdquo; means the Remarketing Settlement Agent Agreement, if any, with respect to the RVMTP Shares,
between the Fund and the Remarketing Settlement Agent and any other party thereto, as amended, modified or supplemented from time
to time, or any similar agreement with a successor Remarketing Settlement Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>RVMTP</U>&ldquo;
shall have the meaning as set forth in the Recitals of this Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><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: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>RVMTP
Shares</U>&rdquo; shall have the meaning as set forth in the Recitals of this Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><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: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>RVMTP
Shares of a Series</U>&rdquo; shall have the meaning as set forth in the Recitals of this Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Securities
Act</U>&rdquo; means the U.S. Securities Act of 1933, as amended, and the rules and regulations thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Securities
Depository</U>&rdquo; shall mean The Depository Trust Company and its successors and assigns or any other securities depository
selected by the Fund that agrees to follow the procedures required to be followed by such securities depository as set forth in
this Statement with respect to the RVMTP Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Series</U>&ldquo;
and &ldquo;<U>Series of RVMTP Shares</U>&rdquo; shall have the meanings as set forth in the Recitals of this Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>SIFMA
Municipal Swap Index</U>&rdquo; means the Securities Industry and Financial Markets Association Municipal Swap Index, or such other
weekly, high-grade index comprised of seven-day, tax-exempt variable rate demand notes produced by Municipal Market Data, Inc.
or its successor, or as otherwise designated by the Securities Industry and Financial Markets Association; <U>provided</U>, <U>however</U>,
that if such index is no longer produced by Municipal Market Data, Inc. or its successor, then SIFMA Municipal Swap Index shall
mean (i) the S&amp;P Municipal Bond 7 Day High Grade Rate Index produced by Standard &amp; Poor&rsquo;s Financial Services LLC
or its successors or (ii) if the S&amp;P Municipal Bond 7 Day High Grade Rate Index is no longer produced, such other reasonably
comparable index selected in good faith by the Board of Trustees of the Fund and consented to in writing by Holders of greater
than 50% of RVMTP Shares, which shall not be unreasonably withheld by such Holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Special
Terms Period</U>&rdquo; shall have the meaning as set forth in <U>Section 2.2(h)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><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: 0pt 0; text-align: center"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<U>Standard
&amp; Poor&rsquo;s</U>&rdquo; means Standard &amp; Poor&rsquo;s Ratings Services, a Standard &amp; Poor&rsquo;s Financial Services LLC business,
and any successor or successors thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Statement</U>&ldquo;
means this Amended and Restated Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable Rate MuniFund
Term Preferred Shares, as it may be amended from time to time in accordance with its terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Subsequent
Rate Period</U>&rdquo; means, with respect to any Series of RVMTP Shares, the period consisting of seven calendar days, but adjusted
in each case to reflect any changes when the regular calendar day that is a Rate Determination Date is not a Business Day, from,
and including, the first calendar day following the Initial Rate Period of such Series to, and including, the next Rate Determination
Date for such Series and any period thereafter from, and including, the first calendar day following a Rate Determination Date
for shares of such Series to, and including, the next succeeding Rate Determination Date for shares of such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Tax
Event</U>&rdquo; shall have the meaning as set forth in <U>Section 2.2(g)(i)(E)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Taxable
Allocation</U>&rdquo; means, with respect to any Series, the characterization of all or a portion of any dividend paid in respect
of such Series as net capital gains or other income taxable for regular federal individual income tax purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Term
Redemption Amount</U>&rdquo; shall have the meaning as set forth in <U>Section 2.12(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Term
Redemption Date</U>&rdquo; means, with respect to any Series, the date specified as the Term Redemption Date in the Appendix for
such Series, as such date may be extended in accordance with <U>Section 2.6(a)</U> or as may otherwise be agreed in writing by
the Fund and the Holders of 100% of the Outstanding RVMTP Shares of such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Term
Redemption Liquidity Account</U>&rdquo; shall have the meaning as set forth in <U>Section 2.12(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Term
Redemption Price</U>&rdquo; shall have the meaning as set forth in <U>Section 2.6(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>U.S.
Government Obligations</U>&rdquo; means direct obligations of the United States or of its agencies or instrumentalities that are
entitled to the full faith and credit of the United States and that, other than United States Treasury Bills, provide for the
periodic payment of interest and the full payment of principal at maturity or call for redemption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<U>Voting
Period</U>&rdquo; shall have the meaning as set forth in <U>Section 2.7(b)(i)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to any Series, any additional definitions specifically set forth in the Appendix relating to such Series and any amendments
to any definitions specifically set forth in the Appendix relating to such Series, as such Appendix may be amended from time to
time, shall be incorporated herein and made part hereof by reference thereto, but only with respect to such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Interpretation</U>. The headings preceding
the text of Sections included in this Statement are for convenience only and shall not be deemed part of this Statement or be
given any effect in interpreting this Statement. The use of the masculine, feminine or neuter gender or the singular or plural
form of words herein shall not limit any provision of this Statement. The use of the terms &ldquo;including&rdquo; or &ldquo;include&rdquo;
shall in all cases herein mean &ldquo;including, without limitation&rdquo; or &ldquo;include, without limitation,&rdquo; respectively.
Reference to any Person includes such Person&rsquo;s successors and assigns to the extent such successors and assigns are permitted
by the terms of any applicable agreement, and reference to a Person in a particular capacity excludes such Person in any other
capacity or individually. Reference to any agreement (including this Statement), document or instrument means such agreement,
document or instrument as amended or modified and in effect from time to time in accordance with the terms thereof and, if applicable,
the terms hereof. Except as otherwise expressly set forth herein, reference to any law means such law as amended, modified, codified,
replaced or re-enacted, in whole or in part, including rules, regulations, enforcement procedures and any interpretations promulgated
thereunder. Underscored references to Sections shall refer to those portions of this Statement. The use of the terms &ldquo;hereunder,&rdquo;
&ldquo;hereof,&rdquo; &ldquo;hereto&rdquo; and words of similar import shall refer to this Statement as a whole and not to any particular
Article, Section or clause of this Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise provided, defined terms used in this Statement apply only to the RVMTP Shares and defined terms used in the Auction
Preferred Statement apply only to the Auction Preferred Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Liability of Officers, Trustees and Shareholders</U>.
A copy of the Declaration is on file with the Secretary of the Commonwealth of Massachusetts, and notice hereby is given that
this Statement is executed on behalf of the Fund by an officer of the Fund in his or her capacity as an officer of the Fund and
not individually and that the obligations of the Fund under or arising out of this Statement are not binding upon any of the trustees,
officers or shareholders individually but are binding only upon the assets and properties of the Fund. All persons extending credit
to, contracting with or having a claim against the Fund must look solely to the Fund&rsquo;s assets and property for the enforcement
of any claims against the Fund as none of the Fund&rsquo;s officers, agents or shareholders, whether past, present or future, assume
any personal liability for obligations entered on behalf of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TERMS
APPLICABLE TO ALL SERIES OF</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>REMARKETABLE
VARIABLE RATE MUNIFUND TERM PREFERRED SHARES</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Except
for such changes and amendments hereto with respect to a Series of RVMTP Shares that are specifically contemplated by the Appendix
relating to such Series, each Series of RVMTP Shares subject to this Statement shall have the following terms:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #010000">2.1</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Number
of Shares; Ranking</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The number of authorized shares constituting
any Series of RVMTP Shares shall be as set forth with respect to such Series in the Appendix hereto relating to such Series. No
fractional RVMTP Shares shall be issued.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The RVMTP Shares of each Series shall rank on
a parity with RVMTP Shares of each other Series and with shares of any other series of Preferred Shares (including any Auction
Preferred Shares) as to the payment of dividends and the distribution of assets upon dissolution, liquidation or winding up of
the affairs of the Fund. The RVMTP Shares of each Series shall have preference with respect to the payment of dividends and as
to distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund over the Common Shares as set
forth herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Holder of RVMTP Shares shall have, solely
by reason of being such a Holder, any pre-emptive or other right to acquire, purchase or subscribe for any RVMTP Shares or Common
Shares or other securities of the Fund which it may hereafter issue or sell.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.2</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividends
and Distributions</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Holders of RVMTP Shares of any Series shall
be entitled to receive, when, as and if declared by, or under authority granted by, the Board of Trustees, out of funds legally
available therefor in accordance with the Declaration, this Statement, and applicable law, and in preference to dividends and
other distributions on Common Shares, cumulative cash dividends and other distributions on each share of such Series at the Dividend
Rate for such Series, calculated as set forth herein, and no more. Dividends and other distributions on the RVMTP Shares of any
Series shall accumulate from the Date of Original Issuance with respect to such Series. The amount of dividends per share payable
on RVMTP Shares of a Series on any Dividend Payment Date shall equal the sum of the dividends accumulated but not yet paid for
each Rate Period (or part thereof) in the related Dividend Period. The amount of dividends per share of a Series accumulated for
each such Rate Period (or part thereof) shall be computed by (i) multiplying the Dividend Rate in effect for RVMTP Shares of such
Series for such Rate Period (or part thereof) by a fraction, the numerator of which shall be the actual number of calendar days
in such Rate Period (or part thereof) and the denominator of which shall be the actual number of calendar days in the year in
which such Rate Period (or such part thereof) occurs (365 or 366)&nbsp;&nbsp; and (ii) multiplying the product determined pursuant
to clause (i) by the Liquidation Preference for a share of such Series.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends on RVMTP Shares of each Series with
respect to any Dividend Period shall be declared to the Holders of such shares as their names shall appear on the registration
books of the Fund at the close of business on each calendar day in such Dividend Period and shall be paid as provided in <U>Section
2.2(f)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><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: 0pt 0; text-align: center"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No full dividends or other distributions
shall be declared or paid on shares of a Series of RVMTP Shares for any Dividend Period or part thereof unless full cumulative
dividends and other distributions due through the most recent dividend payment dates therefor for all outstanding Preferred Shares
(including shares of other Series of RVMTP Shares and the Auction Preferred Shares) ranking on a parity with such Series of RVMTP
Shares have been or contemporaneously are declared and paid through the most recent dividend payment dates therefor. If full cumulative
dividends or other distributions due have not been declared and paid on all such outstanding Preferred Shares of any series, any
dividends and other distributions being declared and paid on RVMTP Shares of a Series will be declared and paid as nearly pro
rata as possible in proportion to the respective amounts of dividends and other distributions accumulated but unpaid on the shares
of each such series of Preferred Shares (including, without limitation, the Auction Preferred Shares) on the relevant dividend
payment date for such series. Subject to <U>Section 2.11</U> hereof and Section 2.3 of the Purchase Agreement, no Holders of RVMTP
Shares shall be entitled to any dividends or other distributions, whether payable in cash, property or shares, in excess of full
cumulative dividends and other distributions as provided in this <U>Section 2.2(c)(i)</U> on such RVMTP Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
so long as any RVMTP Shares are Outstanding, the Fund shall not: (x) declare or pay any dividend or other distribution (other
than a dividend or distribution paid in Common Shares) in respect of the Common Shares, (y)&nbsp;&nbsp; call for redemption,
redeem, purchase or otherwise acquire for consideration any Common Shares, or (z) pay any proceeds of the liquidation of the
Fund in respect of the Common Shares, unless, in each case, (A) immediately thereafter, the Fund shall have 1940 Act Asset
Coverage, in each case after deducting the amount of such dividend or distribution or redemption or purchase price or
liquidation proceeds, (B) all cumulative dividends and other distributions on all RVMTP Shares and all other series of
Preferred Shares ranking on a parity with the RVMTP Shares (including the Auction Preferred Shares) due on or prior to the
date the applicable dividend, distribution, redemption, purchase or acquisition shall have been declared and paid (or shall
have been declared and Deposit Securities (in the case of the RVMTP Shares) or other sufficient securities or funds (in the
case of other Preferred Shares, as applicable) for the payment thereof shall have been deposited irrevocably with the paying
agent for such Preferred Shares) and (C) the Fund shall have deposited Deposit Securities pursuant to and in accordance with
the requirements of <U>Section 2.6(d)(ii) </U>hereof with respect to Outstanding RVMTP Shares of any Series to be
redeemed pursuant to <U>Section 2.6(a)</U> or <U>Section 2.6(b)</U> hereof for which a Notice of Redemption shall have been
given or shall have been required to be given in accordance with the terms hereof on or prior to the date of the applicable
dividend, distribution, redemption, purchase or acquisition. For the avoidance of doubt, Section 11.2(d) of the Auction
Preferred Statement contains additional provisions that restrict the declaration and payment of dividends and other
distributions with respect to Common Shares and parity shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><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: 0pt 0 0pt 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any dividend payment made on RVMTP Shares of
a Series shall first be credited against the dividends and other distributions accumulated with respect to the earliest Dividend
Period for such Series for which dividends and distributions have not been paid.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not later than 12:00 noon, New York City time,
on the Dividend Payment Date for a Series of RVMTP Shares, the Fund shall deposit with the Calculation and Paying Agent Deposit
Securities having an aggregate Market Value on such date sufficient to pay the dividends and other distributions, if any, that
are payable on such Dividend Payment Date in respect of such Series. The Fund may direct the Calculation and Paying Agent with
respect to the investment or reinvestment of any such Deposit Securities so deposited prior to the Dividend Payment Date, provided
that such investment consists exclusively of Deposit Securities and provided further that the proceeds of any such investment
will be available as same-day funds at the opening of business on such Dividend Payment Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All Deposit Securities deposited with the Calculation
and Paying Agent for the payment of dividends payable on a Series of RVMTP Shares shall be held in trust for the payment of such
dividends by the Calculation and Paying Agent for the benefit of the Holders of such Series entitled to the payment of such dividends
pursuant to <U>Section 2.2(f)</U>. Any moneys paid to the Calculation and Paying Agent in accordance with the foregoing but not
applied by the Calculation and Paying Agent to the payment of dividends, including interest earned on such moneys while so held,
will, to the extent permitted by law, be repaid to the Fund as soon as possible after the date on which such moneys were to have
been so applied, upon request of the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends and any distributions made pursuant
to <U>Section 2.11(a)</U> on RVMTP Shares of a Series shall be paid on each Dividend Payment Date for such Series, out of funds
legally available therefor under applicable law, when, as and if declared by the Board of Trustees, or under authority granted
by, and pursuant to <U>Section 2.2(a)</U> hereof, to the Holders of shares of such Series as their names appear on the registration
books of the Fund at the close of business on the calendar day immediately preceding such Dividend Payment Date (or if such calendar
day is not a Business Day, the next preceding Business Day). Dividends and any distributions made pursuant to <U>Section 2.11(a)
</U>in arrears on RVMTP Shares of a Series for any past Dividend Period may be declared and paid at any time, without reference
to any regular Dividend Payment Date, to the Holders of shares of such Series as their names appear on the registration books
of the Fund on such date, not exceeding fifteen (15) calendar days preceding the payment date thereof, as may be fixed by the
Board of Trustees. No interest or sum of money in lieu of interest will be payable in respect of any dividend payment or payments
or other distributions on RVMTP Shares of any Series which may be in arrears.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividend
Increased Rate</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Dividend Rate on a Series of RVMTP Shares
shall be adjusted to the Increased Rate for each Increased Rate Period (as hereinafter defined). Subject to the cure provisions
of Section 2.2(g)(iii), a Rate Period with respect to a Series of RVMTP Shares shall be deemed to be an &ldquo;Increased Rate Period&rdquo;
if on the first calendar day of such Rate Period, (A) the Fund has failed to deposit with the Calculation and Paying Agent by
12:00 noon, New York City time, on a Dividend Payment Date for such Series, Deposit Securities that will provide funds available
to the Calculation and Paying Agent on such Dividend Payment Date sufficient to pay the full amount of any dividend on such Series
payable on such Dividend Payment Date (a &ldquo;Dividend Default&rdquo;) and such Dividend Default has not ended as contemplated
by Section 2.2(g)(ii); (B) the Fund has failed to deposit with the Calculation and Paying Agent by 12:00 noon, New York City time,
on an applicable Redemption Date for such Series, Deposit Securities that will provide funds available to the Calculation and
Paying Agent on such Redemption Date sufficient to pay the full amount of the Redemption Price payable in respect of such Series
on such Redemption Date (a &ldquo;Redemption Default&rdquo;) and such Redemption Default has not ended as contemplated by Section
2.2(g)(ii); (C) any Rating Agency has withdrawn the credit rating required to be maintained with respect to such Series pursuant
to Section 2.8 other than due to the Rating Agency ceasing to rate tax-exempt closed-end management investment companies generally
and such withdrawal is continuing; (D) a Ratings Event (as defined below) has occurred and is continuing with respect to such
Series; or (E) (i) a court or other applicable governmental authority has made a final determination that for U.S. federal income
tax purposes the RVMTP Shares do not qualify as equity in the Fund and such determination has not been repealed, revoked or rescinded
and (ii)&nbsp;&nbsp; such determination results from an act or failure to act on the part of the Fund (a &ldquo;Tax Event&rdquo;).
A &ldquo;Ratings Event&rdquo; shall be deemed to exist with respect to any Series of RVMTP Shares at any time such RVMTP Shares
have a long-term credit rating from at least one-half of the Rating Agencies designated at such time that is Below Investment
Grade. For the avoidance of doubt, no determination by any court or other applicable governmental authority that requires the
Fund to make an Additional Amount Payment in respect of a Taxable Allocation shall be deemed to be a Tax Event hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><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: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the cure provisions of <U>Section 2.2(g)(iii)</U>, a Dividend Default or a Redemption Default on a Series of RVMTP Shares
shall end on the Business Day on which, by 12:00 noon, New York City time, an amount </FONT>equal to all accumulated but
unpaid dividends on such Series and any unpaid Redemption Price on such Series shall have been deposited irrevocably in trust
in same-day funds with the Calculation and Paying Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><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: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No Increased Rate Period for a Series of RVMTP
Shares with respect to any Dividend Default or Redemption Default on such Series shall be deemed to have commenced if the amount
of any dividend or any Redemption Price due in respect of such Series (if such Default is not solely due to the willful failure
of the Fund) is deposited irrevocably in trust, in same-day funds, with the Calculation and Paying Agent by 12:00 noon, New York
City time, on a Business Day that is not later than three (3) Business Days after the applicable Dividend Payment Date or Redemption
Date for such Series with respect to which such Default occurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Designation
of Special Terms Period.</FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Right
to Declare a Special Terms Period</U>. The Fund, acting in its sole and absolute discretion but otherwise subject to the
terms of this Statement, may designate a &ldquo;<U>Special Terms Period</U>&rdquo; with respect any Series of RVMTP Shares
(which, for the avoidance of doubt, shall apply to all RVMTP Shares of such Series), during which period, such terms may
differ from those provided in this Statement and may include, without limitation, changes to the Dividend Rate, Dividend
Payment Dates, redemption provisions (including, without limitation, the Term Redemption Date or the Early Term Redemption
Date), required Effective Leverage Ratio, and Additional Amount Payment provisions; provided that such special terms shall
not, in any event, affect the parity ranking of such Series of RVMTP Shares relative to any other Series of RVMTP Shares, the
Auction Preferred Shares or any other series of Preferred Shares of the Fund then outstanding as to the payment of dividends
and the distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund. The effectiveness of
any change to the terms of the RVMTP Shares pursuant to the exercise by the Fund of its option to designate a Special Terms
Period with respect to any Series of RVMTP Shares shall be subject to the filing of an amendment to the terms of such RVMTP
Shares that has been approved by the Board of Trustees and approved by 100% of the Holders of the affected Series of RVMTP
Shares in the manner set forth in <U>Section 2.7(a)</U>. For the avoidance of doubt, (A) the terms of any such Special Terms
Period that may be designated pursuant to the foregoing sentence shall amend and/or replace the applicable provisions of this
Statement (and/or the relevant Appendix for the affected Series) that are in effect at the time such Special Terms Period is
declared and (B) subject to <U>Section 2.5(a)</U>, the terms of the Statement that were in effect at the most recent time
during which no Special Terms Period was in effect will automatically continue to be in effect immediately following the end
of a Special Terms Period unless a subsequent Special Terms Period has been declared that will take effect immediately
following the prior 20 Special Terms Period, if the Holders of the RVMTP Shares have made an election to retain the RVMTP
Shares with respect to the Mandatory Tender Date corresponding to the final date of such Special Terms Period and/or the
RVMTP Shares of any Holders that have not made such election, if any, are Remarketed pursuant to <U>Section
2.5(b)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Length of and Preconditions for Special Terms
Period</U>. Any Special Terms Period shall commence on a designated Thursday and end on the earlier of a designated Wednesday
or the applicable Redemption Date or Mandatory Tender Redemption Date, as the case may be. A designation of a Special Terms Period
shall be effective only if (1) notice thereof shall have been given to the Holders of the affected Series of RVMTP Shares in accordance
with <U>Section 2.2(h)(ii)<B>Error! Reference source not found.</B></U> and <U>(iii)</U>, (2) full cumulative dividends and any
amounts due with respect to redemptions payable on the affected Series of RVMTP Shares prior to such date have been paid in full,
(3) such designation of a Special Terms Period shall not become effective prior to 12 months subsequent to the Date of Original
Issuance of the affected Series of RVMTP Shares, (4) all of the Outstanding RVMTP Shares of the affected Series shall be subject
to such Special Terms Period, and (5) all of the Outstanding RVMTP Shares of the affected Series that are subject to Remarketing
in connection with the redemption triggered by the declaration of the Special Terms Period are successfully Remarketed (except
to the extent any applicable Holders of such affected Series of RVMTP Shares have affirmatively elected to retain their RVMTP
Shares of such Series for the Special Terms Period). Any failure to satisfy the preconditions to a Special Terms Period shall
result in such Special Terms Period not becoming effective.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notice
of Special Terms Period</U>. If the Fund proposes to designate a Special Terms Period, not less than 20 Business Days (or
such lesser number of days as may be agreed to from time to time by the Holders of the affected Series of RVMTP Shares and
the Remarketing Settlement Agent) nor more than 30 Business Days prior to the date the Fund proposes to designate as the
first day of such Special Terms Period, a notice (a &ldquo;<U>Notice of Special Terms Period</U>&rdquo;) shall be sent by the
Fund or its designee by Electronic Means (or by first-class mail, postage prepaid, where the RVMTP Shares of the affected
Series are in physical form outside the book-entry system of the Securities Depository) to the Holders of the affected Series
of RVMTP Shares, with copies provided by the Fund to the Remarketing Settlement Agent and the Calculation and Paying Agent
via Electronic Means and by the Fund or its designee to the initial Holder of the affected Series of RVMTP Shares in
accordance with the notice provisions in the Purchase Agreement. Each such notice shall state (A) that the Fund has exercised
its option to propose a Special Terms Period with respect to such Series of RVMTP Shares, (B) the Rate Determination Date
immediately prior to the first day of such Special Terms Period, (C) that such Special Terms Period shall not commence
unless the conditions precedent thereto in <U>Section 2.2(h)(ii)</U> are satisfied, (D) a description of the special terms to
be applicable to such Series of RVMTP Shares and (E) the date upon which such Series of RVMTP Shares shall be subject to
Remarketing pursuant to <U>Section 2.</U>5(b)1.5.(b) (except to the extent affirmatively retained by any applicable Holder of
RVMTP Shares of such Series pursuant to <U>Section 2.5(a)(iv)</U>). The Fund may provide in any Notice of Special Terms
Period that such Special Terms Period is subject to one or more additional conditions precedent, in which case the special
terms of such Special Terms Period shall not become effective unless each such additional condition has been satisfied or the
Fund has waived each such condition.</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.3</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidation
Rights</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The RVMTP Shares shall rank on parity with each
other, with shares of any other Series of RVMTP Shares, and with shares of any other class or series of Preferred Shares (including
the Auction Preferred Shares) as to distribution of assets upon dissolution, liquidation, or winding-up of the affairs of the
Fund. In this regard, the provisions of this <U>Section 2.3</U> shall be applied consistently with Section 11.3 of the Auction
Preferred Statement and with all other Preferred Shares such that Holders of the RVMTP Shares and holders of the Auction Preferred
Shares and any other Preferred Shares are treated on parity with one another with respect to any such distribution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of any liquidation, dissolution
or winding up of the affairs of the Fund, whether voluntary or involuntary, the Holders of RVMTP Shares shall be entitled to receive
out of the assets of the Fund available for distribution to shareholders, after satisfying claims of creditors but before any
distribution or payment shall be made in respect of the Common Shares, a liquidation distribution equal to the Liquidation Preference
for such shares, plus an amount equal to all unpaid dividends and other distributions on such shares accumulated to (but excluding)
the date fixed for such distribution or payment on such shares (whether or not earned or declared by the Fund, but without interest
thereon), and such Holders shall be entitled to no further participation in any distribution or payment in connection with any
such liquidation, dissolution or winding up.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If,
upon any liquidation, dissolution or winding up of the affairs of the Fund, whether voluntary or involuntary, the assets of
the Fund available for distribution among the Holders of all Outstanding RVMTP Shares and any other outstanding Preferred
Shares ranking on a parity with the RVMTP Shares (including, without limitation, the Auction Preferred Shares) shall be
insufficient to permit the payment in full to such Holders of the Liquidation Preference of such RVMTP Shares plus
accumulated and unpaid dividends and other distributions on such shares as provided in <U>Section 2.3(b)</U> above and the
amounts due upon liquidation with respect to such other Preferred Shares, then such available assets shall be distributed
among the Holders of such RVMTP Shares and such other Preferred Shares ratably in proportion to the respective preferential
liquidation amounts to which they are entitled. In connection with any liquidation, dissolution or winding up of the affairs
of the Fund, whether voluntary or involuntary, unless and until the Liquidation Preference on each Outstanding RVMTP
Share plus accumulated and unpaid dividends and other distributions on such shares as provided in <U>Section 2.3(b)</U> above
have been paid in full to the Holders of such shares, no dividends, distributions or other payments will be made on, and no
redemption, purchase or other acquisition by the Fund will be made by the Fund in respect of, the Common Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither the sale of all or substantially all
of the property or business of the Fund, nor the merger, consolidation or reorganization of the Fund into or with any other business
or statutory trust, corporation or other entity, nor the merger, consolidation or reorganization of any other business or statutory
trust, corporation or other entity into or with the Fund shall be a dissolution, liquidation or winding up, whether voluntary
or involuntary, for the purpose of this <U>Section 2.3</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.4</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Coverage
&amp; Leverage Tests</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>1940 Act Asset Coverage Requirement</U>. The
Fund shall maintain 1940 Act Asset Coverage as of the close of business on the last Business Day of each month in which any RVMTP
Shares of any Series are Outstanding. If the Fund shall fail to maintain such 1940 Act Asset Coverage as of any time as of which
such compliance is required to be determined as aforesaid, the provisions of <U>Section 2.6(b)(i)</U> shall be applicable, which
provisions to the extent complied with shall constitute the sole remedy for the Fund&rsquo;s failure to comply with the provisions of
this <U>Section 2.4(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Calculation of 1940 Act Asset Coverage</U>.
For purposes of determining whether the requirements of <U>Section 2.4(a)</U> are satisfied, (i) no RVMTP Shares of any Series
or other Preferred Shares shall be deemed to be Outstanding for purposes of any computation required by <U>Section 2.4(a)</U>
if, prior to or concurrently with such determination, sufficient Deposit Securities (in the case of the RVMTP Shares) or other
sufficient securities or funds (in the case of other Preferred Shares, as applicable), in each case in accordance with the terms
of such Series or other Preferred Shares, to pay the full redemption price for such Series or other Preferred Shares (or the portion
thereof to be redeemed) have been deposited in trust with the paying agent for such Series or other Preferred Shares and the requisite
notice of redemption for such Series or other Preferred Shares (or the portion thereof to be redeemed) has been given, and (ii)
the Deposit Securities or other sufficient securities or funds, as applicable that have been deposited with the applicable paying
agent shall not be included as assets of the Fund for purposes of such computation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Effective
Leverage Ratio Requirement</U>. Unless the Fund receives the prior written consent of all Holders, for so long as RVMTP
Shares of any Series are Outstanding, the Effective Leverage Ratio shall not exceed 50% as of the close of business on any
Business Day; <U>provided</U>, <U>however</U>, in the event that the Fund&rsquo;s Effective Leverage Ratio exceeds 50% as of the
close of business on any Business Day solely by reason of fluctuations in the market value of the Fund&rsquo;s portfolio
securities, the Effective Leverage Ratio shall not exceed 51% as of the close of business on such Business Day. If the
Effective Leverage Ratio shall exceed the applicable percentage provided in the preceding sentence as of any time as of which
such compliance is required to be determined as aforesaid, the provisions of <U>Section 2.6(b)(ii)</U> shall be applicable,
which provisions to the extent complied with shall constitute the sole remedy for the Fund&rsquo;s failure to comply with the
provisions of this <U>Section 2.4(c)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Calculation
of Effective Leverage Ratio</U>. For purposes of determining whether the requirements of <U>Section 2.4(c)</U> are satisfied,
the &ldquo;<U>Effective Leverage Ratio</U>&rdquo; on any date shall mean the quotient of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of (A) the aggregate liquidation preference
of the Fund&rsquo;s &ldquo;senior securities&rdquo; (as that term is defined in the 1940 Act) that are stock for purposes of the 1940
Act, excluding, without duplication, (1) any such senior securities for which the Fund has issued a notice of redemption and either
has delivered Deposit Securities or sufficient securities or funds (as applicable in accordance with the terms of such senior
securities) to the paying agent for such senior securities or otherwise has adequate Deposit Securities or sufficient securities
or funds on hand for the purpose of such redemption (as applicable in accordance with the terms of such senior securities) and
(2) any such senior securities that are to be redeemed with net proceeds from the sale of the RVMTP Shares, for which the Fund
has delivered Deposit Securities or sufficient securities or funds (as applicable in accordance with the terms of such senior
securities) to the paying agent for such senior securities or otherwise has adequate Deposit Securities or sufficient securities
or funds on hand (as applicable in accordance with the terms of such senior securities) for the purpose of such redemption; (B)
the aggregate principal amount of the Fund&rsquo;s &ldquo;senior securities representing indebtedness&rdquo; (as that term is defined
in the 1940 Act, giving effect to any interpretations thereof by the Securities and Exchange Commission or its staff); and (C)&nbsp;
the aggregate principal amount of floating rate securities corresponding to any associated residual floating rate securities not
owned by the Fund (less the aggregate principal amount of any such floating rate securities owned by the Fund and corresponding
to the associated residual floating rate securities owned by the Fund); <U>divided by</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><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: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of (A) the Market Value of the Fund&rsquo;s
total assets (including amounts attributable to senior securities, but excluding any assets consisting of Deposit Securities or
funds referred to in clauses (A)(1) and (A)(2) of <U>Section 2.4(d)(i)</U> above), less the amount of the Fund&rsquo;s accrued liabilities
(other than liabilities for the aggregate principal amount of &ldquo;senior securities representing indebtedness&rdquo; (as that
term is defined in the 1940 Act, giving effect to any interpretations thereof by the Securities and Exchange Commission or its
staff), including floating rate securities), and (B) the aggregate principal amount of floating rate securities not owned by the
Fund that correspond to the associated inverse floating rate securities owned by the Fund.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><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: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.5</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mandatory
Tender and Remarketing</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><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: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
RVMTP Shares shall be subject to Mandatory Tender and Remarketing as provided below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><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-indent: 0.5in"> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mandatory Tender of RVMTP Shares.</U></FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subject to the Holders&rsquo; election to retain the RVMTP Shares provided for in <U>Section 0(iv)</U> below, any Series of RVMTP
Shares shall become subject to Mandatory Tender upon the occurrence of:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 1in; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any date that is 20 Business Days prior to each
Early Term Redemption Date of such Series of RVMTP Shares as set forth in clause (i) of the definition thereof in the Appendix
for such Series,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1.25in"><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: 0pt 0 0pt 1in; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any date on which the Fund delivers a Notice of Special Terms Period declaring a Special Terms Period for such Series of RVMTP
Shares pursuant to <U>Section 2.2(h)</U>, or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1.25in"><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: 0pt 0 0pt 1in; text-align: justify; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the date that is 20 Business Days prior to the
last day of any Special Terms Period, provided that no subsequent Special Terms Period has been designated and agreed by the Holder
(each of (A), (B) and (C), a &ldquo;<U>Mandatory Tender Event</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1.25in"><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: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon the occurrence of a Mandatory Tender Event with respect to a Series of RVMTP Shares, the Fund shall issue or cause to be
issued a notice of Mandatory Tender for Remarketing on the Mandatory Tender Date (as defined below) to the Holders of such Series
of RVMTP Shares through the Securities Depository as a communication from the Securities Depository (the &ldquo;<U>Notice of Mandatory
Tender</U>&rdquo;). Such Notice of Mandatory Tender shall specify that such Mandatory Tender is subject to the election of the
Holders of such Series of RVMTP Shares to retain as described in <U>Section 0(iv)</U> of this Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Mandatory Tender Dates corresponding to the Mandatory Tender Events listed in <U>Section 0(i)</U> above are as follows, with
each Mandatory Tender Date subject to the Holders&rsquo; election to retain the RVMTP Shares in <U>Section 0(iv)</U>:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 1in"><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: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in the case of a Mandatory Tender Event described
in <U>Section 2.5(a)(i)(A)</U>, the date that is 180 calendar days following the Early Term Redemption Date related to such Mandatory
Tender Event,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
in the case of a Mandatory Tender Event described in <U>Section 0(i)(B)</U>, the date on which such Special Terms Period becomes
effective pursuant to <U>Section 2.2(h)</U>, and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
in the case of a Mandatory Tender Event described in <U>Section 0(i)(C)</U>, the last day of the related Special Terms Period
(in the case of (A), (B), or (C), such date, the &ldquo;<U>Mandatory Tender Date</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding <U>Section 0(i)</U> above, the Holders of any affected Series of RVMTP Shares may elect to retain such RVMTP Shares
by providing notice of such election to the Fund no later than the 10<SUP>th</SUP> Business Day prior to the Mandatory Tender
Date, in which case the affected RVMTP Shares of the electing Holder shall no longer be subject to Mandatory Tender on the corresponding
Mandatory Tender Date and shall not be Remarketed pursuant to the procedures described in <U>Section 1.5.(b)</U> below; provided,
however, with respect to any Mandatory Tender Event occurring pursuant to <U>Section 0(i)(B)</U>, any such election to retain
shall not be effective unless accompanied or preceded by a consent to all amendments to the terms of the affected Series RVMTP
Shares as required in connection with a designation of a Special Terms Period pursuant to Section 2.2(h)(i) above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Remarketing of RVMTP Shares.</U> The RVMTP Shares subject to Mandatory Tender as provided for in this <U>Section 2.5</U> shall
be Remarketed in accordance with the following procedures:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><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: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Holder of RVMTP Shares subject to Mandatory Tender may enter into trade documentation with a purchaser for the RVMTP Shares
(which, for the avoidance of doubt, shall be with respect to all the RVMTP Shares of such Series) with terms that (A) are
reasonably satisfactory to both the Holder of the RVMTP Shares and such purchaser and (B) provide for the sale of the RVMTP
Shares subject to Mandatory Tender on the Mandatory Tender Date; provided that (1)&nbsp;&nbsp; the Holder of the RVMTP Shares
notifies the Fund in writing of such trade documentation by the Mandatory Tender Date confirming that the trade documentation
satisfies the conditions in this sentence and providing that all RVMTP Shares will be sold thereunder and (2) following the
Remarketing of RVMTP Shares, via execution of such trade documentation, the Fund shall provide, or cause to be provided, a
notice through the Securities Depository cancelling the Mandatory Tender with respect to the RVMTP Shares so Remarketed. At
any time following a Mandatory Tender Event and before the corresponding Mandatory Tender Date, the Fund may designate a
Remarketing Settlement Agent to assist with the Remarketing in accordance with the terms of the Remarketing Settlement Agent
Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><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: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 68pt; text-align: justify; text-indent: 76pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;If all of the RVMTP Shares subject to Mandatory Tender are not Remarketed pursuant to Section 2.5(b)(i) with binding trade documentation
in place by the 5th Business Day preceding the Mandatory Tender Date, then the Fund and its agents shall take the following Remarketing
actions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 68pt; text-align: justify; text-indent: 76pt"><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: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund shall designate a Remarketing Settlement
Agent to assist with the Remarketing in accordance with the terms of the Remarketing Settlement Agent Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any purchaser is identified and has agreed
by the Mandatory Tender Date to purchase all of the RVMTP Shares subject to Mandatory Tender on the Mandatory Tender Date, the
Remarketing Settlement Agent shall (1) give written notice by Electronic Means to the Holders of such RVMTP Shares, with a copy
to the Fund and the Calculation and Paying Agent, that the purchaser has been identified and agreed to purchase such RVMTP Shares
on the Mandatory Tender Date; (2) collect the Remarketing Purchase Price via wire transfer from such purchaser on the Mandatory
Tender Date; (3) wire the Remarketing Purchase Price to the Securities Depository for delivery to the current Holder of the RVMTP
Shares subject to Mandatory Tender on the Mandatory Tender Date; and (4) direct that such RVMTP Shares be delivered to the Remarketing
Settlement Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Remarketing Settlement Agent shall then direct
transfer of the RVMTP Shares subject to Mandatory Tender to the purchaser through the Securities Depository on the Mandatory Tender
Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 84pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the avoidance of doubt, in the event of a successful Remarketing of all RVMTP Shares subject to Mandatory Tender pursuant to <U>Section
2.5(b)</U>, such Mandatory Tender will be cancelled and the Fund shall provide, or cause to be provided, a notice through the
Securities Depository cancelling the Mandatory Tender with respect to the RVMTP Shares so Remarketed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 84pt; 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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Failed
Remarketing and Mandatory Tender</U>. </FONT></P>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With respect to a Mandatory Tender Event described
in <U>Section 2.5(a)(i)(A),</U> if any RVMTP Shares subject to Mandatory Tender are not Remarketed by the Early Term Redemption
Date (such failure to remarket a &ldquo;<U>Failed Early Term Redemption Date Remarketing</U>&rdquo;), then all such RVMTP Shares
shall be redeemed by the Fund on the Mandatory Tender Date pursuant to the Mandatory Tender redemption procedure described in
<U>Sections 2.6(a)(iv)</U> and <U>2.6(d)</U> below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
With respect to a Mandatory Tender Event described in Section 0(i)(B), if, for any reason (other than a failure to timely deliver
RVMTP Shares subject to a Mandatory Tender to the Remarketing Settlement Agent, and only to the extent that such failure to deliver
is caused by administrative issues and is cured within two Business Days), all of the RVMTP Shares subject to Mandatory Tender
are not Remarketed by the related Mandatory Tender Date pursuant to Section 1.5.(b), then (A) a failed remarketing shall be deemed
to have occurred (which, for the avoidance of doubt, shall be with respect to all RVMTP Shares subject to the Mandatory Tender)
(a &ldquo;<U>Failed Special Terms Period Remarketin</U>g&rdquo;) that may trigger the application of a Failed Remarketing Spread
as described in clause (ii) of the definition thereof and (B) all such RVMTP Shares shall be retained by their respective Holders,
and no such RVMTP Shares shall be purchased on the Mandatory Tender Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
With respect to a Mandatory Tender Event described in Section 0(i)(C), if any RVMTP Shares subject to Mandatory Tender are not
Remarketed by the Mandatory Tender Date, then all such RVMTP Shares shall be redeemed by the Fund on the Mandatory Tender Date
pursuant to the Mandatory Tender redemption procedure described in Sections <B>Error! Reference source not found.</B>0 and 2.6(d)
below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><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: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Redemption</U>. Each Series of RVMTP Shares
shall be subject to redemption by the Fund as provided below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Term
                                         Redemption and Mandatory Tender.</U></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)&nbsp;<U>Term
Redemption</U>. Subject to Section 2.6(d)(v), the Fund shall redeem all RVMTP Shares of a Series then Outstanding on the Term
Redemption Date for such Series, out of funds legally available therefor under applicable law, at a price per share equal to the
Liquidation Preference per share of such Series plus an amount equal to all unpaid dividends and other distributions on such share
of such Series accumulated from and including the Date of Original Issuance to (but excluding) the Term Redemption Date for such
Series (whether or not earned or declared by the Fund, but excluding interest thereon) (the &ldquo;<U>Term Redemption Price</U>&rdquo;);
<U>provided, however</U>, that the Term Redemption Date for such Series of RVMTP Shares may be extended pursuant to <U>Section
2.6(a)(ii)</U> or <U>Section 2.6(a)(iii)</U> below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(A) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund shall have the right, exercisable not more than three hundred and
sixty-five (365) calendar days nor less than one hundred and twenty (120) calendar days prior to the Term Redemption Date of
a Series of RVMTP Shares, to request by notice (accompanied by a No Adverse Effect Opinion) that each Designated Owner of
such RVMTP Shares extend the Term Redemption Date for such Series of RVMTP Shares by at least an additional three hundred and
sixty-five (365) calendar days (a &ldquo;<U>Designated Owner Term Extension Request</U>&rdquo;), which request may be
conditioned upon terms and conditions that are different from the terms and conditions set forth herein or in the Appendix
applicable to such Series of RVMTP Shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each Designated Owner shall, no later than sixty (60) calendar days after receiving a Designated Owner Term Extension Request,
notify the Fund and the Calculation and Paying Agent of its acceptance or rejection of such request, which acceptance by such
Designated Owner may be conditioned upon terms and conditions that are different from the terms and conditions set forth herein
or the terms and conditions proposed the Fund in making a Designated Owner Term Extension Request (a &ldquo;<U>Conditional Acceptance</U>&rdquo;).
A Conditional Acceptance conditioned upon terms and conditions that are accepted by the Fund and that are different from the terms
and conditions set forth herein shall be deemed to be a consent by such Designated Owner to amend this Statement to reflect such
different terms and conditions, but only with respect to the RVMTP Shares of such Series beneficially owned by such Designated
Owner. To the extent that a Designated Owner of RVMTP Shares of a Series of RVMTP Shares subject to a Designated Owner Term Extension
Request rejects such Designated Owner Term Extension Request pursuant to this <U>Section 2.6(a)(ii)(B),</U> or is deemed to reject
such Designated Owner Term Extension Request pursuant to <U>Section 2.6(a)(ii)(C)</U> below, the RVMTP Shares of such Series beneficially
owned by such Designated Owner shall be subject to redemption as provided in this Statement, without giving effect to any Designated
Owner Term Extension Request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If any Designated Owner fails to notify the Fund or the Calculation and Paying Agent of its acceptance or rejection of the Fund&rsquo;s
Designated Owner Term Extension Request within such sixty (60) calendar day period, such failure to respond will be deemed a rejection
of such Designated Owner Term Extension Request by such Designated Owner. If a Designated Owner of RVMTP Shares provides a Conditional
Acceptance, then the Fund shall have sixty (60) calendar days thereafter to notify such Designated Owner of its acceptance or
rejection of the terms and conditions specified in the Conditional Acceptance. The Fund&rsquo;s failure to notify such Designated
Owner within such sixty (60) calendar day period will be deemed a rejection of the terms and conditions specified in the Conditional
Acceptance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each Designated Owner of a Series of RVMTP Shares may grant or deny any Designated Owner Term Extension Request applicable to
such Series of RVMTP Shares in its sole and absolute discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(E)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unless the Fund and any Designated Owner of RVMTP Shares that has agreed to a Designated Owner Term Extension Request
otherwise agree pursuant to the procedures described in this <U>Section 2.6(a)(ii)</U>, in the event that the Term Redemption
Date of a Series of RVMTP Shares is extended pursuant to this <U>Section 2.6(a)(ii),</U> the Liquidity Account Initial Date,
as set forth in the Appendix establishing such Series, shall be extended accordingly, as provided in such Appendix, with
respect to the RVMTP Shares of such Series held by such Designated Owner.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Fund shall have the right, exercisable not less than sixty (60) calendar days prior to the Term Redemption Date of a Series
of RVMTP Shares, to request by notice (accompanied by a No Adverse Effect Opinion) to the Holders of 100% of the Outstanding RVMTP
Shares of such Series, an extension of the Term Redemption Date (a &ldquo;<U>Holder Term Extension Request</U>&rdquo;). Any failure
by a Holder to respond or agree to such Holder Term Extension Request in writing within sixty (60) calendar days of the receipt
thereof shall be deemed to be a rejection of the extension request and the Term Redemption Date may only be extended pursuant
to this <U>Section 2.6(a)(iii)</U> upon the written consent of 100% of the Holders of the RVMTP Shares of such Series. In the
event that the Term Redemption Date of a Series of RVMTP Shares is extended pursuant to this <U>Section 2.6(a)(iii),</U> the Liquidity
Account Initial Date, as set forth in the Appendix establishing such Series, shall be extended accordingly, as provided in such
Appendix.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><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: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Mandatory Tender Redemption</U>. Following a Mandatory Tender Event of the kind described in Section 2.5(a)(i)(A) or 2.5(a)(i)(C),
any RVMTP Shares subject to such Mandatory Tender Event that are not subject to an election to retain by the Holders pursuant
to Section 2.5(a)(iv) and have not been successfully Remarketed by the related Mandatory Tender Date pursuant to Section 2.5(b)1.5.(b)
shall be redeemed by the Fund on such Mandatory Tender Date (the date of such redemption, the &ldquo;Mandatory Tender Redemption
Date&rdquo;), at a price per share equal to the Liquidation Preference per share plus an amount equal to all unpaid dividends and
other distributions on such RVMTP Shares accumulated from and including the Date of Original Issuance of such RVMTP Shares to
(but excluding) the Mandatory Tender Redemption Date (whether or not earned or declared by the Fund, but excluding interest thereon)
(the &ldquo;<U>Mandatory Tender Redemption Price</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>1940
Act Asset Coverage and Effective Leverage Ratio Mandatory</U></FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Mandatory
1940 Act Asset Coverage Redemption</U>. (A) If the Fund fails to comply with the 1940 Act Asset Coverage requirement as
provided in <U>Section 2.4(a)</U> as of any time as of which such compliance is required to be determined in accordance with <U>Section
2.4(a)</U> and such failure is not cured as of the 1940 Act Asset Coverage Cure Date other than as a result of the redemption
required by this <U>Section 2.6(b)(i)</U>, the Fund shall, to the extent permitted by the 1940 Act and Massachusetts law, by
the close of business on the second Business Day next following such 1940 Act Asset Coverage Cure Date, cause a notice of
redemption to be issued, in accordance with the terms of the Preferred Shares to be redeemed. In addition, in accordance with
the terms of the Preferred Shares to be redeemed, the Fund shall cause to be deposited Deposit Securities (in the case of the
RVMTP Shares) or other sufficient securities or funds (in the case of any other Preferred Shares, as applicable) in trust
with the Calculation and Paying Agent or other applicable paying agent, in each case in accordance with the terms of the
Preferred Shares to be redeemed, for the redemption of a sufficient number of Preferred Shares, which, to the extent
permitted by the 1940 Act and Massachusetts law, enable the Fund to meet the requirements of <U>Section 2.6(b)(i)(B)</U>. The
Fund shall allocate such redemption on a pro rata basis among different series of Preferred Shares (including the shares of
each Series of RVMTP Shares and the Auction Preferred Shares) based upon the proportion that the aggregate liquidation
preference of the outstanding Preferred Shares of any series bears to the aggregate liquidation preference of all outstanding
series of Preferred Shares (a &ldquo;<U>Pro Rata Allocation</U>&rdquo;). In the event that any RVMTP Shares of a Series then
Outstanding are to be redeemed pursuant to this <U>Section 2.6(b)(i)</U>, the Fund shall redeem such shares, out of funds
legally available therefor under applicable law, at a price per share equal to the Liquidation Preference per share of such
Series plus an amount equal to all unpaid dividends and other distributions on such share of such Series accumulated from and
including the Date of Original Issuance to (but excluding) the date fixed for such redemption by the Board of Trustees
(whether or not earned or declared by the Fund, but without interest thereon) (the &ldquo; <U>Mandatory 1940 Act Asset
Coverage Redemption Price</U> &ldquo;). The mandatory redemption price for any Auction Preferred Shares that are redeemed
pursuant to this <U>Section 2.6(b)(i)</U> shall be specified in Section 11.4(a) of the Auction Preferred
Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;<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: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On the Redemption Date for a redemption contemplated
by <U>Section 2.6(b)(i)(A)</U>, the Fund shall redeem at the Mandatory 1940 Act Asset Coverage Redemption Price, out of funds
legally available therefor, under applicable law, such number of Preferred Shares (based upon a number and proportion of each
series of Preferred Shares as shall be necessary to effect a Pro Rata Allocation) as shall be equal to the lesser of (x)&nbsp;&nbsp;
the minimum number of Preferred Shares, the redemption of which, if deemed to have occurred immediately prior to the opening of
business on the 1940 Act Asset Coverage Cure Date, would result in the Fund having 1940 Act Asset Coverage on such 1940 Act Asset
Coverage Cure Date (provided, however, that if there is no such minimum number of RVMTP Shares and other Preferred Shares the
redemption or retirement of which would have such result, all RVMTP Shares and other Preferred Shares then outstanding shall be
redeemed), and (y) the maximum number of Preferred Shares that can be redeemed out of funds expected to be legally available therefor
in accordance with the Declaration and applicable law. Notwithstanding the foregoing, in the event that Preferred Shares are redeemed
pursuant to this <U>Section 2.6(b)(i)</U>, the Fund may at its sole option, but is not required to, include in the number of Preferred
Shares being mandatorily redeemed pursuant to this <U>Section 2.6(b)(i)</U> a sufficient number of RVMTP Shares of any Series
that, when aggregated with other Preferred Shares redeemed by the Fund, would result, if deemed to have occurred immediately prior
to the opening of business on the 1940 Act Asset Coverage Cure Date, in the Fund having 1940 Act Asset Coverage on such 1940 Act
Asset Coverage Cure Date of up to and including 225%; <U>provided</U> that if the 1940 Act Asset Coverage is increased to greater
than 225%, the Optional Redemption Premium shall be due on any such excess redemptions. The Fund shall effect such redemption
on the date fixed by the Fund therefor, which date shall not be later than thirty (30) calendar days after such 1940 Act Asset
Coverage Cure Date, except that if the Fund does not have funds legally available for the redemption of all of the required number
of RVMTP Shares and other Preferred Shares which have been designated to be redeemed or the Fund otherwise is unable to effect
such redemption on or prior to thirty (30) calendar days after such 1940 Act Asset Coverage Cure Date, the Fund shall redeem those
RVMTP Shares and other Preferred Shares which it was unable to redeem on the earliest practicable date following such thirty (30)
calendar day period on which it is able to effect such redemption (based upon a number and proportion of each series of Preferred
Shares as shall be necessary to effect a Pro Rata Allocation). If fewer than all of the Outstanding RVMTP Shares of a Series are
to be redeemed pursuant to this <U>Section 2.6(b)(i)</U>, the number of RVMTP Shares of such Series to be redeemed from the respective
Holders shall be selected (A)&nbsp; pro rata among the Outstanding shares of such Series, (B) by lot or (C) in such other manner
as the Board of Trustees may determine to be fair and equitable, in each case, in accordance with the 1940 Act; <U>provided</U>
that such method of redemption as set forth in clause (A), (B) or (C) of this <U>Section 2.6(b)(i)(B)</U> shall be subject to
any applicable procedures established by the Securities Depository. If fewer than all outstanding Auction Preferred Shares are
to be redeemed pursuant to this <U>Section 2.6(b)(i)</U>, the manner of allocation of shares to be redeemed among the series of
Auction Preferred Shares shall be determined in accordance with Section 11.4 of the Auction Preferred Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in"><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: 0pt 0 0pt 1.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Effective Leverage Ratio Mandatory Redemption</U>.
(A) If (1) the Fund fails to comply with the Effective Leverage Ratio requirement as provided in <U>Section 2.4(c)</U> as of any
time as of which such compliance is required to be determined in accordance with <U>Section 2.4(c),</U> (2) with respect to the
initial Series of RVMTP Shares issued pursuant to this Statement, the Fund fails to comply with the Effective Leverage Ratio requirement
calculated as set forth in Section 6.12 of the Purchase Agreement applicable to such Series of RVMTP Shares if such requirement
is still in effect in accordance with the terms of such Purchase Agreement, or (3) with respect to any other Series of RVMTP Shares
issued pursuant to this Statement, the Fund fails to comply with any additional requirements relating to the calculation of the
Effective Leverage Ratio pursuant to the Purchase Agreement or Appendix applicable to such Series of RVMTP Shares, and, in any
such case, such failure is not cured as of the close of business on the date that is ten (10) Business Days following the Business
Day on which such non-compliance is first determined (the &ldquo;<U>Effective Leverage Ratio Cure Date</U>&rdquo;) other than as
a result of the redemption or other actions required by this <U>Section 2.6(b)(ii)</U>, the Fund shall cause the Effective Leverage
Ratio (calculated in accordance with the requirements applicable to the determination of the Effective Leverage Ratio under this
Statement, and under the Appendix and Purchase Agreement for any applicable Series of RVMTP Shares in respect of which the Effective
Leverage Ratio is being determined) to not exceed the Effective Leverage Ratio required under <U>Section 2.4(c)</U> as so determined,
by (x) not later than the close of business on the Business Day next following the Effective Leverage Ratio Cure Date, engaging
in transactions involving or relating to the floating rate securities not owned by the Fund and/or the inverse floating rate securities
owned by the Fund, including the purchase, sale or retirement thereof, (y) to the extent permitted by the 1940 Act and Massachusetts
law, not later than the close of business on the second Business Day next following the Effective Leverage Ratio Cure Date, causing
a notice of redemption to be issued, and in addition, causing to be irrevocably deposited Deposit Securities (in the case of the
RVMTP Shares) or other sufficient securities or funds (in the case of other Preferred Shares, as applicable) in trust with the
Calculation and Paying Agent or other applicable paying agent, in each case in accordance with the terms of the Preferred Shares
to be redeemed, for the redemption at the redemption price specified in the terms of such Preferred Shares of a sufficient number
of Preferred Shares, based upon a number and proportion of each series of Preferred Shares as shall be necessary to effect a Pro
Rata Allocation, or (z) engaging in any combination, in the Fund&rsquo;s discretion, of the actions contemplated by clauses (x) and
(y) of this <U>Section 2.6(b)(ii)(A)</U>. In the event that any RVMTP Shares of a Series are to be redeemed pursuant to clause
(y) of this <U>Section 2.6(b)(ii)(A)</U>, the Fund shall redeem such RVMTP Shares at a price per RVMTP Share equal to the Mandatory
1940 Act Asset Coverage Redemption Price. Notwithstanding the foregoing, in the event that Preferred Shares are redeemed pursuant
to this <U>Section 2.6(b)(ii)</U>, the Fund may at its sole option, but is not required to, include in the number of Preferred
Shares being mandatorily redeemed pursuant to this <U>Section 2.6(b)(ii)</U> a sufficient number of RVMTP Shares of any Series
that, when aggregated with other Preferred Shares redeemed by the Fund, would result, if deemed to have occurred immediately prior
to the opening of business on the Effective Leverage Ratio Cure Date, in the Fund having an Effective Leverage Ratio on such Effective
Leverage Ratio Cure Date of no less than 40%; <U>provided</U> that if the Effective Leverage Ratio is reduced to less than 40%,
the Optional Redemption Premium shall be due on any such excess redemptions.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt; color: #010000">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">On
the Redemption Date for a redemption contemplated by clause (y) of <U>Section 2.6(b)(ii)(A)</U>, the Fund shall not redeem more
than the maximum number of Preferred Shares that can be redeemed out of funds expected to be legally available therefor in accordance
with the Declaration and applicable law. If the Fund is unable to redeem the required number of RVMTP Shares and other Preferred
Shares which have been designated to be redeemed in accordance with clause (y) of <U>Section 2.6(b)(ii)(A)</U> due to the unavailability
of legally available funds, the Fund shall redeem those RVMTP Shares and other Preferred Shares which it was unable to redeem on
the earliest practicable date following such Redemption Date on which it is able to effect such redemption (based upon a number
and proportion of each series of Preferred Shares as shall be necessary to effect a Pro Rata Allocation). If fewer than all of
the Outstanding RVMTP Shares of a Series are to be redeemed pursuant to clause (y) of <U>Section 2.6(b)(ii)(A)</U>, the number
of RVMTP Shares of such Series to be redeemed from the respective Holders shall be selected (A) pro rata among the Outstanding
shares of such Series, (B) by lot or (C) in such other manner as the Board </FONT>of Trustees may determine to be fair and equitable
in each case, in accordance with the 1940 Act; <U>provided</U> that such method of redemption as set forth in clause (A), (B) or
(C) of this <U>Section 2.6(b)(ii)(B)</U> shall be subject to any applicable procedures established by the Securities Depository.
If fewer than all outstanding Auction Preferred Shares are to be redeemed pursuant to this <U>Section 2.6(b)(ii)</U>, the manner
of allocation of shares to be redeemed among the series of Auction Preferred Shares shall be determined in accordance with Section
11.4 of the Auction Preferred Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.95pt; text-align: justify">For the avoidance of doubt,
Section 11.4 of the Auction Preferred Statement for additional provisions related to the mandatory redemption of the Auction Preferred
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.95pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 119.05pt"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="color: #010000">(c)</FONT></TD><TD>Optional Redemption.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Subject
to the provisions of <U>Section 2.6(c)(ii)</U>, the Fund may at its option on any Business Day (an &ldquo;<U>Optional Redemption
Date</U>&rdquo;) redeem in whole or from time to time in part the Outstanding RVMTP Shares of any Series, at a redemption price
per RVMTP Share (the &ldquo;<U>Optional Redemption Price</U>&rdquo;) equal to (x) the Liquidation Preference per RVMTP Share of
such Series plus (y) an amount equal to all unpaid dividends and other distributions on such RVMTP Share of such Series accumulated
from and including the Date of Original Issuance to (but excluding) the Optional Redemption Date (whether or not earned or declared
by the Fund, but without interest thereon) plus (z) the Optional Redemption Premium per share (if any) that is applicable to an
optional redemption of RVMTP Shares of such Series that is effected on such Optional Redemption Date as set forth in the Appendix
relating to such Series; <U>provided</U> that in connection with any (A) redemption in accordance with this <U>Section 2.6(c)</U>
or pursuant to <U>Section 2.6(b)</U> that is effectuated in order to comply with the requirements of the 1940 Act or this Statement
or the Purchase Agreement or (B) any redemption in accordance with <U>Section 2.6(a)(iv)</U> or <U>Section 2.6(b)</U> (except as
set forth therein), no Optional Redemption Premium specified in <U>clause (z)</U> above or penalty or premium shall be payable.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 83pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">If
fewer than all of the outstanding RVMTP Shares of a Series are to be redeemed pursuant to <U>Section 2.6(c)(i)</U>, the shares
of such Series to be redeemed shall be selected either (A) pro rata among the Holders of such Series, </FONT>(B) by lot or (C)
in such other manner as the Board of Trustees may determine to be fair and equitable; <U>provided</U>, in each such case, that
such method of redemption as set forth in clause (A), (B) or (C) of this <U>Section 2.6(c)(ii)</U> shall be subject to any applicable
procedures established by the Securities Depository. Subject to the provisions of this Statement and applicable law, the Board
of Trustees will have the full power and authority to prescribe the terms and conditions upon which RVMTP Shares will be redeemed
pursuant to this <U>Section 2.6(c)</U> from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 83pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Fund may not on any date deliver a Notice of Redemption pursuant to <U>Section 2.6(d)</U> in respect of a redemption contemplated
to be effected pursuant to this <U>Section 2.6(c)</U> unless on such date the Fund reasonably expects to have available Deposit
Securities for the Optional Redemption Date contemplated by such Notice of Redemption having a Market Value not less than the amount
(including any applicable premium) due to Holders of RVMTP Shares by reason of the redemption of such RVMTP Shares on such Optional
Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>RVMTP
Shares of a Series mandatorily redeemed or redeemed at the Fund&rsquo;s sole option in accordance with, but solely to the extent
contemplated by, <U>Section 2.6(a)(iv)</U>, <U>Section 2.6(b)(i)(B)</U>, or <U>Section 2.6(b)(ii)</U> shall be considered mandatorily
redeemed pursuant to such Section, as applicable, and not subject to this <U>Section 2.6(c)</U>.</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 119.05pt"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="color: #010000">(d)</FONT></TD><TD><U>Procedures for Redemption</U>.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">If
the Fund shall determine or be required to redeem, in whole or in part, RVMTP Shares of a Series pursuant to <U>Section 2.6(a)</U>,
<U>(b)</U> or <U>(c)</U>, the Fund shall deliver a notice of redemption (the &ldquo;<U>Notice of Redemption</U>&rdquo;), by overnight
delivery, by first class mail, postage prepaid or by Electronic Means to Holders thereof, or request the Calculation and Paying
Agent, on behalf of the Fund, to promptly do so by overnight delivery, by first class mail, postage prepaid or by Electronic Means.
For the avoidance of doubt, a Notice of Redemption shall not be required if the Fund shall be required to redeem, in whole or in
part, RVMTP Shares of a series pursuant to <U>Section 2.6(a)(iv)</U>. A Notice of Redemption shall be provided not more than thirty-five
(35) calendar days prior to the date fixed for redemption and not less than ten (10) calendar days (or such shorter or longer period
as may be consented to by all of the Holders of the RVMTP Shares of such Series, which consent shall not be deemed to be a vote
required by <U>Section 2.7)</U> prior to the date fixed for redemption pursuant to <U>Section 2.6(c)</U> in such Notice of Redemption
(the &ldquo;<U>Redemption Date</U>&rdquo;). Each such Notice of Redemption shall state: (A) the Redemption Date; (B) the applicable
Redemption Price on a per share basis; (C) the Series and number of RVMTP Shares to be redeemed; (D) the CUSIP number for RVMTP
Shares of such Series; (E) if applicable, the place or places where the certificate(s) for such shares (properly endorsed or assigned
for transfer, if the Board of Trustees requires and the Notice of Redemption states) are to be surrendered for payment of the Redemption
Price; (F) that dividends on the </FONT>RVMTP Shares to be redeemed will cease to accumulate from and after such Redemption Date;
and (G) the provisions of this Statement under which such redemption is made. If fewer than all RVMTP Shares held by any Holder
are to be redeemed, the Notice of Redemption delivered to such Holder shall also specify the number of RVMTP Shares to be redeemed
from such Holder and/or the method of determining such number. The Fund may provide in any Notice of Redemption relating to an
optional redemption contemplated to be effected pursuant to <U>Section 2.6(c)</U> of this Statement that such redemption is subject
to one or more conditions precedent and that the Fund shall not be required to effect such redemption unless each such condition
has been satisfied at the time or times and in the manner specified in such Notice of Redemption. No defect in the Notice of Redemption
or delivery thereof shall affect the validity of redemption proceedings, except as required by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
(1) the Fund shall give a Notice of Redemption or (2) the Fund is required to redeem RVMTP Shares on the Mandatory Tender Date
pursuant to <U>Section 2.6(a)(iv)</U>, then at any time from and after the giving of such Notice of Redemption or Notice of Mandatory
Tender, as applicable, and prior to 12:00 noon, New York City time, on the Redemption Date (so long as any conditions precedent
to such redemption have been met or waived by the Fund), the Fund shall (A) deposit with the Calculation and Paying Agent Deposit
Securities having an aggregate Market Value on the date thereof no less than the Redemption Price of the RVMTP Shares to be redeemed
on the Redemption Date and (B) give the Calculation and Paying Agent irrevocable instructions and authority to pay the applicable
Redemption Price to the Holders of the RVMTP Shares called for redemption on the Redemption Date. The Fund may direct the Calculation
and Paying Agent with respect to the investment of any Deposit Securities consisting of cash so deposited prior to the Redemption
Date, provided that the proceeds of any such investment shall be available at the opening of business on the Redemption Date as
same-day funds. Notwithstanding the provisions of clause (A) of the preceding sentence, if the Redemption Date is either the Term
Redemption Date, or a Mandatory Tender Date, then such deposit of Deposit Securities (which may come in whole or in part from the
Term Redemption Liquidity Account) shall be made no later than fifteen (15) calendar days prior to the Term Redemption Date or
such Mandatory Tender Date.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 83pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Upon
the date of the deposit of such Deposit Securities, all rights of the Holders of the RVMTP Shares so called for redemption shall
cease and terminate except the right of the Holders thereof to receive the Redemption Price thereof and such RVMTP Shares shall
no longer be deemed Outstanding for any purpose whatsoever (other than (A) the transfer thereof prior to the applicable </FONT>Redemption
Date and (B) the accumulation of dividends thereon in accordance with the terms hereof up to (but excluding) the applicable Redemption
Date, which accumulated dividends, unless previously declared and paid as contemplated by the last sentence of <U>Section 2.6(d)(vi)</U>
below, shall be payable only as part of the applicable Redemption Price on the Redemption Date). The Fund shall be entitled to
receive, promptly after the Redemption Date, any Deposit Securities in excess of the aggregate Redemption Price of the RVMTP Shares
called for redemption and redeemed on the Redemption Date. Any Deposit Securities so deposited that are unclaimed at the end of
three hundred sixty-five (365) calendar days from the Redemption Date shall, to the extent permitted by law, be repaid to the Fund,
after which the Holders of the RVMTP Shares so called for redemption shall look only to the Fund for payment of the Redemption
Price thereof. The Fund shall be entitled to receive, from time to time after the Redemption Date, any interest on the Deposit
Securities so deposited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 83pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>On
or after the Redemption Date, each Holder of RVMTP Shares in certificated form (if any) that are subject to redemption shall surrender
the certificate(s) evidencing such RVMTP Shares to the Fund at the place designated in the Notice of Redemption and shall then
be entitled to receive the Redemption Price for such RVMTP Shares, without interest, and in the case of a redemption of fewer than
all the RVMTP Shares represented by such certificate(s), a new certificate representing the RVMTP Shares that were not redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 83pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">Notwithstanding
the other provisions of this <U>Section 2.6</U>, except as otherwise required by law, the Fund shall not redeem any RVMTP Shares
or other series of Preferred Shares ranking on a parity with the RVMTP Shares with respect to dividends and other distributions
unless all accumulated and unpaid dividends and other distributions on all Outstanding RVMTP Shares and shares of other series
of Preferred Shares for all applicable past dividend periods (whether or not earned or declared by the Fund) (x) shall have been
or are contemporaneously paid or (y) shall have been or are contemporaneously declared and Deposit Securities (in the case of the
RVMTP Shares) or other sufficient securities or funds (in the case of other Preferred Shares, as applicable) (in accordance with
the terms of such Preferred Shares for the payment of such dividends and other distributions) shall have been or are contemporaneously
deposited with the Calculation and Paying Agent or other applicable paying agent for such Preferred Shares in accordance with the
terms of such Preferred Shares, provided, however, that the foregoing shall not prevent the purchase or acquisition of Outstanding
RVMTP Shares pursuant to an otherwise lawful purchase or exchange offer made on the same terms to Holders of all Outstanding RVMTP
Shares and any other series of </FONT>Preferred Shares for which all accumulated and unpaid dividends and other distributions have
not been paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 83pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>To
the extent that any redemption for which a Notice of Redemption has been provided is not made by reason of the absence of legally
available funds therefor in accordance with the Declaration, this Statement and applicable law, such redemption shall be made as
soon as practicable to the extent such funds become available. In the case of any redemption pursuant to <U>Section 2.6(c)</U>,
no Redemption Default shall be deemed to have occurred if the Fund shall fail to deposit in trust with the Calculation and Paying
Agent the Redemption Price with respect to any shares where (1) the Notice of Redemption relating to such redemption provided that
such redemption was subject to one or more conditions precedent and (2) any such condition precedent shall not have been satisfied
at the time or times and in the manner specified in such Notice of Redemption. Notwithstanding the fact that a Notice of Redemption
has been provided with respect to any RVMTP Shares, dividends may be declared and paid on such RVMTP Shares in accordance with
their terms if Deposit Securities for the payment of the Redemption Price of such RVMTP Shares shall not have been deposited in
trust with the Calculation and Paying Agent for that purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Calculation
<U>and Paying Agent as Trustee of Redemption Payments by Fund</U>. All Deposit Securities transferred to the Calculation and Paying
Agent for payment of the Redemption Price of RVMTP Shares called for redemption shall be held in trust by the Calculation and Paying
Agent for the benefit of Holders of RVMTP Shares so to be redeemed until paid to such Holders in accordance with the terms hereof
or returned to the Fund in accordance with the provisions of <U>Section 2.6(d)(iii)</U> above.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Compliance
With Applicable Law</U>. In effecting any redemption pursuant to this <U>Section 2.6</U>, the Fund shall use its best efforts to
comply with all applicable conditions precedent to effecting such redemption under the 1940 Act and any applicable law, but shall
effect no redemption except in accordance with the 1940 Act and any applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Modification
of Redemption Procedures</U>. Notwithstanding the foregoing provisions of this <U>Section 2.6</U>, the Fund may, in its sole discretion
and without a shareholder vote, modify the procedures set forth above with respect to notification of redemption for the RVMTP
Shares, provided that such modification does not materially and adversely affect the Holders of the RVMTP Shares or cause the Fund
to violate any applicable law, rule or regulation; and provided further that no such modification shall in any way alter the rights
or obligations of the Calculation and Paying Agent without its prior consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 83.05pt"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="color: #010000">2.7</FONT></TD><TD><U>Voting Rights</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>One
Vote Per RVMTP Share</U>. Except as otherwise provided in the Declaration, this Statement, or as otherwise required by law, (i)
each Holder of RVMTP Shares shall be entitled to one vote for each RVMTP Share held by such Holder on each matter submitted to
a vote of all shareholders of the Fund, and (ii) the holders of outstanding Preferred Shares, including Outstanding RVMTP Shares
and Auction Preferred Shares, and Common Shares shall vote together as a single class; <U>provided</U>, however, that the holders
of outstanding Preferred Shares, including Outstanding RVMTP Shares and Auction Preferred Shares, shall be entitled, as a class,
to the exclusion of the Holders of all other securities and Common Shares of the Fund, to elect two trustees of the Fund, it being
understood that each Preferred Share, including RVMTP Shares and the Auction Preferred Shares, entitles the Holder thereof to one
vote for each Preferred Share in respect to the election of each such trustee. Subject to <U>Section 2.7(b)</U>, the Holders of
outstanding Common Shares and Preferred Shares, including RVMTP Shares and the Auction Preferred Shares, voting together as a single
class, shall elect the balance of the trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 119.05pt"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="color: #010000">(b)</FONT></TD><TD><U>Voting For Additional Trustees</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Voting
Period</U>. During any period in which any one or more of the conditions described in clauses (A) or (B) of this <U>Section 2.7(b)(i)</U>
shall exist (such period being referred to herein as a &ldquo;<U>Voting Period</U>&rdquo;), the number of trustees constituting
the Board of Trustees shall be automatically increased by the smallest number that, when added to the two trustees elected exclusively
by the Holders of Preferred Shares, including RVMTP Shares and the Auction Preferred Shares, would constitute a majority of the
Board of Trustees as so increased by such smallest number; and the Holders of Preferred Shares, including RVMTP Shares and the
Auction Preferred Shares, shall be entitled, voting as a class on a one-vote-per-share basis (to the exclusion of the Holders
of all other securities and classes of shares of beneficial interest of the Fund), to elect such smallest number of additional
trustees, together with the two trustees that such Holders are in any event entitled to elect. A Voting Period shall commence:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 119pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">if,
at the close of business on any dividend payment date for any outstanding Preferred Shares including any Outstanding RVMTP Shares
and Auction Preferred Shares, accumulated dividends (whether or not earned or declared) on such outstanding Preferred Shares, including
RVMTP Shares and Auction Preferred Shares, equal to at least two (2) full years&rsquo; dividends shall be due and unpaid and sufficient
cash or specified securities shall not have been deposited with the Calculation and </FONT>Paying Agent or other applicable paying
agent for the payment of such accumulated dividends; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 119pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 119pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>if
at any time Holders of Preferred Shares are otherwise entitled under the 1940 Act to elect a majority of the Board of Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 119pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 1in">A Voting
Period shall terminate upon all of such conditions ceasing to exist. Upon the termination of a Voting Period, the voting rights
described in this <U>Section 2.7(b)(i)</U> shall cease, subject always, however, to the revesting of such voting rights in the
Holders of Preferred Shares upon the further occurrence of any of the events described in this <U>Section 2.7(b)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Notice
of Special Meeting</U>. As soon as practicable after the accrual of any right of the Holders of Preferred Shares to elect additional
trustees as described in <U>Section 2.7(b)(i)</U>, the Fund shall call a special meeting of such Holders and notify the Calculation
and Paying Agent and/or such other Person as is specified in the terms of such Preferred Shares to receive notice (i) by mailing
or delivery by Electronic Means or (ii) in such other manner and by such other means as are specified in the terms of such Preferred
Shares, a notice of such special meeting to such Holders, such meeting to be held not less than ten (10) nor more than thirty (30)
calendar days after the date of the delivery by Electronic Means or mailing of such notice or the delivery of such notice by such
other means as are described in clause (ii) above. If the Fund fails to call such a special meeting, it may be called at the expense
of the Fund by any such Holder on like notice. The record date for determining the Holders of Preferred Shares entitled to notice
of and to vote at such special meeting shall be the close of business on the fifth (5th) Business Day preceding the calendar day
on which such notice is mailed or otherwise delivered. At any such special meeting and at each meeting of Holders of Preferred
Shares held during a Voting Period at which trustees are to be elected, such Holders voting together as a class (to the exclusion
of the Holders of all other securities and classes of shares of beneficial interest of the Fund), shall be entitled to elect the
number of trustees prescribed in <U>Section 2.7(b)(i)</U> on a one-vote-per-share basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Terms
of Office of Existing Trustees</U>. The terms of office of the incumbent trustees of the Fund at the time of a special meeting
of Holders of Preferred Shares to elect additional trustees in accordance with <U>Section 2.7(b)(i)</U> shall not be affected by
the election at such meeting by the Holders of RVMTP Shares and such other Holders of Preferred Shares of the number of trustees
that they are entitled to elect, and the trustees so elected by the Holders of RVMTP Shares and such other Holders of Preferred
Shares, together with the two (2) trustees elected by the Holders of Preferred Shares in accordance with <U>Section </U></FONT><U>2.7(a)</U>
hereof and the remaining trustees elected by the holders of the Common Shares and Preferred Shares, shall constitute the duly elected
trustees of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 83pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Terms
of Office of Certain Trustees to Terminate Upon Termination of Voting Period</U>. Simultaneously with the termination of a Voting
Period, the terms of office of the additional trustees elected by the Holders of the Preferred Shares pursuant to <U>Section 2.7(b)(i)</U>
shall terminate, the remaining trustees shall constitute the trustees of the Fund and the voting rights of the Holders of Preferred
Shares to elect additional trustees pursuant to <U>Section 2.7(b)(i)</U> shall cease, subject to the provisions of the last sentence
of <U>Section 2.7(b)(i)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 83pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 119.05pt"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="color: #010000">(c)</FONT></TD><TD><U>Holders of RVMTP Shares to Vote on Certain Matters</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Certain
Amendments Requiring Approval of RVMTP Shares</U>. Except as otherwise permitted by the terms of this Statement, so long as any
RVMTP Shares are Outstanding, the Fund shall not, without the affirmative vote or consent of the Holders of at least a majority
of the RVMTP Shares subject to this Statement Outstanding at the time, voting together as a separate class, amend, alter or repeal
the provisions of the Declaration or this Statement, whether by merger, consolidation or otherwise, so as to materially and adversely
affect any preference, right or power of such RVMTP Shares or the Holders thereof; <U>provided</U>, however, that (i) a change
in the capitalization of the Fund in accordance with <U>Section 2.9</U> hereof shall not be considered to materially and adversely
affect the rights and preferences of the RVMTP Shares, and (ii) a division of a RVMTP Share shall be deemed to materially and adversely
affect such preferences, rights or powers only if the terms of such division materially and adversely affect the Holders of the
RVMTP Shares. For purposes of the foregoing, no matter shall be deemed to materially and adversely affect any preference, right
or power of a RVMTP Share of any Series or the Holder thereof unless such matter (i) alters or abolishes any preferential right
of such RVMTP Share, or (ii) creates, alters or abolishes any right in respect of redemption of such RVMTP Share (other than solely
as a result of a division of a RVMTP Share or as otherwise permitted by <U>Section 2.6(a)(ii)</U> of this Statement). So long as
any RVMTP Shares are Outstanding, the Fund shall not, without the affirmative vote or consent of the Holders of at least 66 2/3%
of the RVMTP Shares Outstanding at the time, voting as a separate class, file a voluntary application for relief under Federal
bankruptcy law or any similar application under state law for so long as the Fund is solvent and does not foresee becoming insolvent.
For the avoidance of doubt, no vote of the holders of Common Shares shall be required to amend, alter or repeal the provisions
of this Statement, including any Appendix hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>1940
Act Matters</U>. Unless a higher percentage is provided for in the Declaration, the affirmative vote of the Holders of at least
&ldquo;a majority of the outstanding Preferred Shares,&rdquo; including all RVMTP Shares and Auction Preferred Shares Outstanding
at the time, voting as a separate class, shall be required (A) to approve any conversion of the Fund from a closed-end to an open-end investment company, (B) to approve any plan of reorganization (as such term is used in the 1940 Act) adversely affecting such
shares, or (C) to approve any other action requiring a vote of security holders of the Fund under Section 13(a) of the 1940 Act.
For purposes of the foregoing, the vote of a &ldquo;majority of the outstanding Preferred Shares&rdquo; means the vote at an annual
or special meeting duly called of (i) sixty-seven percent (67%) or more of such shares present at a meeting, if the Holders of
more than fifty percent (50%) of such shares are present or represented by proxy at such meeting, or (ii) more than fifty percent
(50%) of such shares, whichever is less.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Certain
Amendments Requiring Approval of Specific Series of RVMTP Shares</U>. Except as otherwise permitted by the terms of this Statement,
so long as any RVMTP Shares of a Series are Outstanding, the Fund shall not, without the affirmative vote or consent of the Holders
of at least a majority of the RVMTP Shares of such Series Outstanding at the time, voting as a separate class, amend, alter or
repeal the provisions of the Appendix relating to such Series, whether by merger, consolidation or otherwise, so as to materially
and adversely affect any preference, right or power set forth in such Appendix of the RVMTP Shares of such Series or the Holders
thereof; <U>provided</U>, <U>however</U>, that (i) a change in the capitalization of the Fund in accordance with <U>Section 2.9</U>
hereof shall not be considered to materially and adversely affect the rights and preferences of the RVMTP Shares of such Series,
and (ii) a division of a RVMTP Share shall be deemed to materially and adversely affect such preferences, rights or powers only
if the terms of such division materially and adversely affect the Holders of the RVMTP Shares of such Series; and <U>provided</U>,
<U>further</U>, that, except as otherwise permitted by <U>Section 2.6(a)(ii)</U> of this Statement, no amendment, alteration or
repeal of the obligation of the Fund to (x) pay the Term Redemption Price on the Term Redemption Date for a Series or the Mandatory
Tender Redemption Price on any Mandatory Tender Redemption Date, or (y) accumulate dividends at the Dividend Rate (as set forth
in this Statement and the applicable Appendix hereto) for a Series shall be effected without, in each case, the prior unanimous
vote or consent of the Holders of such Series of RVMTP Shares. For purposes of the foregoing, no matter shall be deemed to materially
and adversely affect any preference, right or power of a RVMTP Share of a Series or the Holder thereof unless such matter (i) alters
or abolishes any preferential right of such RVMTP Share, or (ii) creates, alters or abolishes any right in respect of redemption
of such RVMTP Share. For the </FONT>avoidance of doubt, no vote of the holders of Common Shares shall be required to amend, alter
or repeal the provisions of this Statement, including any Appendix hereto.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Voting
Rights Set Forth Herein Are Sole Voting Rights</U>. Unless otherwise required by law, the Declaration or this Statement, the Holders
of RVMTP Shares shall not have any relative rights or preferences or other special rights with respect to voting such RVMTP Shares
other than those specifically set forth in this <U>Section 2.7</U>; <U>provided</U>, <U>however</U>, that nothing in this Statement
or the Declaration shall be deemed to preclude or limit the right of the Fund (to the extent permitted by applicable law) to contractually
agree with any Holder or Designated Owner of RVMTP Shares of any Series that any action or inaction by the Fund shall require the
consent or approval of such Holder or Designated Owner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Preemptive Rights or Cumulative Voting</U>. The Holders of RVMTP Shares shall have no preemptive rights or rights to cumulative
voting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Voting
for Trustees Sole Remedy for Fund&rsquo;s Failure to Declare or Pay Dividends</U>. In the event that the Fund fails to declare
or pay any dividends on any Series of RVMTP Shares on the Dividend Payment Date therefor, the exclusive remedy of the Holders of
the RVMTP Shares shall be the right to vote for trustees pursuant to the provisions of this <U>Section 2.7</U>. Nothing in this
<U>Section 2.7(f)</U> shall be deemed to affect the obligation of the Fund to accumulate and, if permitted by applicable law, the
Declaration and this Statement, pay dividends at the Increased Rate in the circumstances contemplated by <U>Section 2.2(g)</U>
hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Holders
Entitled to Vote</U>. For purposes of determining any rights of the Holders of RVMTP Shares to vote on any matter, whether such
right is created by this Statement, by the Declaration, by statute or otherwise, no Holder of RVMTP Shares shall be entitled to
vote any RVMTP Share and no RVMTP Share shall be deemed to be &ldquo;Outstanding&rdquo; for the purpose of voting or determining
the number of shares required to constitute a quorum if, prior to or concurrently with the time of determination of shares entitled
to vote or the time of the actual vote on the matter, as the case may be, the requisite Notice of Redemption with respect to such
RVMTP Share shall have been given in accordance with this Statement and Deposit Securities for the payment of the Redemption Price
of such RVMTP Share shall have been deposited in trust with the Calculation and Paying Agent for that purpose. No RVMTP Share held
by the Fund shall have any voting rights or be deemed to be outstanding for voting or for calculating the voting percentage required
on any other matter or other purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-indent: 1in; text-align: justify"><FONT STYLE="font-size: 10pt; color: #010000">2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt"><U>Rating
Agencies</U>. The Fund shall use commercially reasonable efforts to cause the Rating Agencies to issue long-term credit ratings
with respect to each Series of RVMTP </FONT>Shares for so long as such Series is Outstanding. The Fund shall use commercially reasonable
efforts to comply with any applicable Rating Agency Guidelines. If a Rating Agency shall cease to rate the securities of tax-exempt
closed-end management investment companies generally, the Board of Trustees shall terminate the designation of such Rating Agency
as a Rating Agency hereunder. The Board of Trustees may elect to terminate the designation of any Rating Agency as a Rating Agency
hereunder with respect to a Series of RVMTP Shares so long as either (i) immediately following such termination, there would be
at least one Rating Agency with respect to such Series or (ii) it replaces the terminated Rating Agency with another NRSRO and
provides notice thereof to the Holders of such Series; <U>provided</U> that such replacement shall not occur unless such replacement
Other Rating Agency shall have at the time of such replacement (i) published a rating for the RVMTP Shares of such Series and (ii)
entered into an agreement with the Fund to continue to publish such rating subject to the Rating Agency&rsquo;s customary conditions.
The Board of Trustees may also elect to designate one or more other NRSROs as Other Rating Agencies hereunder with respect to a
Series of RVMTP Shares by notice to the Holders of the RVMTP Shares. The Rating Agency Guidelines of any Rating Agency may be amended
by such Rating Agency without the vote, consent or approval of the Fund, the Board of Trustees or any Holder of Preferred Shares,
including any RVMTP Shares or Auction Preferred Shares, or Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Issuance
of Additional Preferred Shares</U>. So long as any RVMTP Shares are Outstanding, the Fund may, without the vote or consent of the
Holders thereof authorize, establish and create and issue and sell shares of one or more series of Preferred Shares, ranking on
a parity with RVMTP Shares as to the payment of dividends and the distribution of assets upon dissolution, liquidation or the winding
up of the affairs of the Fund, in addition to then Outstanding Series of RVMTP Shares, including additional Series of RVMTP Shares,
and authorize, issue and sell additional shares of any such series of Preferred Shares then outstanding or so established or created
including additional Series of RVMTP Shares, in each case in accordance with applicable law, provided that the Fund shall, immediately
after giving effect to the issuance of such Preferred Shares and to its receipt and application of the proceeds thereof, including
to the redemption of Preferred Shares with such proceeds, have 1940 Act Asset Coverage (calculated in the same manner as is contemplated
by <U>Section 2.4(b)</U>). See also Section 11.8(e)(iv) of the Auction Preferred Statement for additional provisions regarding
issuance of additional preferred shares by the Fund.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">2.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Status
of Redeemed or Repurchased RVMTP Shares</U>. RVMTP Shares that at any time have been redeemed, exchanged or purchased by the Fund
shall, after such redemption or purchase, have the status of authorized but unissued Preferred Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">2.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Distributions
with respect to Taxable Allocations</U>. Whenever a Taxable Allocation is to be made by the Fund with respect to the RVMTP Shares
of a Series with respect to any Dividend Period and neither the Increased Rate nor the Maximum Rate is in effect during such Dividend
Period, clause (a), clause (b) or clause (c) of this <U>Section 2.11</U>, as applicable, shall govern:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Fund may provide notice to the Calculation and Paying Agent prior to the commencement of any Dividend Period for a Series of
RVMTP Shares of the amount of the Taxable Allocation that will be made in respect of shares of such Series for such Dividend
Period (a &ldquo;<U>Notice of Taxable Allocation</U>&rdquo;). Such Notice of Taxable Allocation will state (i) the amount of
the dividends payable in respect of each RVMTP Share of the applicable Series for such Dividend Period that will be a Taxable
Allocation and (ii) the adjustment to the Dividend Rate for each Rate Period (or portion thereof) included in such Dividend
Period that will be required in order for the Fund to pay the Additional Amount Payment  to a Holder in respect of the Taxable Allocation made in respect of such
RVMTP Shares for such Dividend Period. In lieu of adjusting the Dividend Rate, the Fund may make, in addition to and in
conjunction with the payment of regular dividends for such Dividend Period, a supplemental distribution in respect of each
share of such series for such Dividend Period equal to  the Additional Amount Payment  payable in respect of the Taxable Allocation made in respect of such share for such Dividend Period.
The Fund will use commercially reasonable efforts to make Taxable Allocations in respect of RVMTP Shares of each Series as
provided in this <U>Section 2.11(a)</U>, and shall make Taxable Allocations as described in <U>Section 2.11(b)</U> and/or <U>Section
2.11(c)</U> only if such commercially reasonable efforts do not reasonably permit the Fund to make a Taxable Allocation as
contemplated by this <U>Section 2.11(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
the Fund does not provide a Notice of Taxable Allocation as provided in <U>Section 2.11(a)</U> with respect to a Taxable Allocation
that is made in respect of RVMTP Shares of a Series, the Fund may make one or more supplemental distributions on shares of such
Series equal to the Additional Amount Payment to be paid to a Holder in respect of such Taxable Allocation. Any such supplemental
distribution in respect of RVMTP Shares of a Series may be declared and paid on any date, without reference to any regular Dividend
Payment Date, to the Holders of shares of such Series as their names appear on the registration
books of the Fund on such date, not exceeding fifteen (15) calendar days preceding the payment date of such supplemental distribution,
as may be fixed by the Board of Trustees.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
in connection with a redemption of RVMTP Shares, the Fund makes a Taxable Allocation without having either given advance notice
thereof pursuant to <U>Section 2.11(a)</U> or made one or more supplemental distributions pursuant to <U>Section 2.11(b)</U>, the
Fund shall direct the Calculation and Paying Agent to send  an Additional Amount Payment  in respect of such Taxable Allocation to each Holder  of such
shares at such Person&rsquo;s address as the same appears or last appeared on the record books of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Fund shall not be required to pay Additional Amount Payments  with respect to
RVMTP Shares of any Series (i) with respect to any net capital gain or other taxable income determined by the Internal Revenue
Service  to be allocable in a manner different from the manner used by the Fund, or (ii)
with respect to Taxable Allocations made more than 90 days after the end of the fiscal year of the Fund to which such Taxable Allocation
relates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>For
the avoidance of doubt, with respect to each Holder  the Fund shall only be required, pursuant to this <U>Section
2.11</U> to pay  an Additional Amount Payment  in accordance with the definitions of
such terms, but not both.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>No
Additional Amount Payment  as described in this <U>Section 2.11</U> shall apply or be payable
with respect to any RVMTP Shares that are being registered and sold pursuant to an effective registration statement under the Securities
Act or to any subsequent transfer of such registered RVMTP Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 83.05pt"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="color: #010000">2.12</FONT></TD><TD><U>Term Redemption Liquidity Account and Liquidity Requirement</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">On
or prior to the then current Liquidity Account Initial Date with respect to any Series of RVMTP Shares, the Fund shall segregate,
by means of appropriate identification on its books and records or otherwise in accordance with the Fund&rsquo;s normal procedures,
from the other assets of the Fund (the &ldquo;<U>Term Redemption Liquidity Account</U>&rdquo;) Liquidity Account Investments with
a Market Value equal to at least one hundred ten percent (110%) of the Term Redemption Amount with respect to such Series. The
&ldquo;<U>Term Redemption Amount</U>&rdquo; for any Series of RVMTP Shares shall be equal to the Redemption Price to be paid on
the Term Redemption Date for such Series, based on the number of shares of such Series then Outstanding, assuming for this purpose
that the Dividend Rate for such Series in effect at the time of the creation of the Term Redemption Liquidity Account for such
Series will be the Dividend Rate in effect for such Series until the Term Redemption Date for such Series. If, on any date after
the then current Liquidity Account Initial Date, the aggregate Market Value of the Liquidity Account Investments included in the
Term Redemption Liquidity Account for a Series of RVMTP Shares as of the close of business on any Business Day is less than one
hundred ten percent (110%) of the Term Redemption Amount with respect to such Series, then the Fund shall take all such necessary
actions, including segregating additional assets of the Fund as Liquidity Account Investments, so that the aggregate Market Value
of the Liquidity Account Investments included in the Term Redemption Liquidity Account for such Series is at least equal to one
hundred ten percent (110%) of the Term Redemption Amount with respect to such Series not later than the close of business on the
next succeeding Business Day. With respect to </FONT>assets of the Fund segregated as Liquidity Account Investments with respect
to a Series of RVMTP Shares, the Adviser, on behalf of the Fund, shall be entitled on any date to release any Liquidity Account
Investments from such segregation and to substitute therefor other Liquidity Account Investments, so long as (i) the assets of
the Fund segregated as Liquidity Account Investments at the close of business on such date have a Market Value equal to at least
one hundred ten percent (110%) of the Term Redemption Amount with respect to such Series and (ii) the assets of the Fund designated
and segregated as Deposit Securities at the close of business on such date have a Market Value equal to at least the Liquidity
Requirement (if any) determined in accordance with <U>Section 2.12(b)</U> below with respect to such Series for such date. The
Fund shall not permit any lien, security interest or encumbrance to be created or permitted to exist on or in respect of any Liquidity
Account Investments included in the Term Redemption Liquidity Account for any Series of RVMTP Shares, other than liens, security
interests or encumbrances arising by operation of law and any lien of the Custodian with respect to the payment of its fees or
repayment for its advances.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Market Value of the Deposit Securities held in the Term Redemption Liquidity Account for a Series of RVMTP Shares, from and after
the 15th day of the calendar month (or if such day is not a Business Day, the next succeeding Business Day) that is the number
of months preceding the calendar month in which the Term Redemption Date for such Series occurs, in each such case as specified
in the table set forth below, shall not be less than the percentage of the Term Redemption Amount for such Series set forth below
opposite such number of months (the &ldquo;<U>Liquidity Requirement</U>&rdquo;), but in all cases subject to the provisions of
<U>Section 2.12(c)</U> below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; border: black 1pt solid; padding-left: 9.8pt; text-align: center"><FONT STYLE="font-size: 10pt">Number of Months</FONT><BR>
<FONT STYLE="font-size: 10pt">Preceding Month of Term</FONT><BR>
<FONT STYLE="font-size: 10pt">&nbsp;Redemption Date:</FONT></TD>
    <TD STYLE="width: 51%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 15.75pt; text-align: center"><FONT STYLE="font-size: 10pt">Market Value of Deposit Securities</FONT><BR>
<FONT STYLE="font-size: 10pt">as Percentage of Term </FONT><BR>
<FONT STYLE="font-size: 10pt">Redemption Amount</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 15.75pt; text-align: center"><FONT STYLE="font-size: 10pt">20%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 15.75pt; text-align: center"><FONT STYLE="font-size: 10pt">40%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 15.75pt; text-align: center"><FONT STYLE="font-size: 10pt">60%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 15.75pt; text-align: center"><FONT STYLE="font-size: 10pt">80%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.45pt; text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 15.75pt; text-align: center"><FONT STYLE="font-size: 10pt">100%</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">If
the aggregate Market Value of the Deposit Securities included in the Term Redemption Liquidity Account for a Series of RVMTP Shares
as of the close of business on any Business Day is less than the Liquidity Requirement in respect of such Series for such Business
Day, then the Fund shall cause the segregation of additional or substitute Deposit Securities in respect of the Term Redemption
Liquidity Account for such </FONT>Series, so that the aggregate Market Value of the Deposit Securities included in the Term Redemption
Liquidity Account for such Series is at least equal to the Liquidity Requirement for such Series not later than the close of business
on the next succeeding Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The
Deposit Securities included in the Term Redemption Liquidity Account for a Series of RVMTP Shares may be applied by the Fund, in
its discretion, towards payment of the Term Redemption Price for such Series as contemplated by <U>Section 2.6(d)</U>. Upon the
deposit by the Fund with the Calculation and Paying Agent of Deposit Securities having an initial combined Market Value sufficient
to effect the redemption of the RVMTP Shares of a Series on the Term Redemption Date for such Series in accordance with <U>Section
2.6(d)(ii)</U>, the requirement of the Fund to maintain the Term Redemption Liquidity Account as contemplated by this <U>Section
2.12</U> shall lapse and be of no further force and effect. Upon any extension of the Term Redemption Date for a Series of RVMTP
Shares pursuant to <U>Section 2.6(a)</U>, the then-current Liquidity Account Initial Date for such Series shall be extended as
provided in the Appendix relating to such Series, and the requirement of the Fund to maintain the Term Redemption Liquidity Account
with respect to such Series in connection with such Liquidity Account Initial Date shall lapse and shall thereafter apply in respect
of the Liquidity Account Initial Date for such Series as so extended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">2.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Global
Certificate</U>. All RVMTP Shares of any Series Outstanding from time to time shall be represented by one or more global certificates
for such Series registered in the name of the Securities Depository or its nominee and no registration of transfer of shares of
such Series of RVMTP Shares shall be made on the books of the Fund to any Person other than the Securities Depository or its nominee
or transferee. The foregoing restriction on registration of transfer shall be conspicuously noted on the face or back of the global
certificates. Such global certificates will be deposited with, or on behalf of, The Depository Trust Company and registered in
the name of Cede &amp; Co., its nominee. Beneficial interests in the global certificates will be held only through The Depository
Trust Company and any of its participants.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">2.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Notice</U>.
All notices or communications hereunder, unless otherwise specified in this Statement, shall be sufficiently given if in writing
and delivered in person, by telecopier, by Electronic Means or by overnight delivery. Notices delivered pursuant to this <U>Section
2.14</U> shall be deemed given on the date received.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">2.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Termination</U>.
In the event that no RVMTP Shares of a Series are Outstanding subject to this Statement, all rights and preferences of the RVMTP
Shares of such Series established and designated hereunder shall cease and terminate, and all obligations of the Fund under this
Statement with respect to such Series shall terminate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">2.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Appendices</U>.
The designation of each Series of RVMTP Shares subject to this Statement shall be set forth in an Appendix to this Statement. The
Board of Trustees may, by resolution duly adopted, without shareholder approval (except as otherwise provided by this Statement
or required by applicable law) (1) amend the Appendix to this Statement relating to a Series so as to reflect any amendments to
the terms applicable to such Series including an increase in the number of authorized shares of such Series and (2) add additional
Series of RVMTP Shares by including a new Appendix to this Statement relating to such Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">2.17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Actions
on Other than Business Days</U>. Unless otherwise provided herein, if the date for making any payment, performing any act or exercising
any right, in each case as provided for in this Statement, is not a Business Day, such payment shall be made, act performed or
right exercised on the next succeeding Business Day, with the same force and effect as if made or done on the nominal date provided
therefor, and, with respect to any payment so made, no dividends, interest or other amount shall accrue for the period between
such nominal date and the date of payment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">2.18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Modification</U>.
To the extent permitted by <U>Section 2.7(c)</U> and any applicable Purchase Agreement, the Board of Trustees, without the vote
of the Holders of RVMTP Shares or any other outstanding shares issued by the Fund, may interpret, supplement or amend the provisions
of this Statement or any Appendix hereto to supply any omission, resolve any inconsistency or ambiguity or to cure, correct or
supplement any defective or inconsistent provision, including any provision that becomes defective after the date hereof because
of impossibility of performance or any provision that is inconsistent with any provision of any other Preferred Shares of the Fund
and, in addition to the amendments permitted by <U>Sections 2.6(g)</U> and <U>2.7(c)</U> hereof, may amend this Statement with
respect to any Series of RVMTP Shares prior to the issuance of RVMTP Shares of such Series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 83.05pt"></TD><TD STYLE="width: 35.9pt"><FONT STYLE="color: #010000">2.19</FONT></TD><TD><U>Transfers</U>.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt; color: #010000">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="font-size: 10pt">A
Designated Owner or Holder of any RVMTP Shares of any Series may sell, transfer or otherwise dispose of RVMTP Shares only in whole
shares and only to Persons that are (1)(i) &ldquo;qualified institutional buyers&rdquo; (as defined in Rule 144A under the Securities
Act or any successor provision) in accordance with Rule 144A under the Securities Act or any successor provision that are registered
closed-end management investment companies, the shares of which are traded on a national securities exchange (&ldquo;<U>Closed-End
Funds</U>&rdquo;), banks or entities that are 100% direct or indirect subsidiaries of banks&rsquo; publicly traded parent holding
companies (collectively, &ldquo;<U>Banks</U>&rdquo;), insurance companies or registered open-end management investment companies,
(ii) tender option bond trusts (or similar vehicles) in which all investors are &ldquo;qualified institutional buyers&rdquo; (as
defined in Rule 144A under the Securities Act or any successor provision) that are Closed-End Funds, Banks, insurance companies,
or registered open-end management investment companies, in each case with respect to clauses (i) and (ii), in accordance with </FONT>Rule
144A under the Securities Act or pursuant to another available exemption from registration under the Securities Act, in a manner
not involving a public offering within the meaning of Section 4(a)(2) of the Securities Act, or (iii) other investors with the
prior written consent of the Fund and (2) unless the prior written consent of the Fund is obtained, not PIMCO Persons, if such
PIMCO Persons would, after such sale and transfer, own more than 20% of the Outstanding RVMTP Shares. Any transfer in violation
of the foregoing restrictions shall be void <I>ab initio</I>. The restrictions on transfer contained in this <U>Section 2.19(a)</U>
shall not apply to any RVMTP Shares that are being registered and sold pursuant to an effective registration statement under the
Securities Act or to any subsequent transfer of such RVMTP Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If
at any time the Fund is not furnishing information pursuant to Section 13 or 15(d) of the Exchange Act, in order to preserve the
exemption for resales and transfers under Rule 144A, the Fund shall furnish, or cause to be furnished, to holders of RVMTP Shares
and prospective purchasers of RVMTP Shares, upon request, information with respect to the Fund satisfying the requirements of subsection
(d)(4) of Rule 144A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 46.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010000">2.20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>No
Additional Rights</U>. Unless otherwise required by law or the Declaration, the Holders of RVMTP Shares shall not have any relative
rights or preferences or other special rights with respect to such RVMTP Shares other than those specifically set forth in this
Statement; <U>provided</U>, <U>however</U>, that nothing in this Statement shall be deemed to preclude or limit the right of the
Fund (to the extent permitted by applicable law) to contractually agree with any Holder or Designated Owner of RVMTP Shares of
any Series with regard to any special rights of such Holder or Designated Owner with respect to its investment in the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">[Signature Page Begins on the Following Page]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 131pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-align: justify; text-indent: 0.5in"><B>IN WITNESS
WHEREOF</B>, PIMCO New York Municipal Income Fund II has caused this Statement to be signed on July 14, 2021 in its name and on
its behalf by a duly authorized officer. The Declaration is on file with the Secretary of the Commonwealth of Massachusetts, and
the said officer of the Fund has executed this Statement as an officer and not individually, and the obligations and rights of
the Fund set forth in this Statement are not binding upon any such officer, or the trustees of the Fund or shareholders of the
Fund, individually, but are binding only upon the assets and property of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>PIMCO  MUNICIPAL INCOME FUND II</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;<IMG SRC="pnibylaws001.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Eric D. Johnson</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: &nbsp;&nbsp;President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><IMG SRC="pnibylaws002.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to PIMCO Muncipal Income
Fund II Statement of Rights]</P>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">APPENDIX A</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PIMCO  MUNICIPAL INCOME FUND
II</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>REMARKETABLE
VARIABLE RATE MUNIFUND TERM PREFERRED SHARES,</B></FONT><BR>
<B>SERIES 2051</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><U>Preliminary Statement and Incorporation By Reference</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 112.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 0.5in">This Appendix
(this &ldquo;<U>Appendix</U>&rdquo;) amends and restates that certain Appendix dated September 18, 2018 relating to the Variable
Rate MuniFund Term Preferred Shares, Series 2022 of PIMCO  Municipal Income Fund II and redesignates such Series as the
Remarketable Variable Rate MuniFund Term Preferred Shares, Series 2051. Except as set forth below, this Appendix incorporates by
reference the terms set forth with respect to all Series of such Remarketable Variable Rate MuniFund Term Preferred Shares in that
&ldquo;Amended and Restated Statement Establishing and Fixing the Rights and Preferences of Remarketable Variable Rate MuniFund
Term Preferred Shares&rdquo;, effective as of September 18, 2018, as amended and restated on January 16, 2019 and July 14, 2021
(the &ldquo;<U>RVMTP Statement</U>&rdquo;). This Appendix has been adopted by resolution of the Board of Trustees of PIMCO  Municipal Income Fund II. Capitalized terms used herein but not defined herein have the respective meanings therefor set forth
in the RVMTP Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt">Section 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Designation as to Series</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 0.5in">Remarketable
Variable Rate MuniFund Term Preferred Shares, Series 2051: A series of 687  Preferred Shares classified as Remarketable
Variable Rate MuniFund Term Preferred Shares is hereby designated as the &ldquo;Remarketable Variable Rate MuniFund Term
Preferred Shares, Series 2051&rdquo; (the &ldquo;<U>Series 2051 RVMTP Shares</U>&rdquo;). Each share of such Series shall
have such preferences, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and
terms and conditions of redemption, in addition to those required by applicable law and those that are expressly set forth in
the Declaration, the By-Laws and the RVMTP Statement (except as the RVMTP Statement may be expressly modified by this
Appendix), as are set forth in this <U>Appendix A. </U>The Series 2051 RVMTP Shares shall constitute a separate series of
Preferred Shares and of the Remarketable Variable Rate MuniFund Term Preferred Shares and each Series 2051 RVMTP Share shall
be identical. The following terms and conditions shall apply solely to the Series 2051 RVMTP Shares:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt">Section 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Number of Authorized Shares of Series</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt">The number of authorized shares is 687.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt">Section 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Date of Original Issuance and the
Date of Redesignation with respect to Series.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt">The Date of Original Issuance is September 18, 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">APPENDIX A</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 0.5in">The Date of Redesignation is July 14, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 0.5in">Section 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidation Preference Applicable
to Series</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 0.5in">The Liquidation Preference is $100,000.00 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 0.5in">Section
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Term Redemption Date and Early Term Redemption Date Applicable to Series</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 0.5in">The Term Redemption Date is July
14, 2051, subject to extension pursuant to Section 2.6(a)(ii) of the RVMTP Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.45pt; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt; text-align: justify">The initial &ldquo;<U>Early Term
Redemption Date</U>&rdquo; is July 14, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt; text-align: justify">Section 6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dividend Payment Dates Applicable to Series</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-align: justify; text-indent: 0.5in">The Dividend
Payment Dates are the first Business Day of the month next following each Dividend Period, subject to the definition of &ldquo;Dividend
Period&rdquo; set forth in <U>Section 9</U> below, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt">Section 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidity Account Initial Date Applicable
to Series</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 0.5in">The Liquidity
Account Initial Date is the date that is six (6) months prior to the Term Redemption Date or, if applicable, the date that is six
(6) months prior to the then current Term Redemption Date as extended pursuant to Section 2.6(a)(ii) of the RVMTP Statement or,
if such date is not a Business Day, the next succeeding Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt">Section 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exceptions to Certain Definitions
Applicable to the Series</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-align: justify; text-indent: 0.5in">The following
definitions contained under the heading &ldquo;Definitions&rdquo; in the RVMTP Statement are hereby amended as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt">Section 9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Additional Definitions Applicable
to the Series</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 0.5in">The following
terms shall have the following meanings (with terms defined in the singular having comparable meanings when used in the plural
and vice versa), unless the context otherwise requires:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Dividend
Period</U>&rdquo; means, with respect to the Series 2051 RVMTP Shares, in the case of the first Dividend Period, the period beginning
on the Date of Original Issuance for such Series and ending on and including September 30, 2018 and for each subsequent Dividend
Period, the period beginning on and including the first calendar day of the month following the month in which the previous Dividend
Period ended and ending on and including the last calendar day of such month; <U>provided</U>, <U>however</U>, in connection with
any voluntary exchange by the Holders or Designated Owners thereof of Series 2051 RVMTP Shares for any new series of Remarketable
Variable Rate MuniFund Term Preferred Shares or any other securities of the Fund, the Board of Trustees may declare that a Dividend
Period shall begin on and include the first calendar day of the month in which such exchange will occur and shall end on but not
include the date of such exchange, and in such case, the Dividend Payment Date for such dividend shall be the date of such exchange
and provided further that, in connection with any reorganization or merger involving the Fund, the Board of Trustees may establish
a Dividend Period of less than a month, in which case the Dividend Payment Date for such dividend shall be the first Business Day
following the end of such Dividend Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">APPENDIX A</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-align: justify; text-indent: 0.5in">&ldquo;<U>Optional
Redemption Premium</U>&rdquo; means with respect to each Series 2051 RVMTP Share to be redeemed an amount equal to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 0.5in">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Optional Redemption Date for such Series 2051 RVMTP Share occurs prior to September 18, 2019, the product of (i) 0.92%, (ii)
the Liquidation Preference of such RVMTP Share and (iii) a fraction, the numerator of which is the number of calendar days from
and including the date of redemption to and including September 18, 2019 and the denominator of which is the actual number of calendar
days from and including September 18, 2018 to and including September 18, 2019; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 0.5in">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Optional Redemption Date for such Series 2051 RVMTP Share occurs on or after September 18, 2019, none.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 10.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-align: justify; text-indent: 0.5in">Section 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments to Terms of RVMTP Shares Applicable to the Series</U>. The following provisions contained under the heading &ldquo;Terms
of the RVMTP Shares&rdquo; in the RVMTP Statement are hereby amended as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 47pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 11pt; text-align: justify; text-indent: 0.5in"><B>IN WITNESS
WHEREOF</B>, PIMCO New York Municipal Income Fund II has caused this Appendix to be signed on July 14, 2021 in its name and on
its behalf by a duly authorized officer. The Declaration is on file with the Secretary of the Commonwealth of Massachusetts, and
the said officer of the Fund has executed this Appendix as an officer and not individually, and the obligations and rights of
the Fund set forth in this Appendix are not binding upon any such officer, or the trustees of the Fund or shareholders of the
Fund, individually, but are binding only upon the assets and property of the Fund.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 259.15pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>PIMCO MUNICIPAL INCOME FUND II</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: bottom">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;<IMG SRC="pnibylaws001.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Eric D. Johnson</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: &nbsp;&nbsp;President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><IMG SRC="pnibylaws002.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to PIMCO Muncipal Income
Fund II Statement of Rights Appendix A]</P>

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>INST DEFINING RIGHTS
<SEQUENCE>4
<FILENAME>cefmuni_g.1.b.ii.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Item G.1.b.ii
of Form N-CEN</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On September 18,
2018, the Fund issued a single series of Variable Rate MuniFund Term Preferred Shares, Series 2022, which were redesignated (such
redesignation, the &ldquo;Redesignation&rdquo;), effective June 14, 2021 (the &ldquo;Redesignation Date&rdquo;), as Remarketable
Variable Rate MuniFund Term Preferred Shares, Series 2051 (the &ldquo;RVMTP Shares&rdquo;). The Fund&rsquo;s Bylaws were amended
and restated as of July 14, 2021 to include provisions related to the RVMTP Shares. The RVMTP Shares have a par value of $0.00001
per share and&nbsp;liquidation preference of $100,000 per share. The RVMTP Shares have various rights that were approved by the
Board&nbsp;of Trustees of the Fund (the &ldquo;Board&rdquo;) without the approval of common shareholders, which are specified in
the&nbsp;Fund&rsquo;s Amended and Restated Bylaws of the Fund (the &ldquo;Bylaws&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Under the Investment
Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), the Fund is permitted to have outstanding more than one series of preferred
shares of beneficial interest, including without limitation the RVMTP Shares, as long as no single series has priority over another
series as to the distribution of assets of the Fund or the payment of dividends.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Certain rights,
terms and conditions of the RVMTP Shares are summarized below:&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>RVMTP Shares
Dividends</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The dividend rate
paid on the RVMTP Shares is&nbsp;also determined over the course of the Rate Period. The dividends per share&nbsp;for the RVMTP
Shares for a given Rate Period are dependent on the RVMTP&nbsp;Share dividend rate (the &ldquo;RVMTP Share Dividend Rate&rdquo;)
for that Rate&nbsp;Period. The RVMTP Share Dividend Rate for the RVMTP Shares is equal to the greater of (i) the sum of a specified
&ldquo;Index&nbsp;Rate&rdquo;<SUP>1</SUP>&nbsp;plus an &ldquo;Applicable Spread&rdquo;<SUP>2</SUP>&nbsp;for the Rate Period plus
the &ldquo;Failed&nbsp;Remarketing Spread&rdquo;<SUP>3</SUP>, if any, and (ii) the sum of (a) the product of the Index&nbsp;Rate
multiplied by the &ldquo;Applicable Multiplier&rdquo;<SUP>4</SUP>&nbsp;for such Rate Period plus&nbsp;(b) 0.92% plus (c) the Failed
Remarketing Spread, if any. The dividend per RVMTP&nbsp;Share for the Rate Period is then determined as described in the table&nbsp;below.<SUP>5</SUP></P>

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

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> The Index Rate is determined by reference to
a weekly, high-grade index comprised of seven-day, tax-exempt variable rate demand notes, generally the Securities Industry
and Financial Markets Association Municipal Swap Index.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>2</SUP> The Applicable Spread
for a Rate Period is a&nbsp;percentage per annum that is based on the long term rating most recently assigned by&nbsp;the
applicable ratings agency to the RVMTP Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>3</SUP> In connection with a
failed remarketing related to an Early Term Redemption, the Failed Remarketing Spread is (i) 0.75% for the first 59 days
following the applicable Early Term Redemption Date, (ii) 1.00% for the 60th to the 89th day following such Early Term
Redemption Date, (iii) 1.25% for the 90th to the 119th day following such Early Term</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redemption Date, (iv) 1.50% for the 120th
to the 149th day following such Early Term Redemption Date, and (v) 1.75% for the 150th day following such Early Term Redemption
Date to the date of the associated mandatory redemption of the RVMTP Shares. In connection with a failed remarketing related to
a Special Terms Period (each a &ldquo;Failed Special Terms Period Remarketing&rdquo;), the Failed Remarketing Spread means (i)
for so long as two or more Failed Special Terms Period Remarketings have not occurred, 0.05%, and (ii) following the second occurrence
of a Failed Special Terms Period Remarketing, 0.10% multiplied by the number of Failed Special Terms Period Remarketings that
have occurred after the first Failed Special Terms Period Remarketing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>4</SUP> The Applicable
Multiplier&nbsp;for a Rate Period is a percentage that is based on the long term rating most recently&nbsp;assigned by the
applicable ratings agency to the RVMTP Shares.</P>

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; text-align: center"><B>Dividend </B><BR>
<B>Rate</B></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 31%; text-align: center"><B>Rate Period Fraction</B></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center"><B>RVMTP Shares </B><BR>
<B>Liquidation </B><BR>
<B>Preference</B></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: center"><B>Dividend</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Number of days in the Rate Period <BR>
(or a part thereof)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: center">Dividend <BR>
Rate</TD>
    <TD STYLE="text-align: center">x</TD>
    <TD STYLE="text-align: center">Divided by</TD>
    <TD STYLE="text-align: center">x</TD>
    <TD STYLE="text-align: center">100,000</TD>
    <TD STYLE="text-align: center">=</TD>
    <TD STYLE="text-align: center">Dividends per <BR>
RVMTP Share</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Total number of days in the year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is required to maintain certain
asset coverage requirements with respect to its RVMTP Shares under the terms of the Bylaws, which are summarized below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>1940 Act Asset
Coverage.&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In accordance
with the Fund&rsquo;s governing&nbsp;documents and the 1940 Act, the Fund is required to maintain certain asset&nbsp;coverage with
respect to all outstanding senior securities of the Fund which&nbsp;are stocks for purposes of the 1940 Act, including the RVMTP
Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Under the 1940
Act, the Fund is not permitted to issue preferred shares&nbsp;unless, immediately after such issuance, the value of the Fund&rsquo;s
total net&nbsp;assets (as defined below) is at least 200% of the liquidation value of any&nbsp;outstanding preferred shares and
the newly issued preferred shares plus the&nbsp;aggregate amount of any senior securities of the Fund representing&nbsp;indebtedness
(<I>i.e.,</I>&nbsp;such liquidation value plus the aggregate amount of&nbsp;senior securities representing indebtedness may not
exceed 50% of the&nbsp;Fund&rsquo;s total net assets). In addition, the Fund is not permitted to declare or&nbsp;pay common share
dividends unless immediately thereafter the Fund has a&nbsp;minimum asset coverage ratio of 200% with respect to all outstanding&nbsp;senior
securities of the Fund which are stocks for purposes of the 1940 Act&nbsp;after deducting the amount of such common share dividends.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Effective Leverage Ratio&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with the Bylaws,&nbsp;without
the prior written consent of the holders of&nbsp;RVMTP Shares, the Fund&rsquo;s Effective Leverage Ratio may not exceed 50%&nbsp;(or
51% solely by reason of fluctuations in the market value of the Fund&rsquo;s&nbsp;portfolio securities) as of the close of business
on any business day. If the&nbsp;Fund fails to comply with any additional requirements relating to the&nbsp;calculation of the
Effective Leverage Ratio requirement applicable to the RVMTP Shares and, in any such case, such failure is not&nbsp;cured as of
the close of business on the date that is ten business days&nbsp;following the business day on which such non-compliance is first&nbsp;determined
(the &ldquo;Effective Leverage Ratio Cure Date&rdquo;), the Fund shall&nbsp;cause the Effective Leverage Ratio to not exceed 50%
(or 51% solely&nbsp;by reason of fluctuations in the market value of the Fund&rsquo;s portfolio&nbsp;securities), by (i) not later
than the close of business on the business day&nbsp;next following the Effective Leverage Ratio Cure Date, engaging in transactions
involving or relating to any floating rate securities not owned&nbsp;by the Fund and/or any inverse floating rate securities owned
by the Fund,&nbsp;including the purchase, sale or retirement thereof, (ii) to the extent&nbsp;permitted by law, not later than
the close of business on the second&nbsp;business day next following the Effective Leverage Ratio Cure Date, causing&nbsp;a notice
of redemption to be issued for the redemption of a sufficient&nbsp;number of Preferred Shares, in accordance with the terms of
the Preferred&nbsp;Shares, or (iii) engaging in any combination, in the Fund&rsquo;s discretion, of the&nbsp;actions contemplated
by clauses (i) and (ii).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>5</SUP>An increased RVMTP Share Dividend Rate could be&nbsp;triggered
by the Fund&rsquo;s failure to comply with certain requirements relating to the RVMTP Shares, certain actions taken by the applicable
ratings agency or&nbsp;certain determinations regarding the tax status of the RVMTP Shares&nbsp;made by a court or other applicable
governmental authority. The RVMTP Share Dividend&nbsp;Rate will in no event exceed 15% per year.</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of any voluntary or involuntary&nbsp;liquidation,
dissolution or winding up of the affairs of the Fund, holders of&nbsp;RVMTP Shares are entitled to receive a preferential&nbsp;liquidating
distribution (equal the original purchase price per share of&nbsp;$100,000 plus accumulated and unpaid dividends thereon, whether
or not&nbsp;earned or declared) before any distribution of assets is made to Common&nbsp;Shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Mandatory
Redemptions&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The RVMTP Shares
are subject to a&nbsp;mandatory term redemption date of July 14, 2051, subject to the Fund&rsquo;s right to extend the term with
the consent of&nbsp;the holders of the RVMTP Shares (the &ldquo;RVMTP Share Term Redemption&nbsp;Date&rdquo;). There is no assurance
that the term of the RVMTP&nbsp;Shares will be extended.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition, a
&ldquo;Mandatory&nbsp;Tender Event&rdquo; will occur on each date that is (i) 20 business days before&nbsp;each three-year anniversary
since the Redesignation Date, (ii) the date the Fund delivers a notice designating a Special Terms&nbsp;Period, and (iii) 20 business
days before the end of a Special Terms Period&nbsp;(provided that no subsequent Terms Period is designated). If any RVMTP&nbsp;Shares
subject to a Mandatory Tender Event upon a three-year anniversary&nbsp;of the date of original issue of the RVMTP Shares or upon&nbsp;the
end of a Special Terms Period (each, an &ldquo;RVMTP Share Early Term&nbsp;Redemption Date&rdquo;) have not been either retained
by the holders or&nbsp;remarketed by the Mandatory Tender Date, the Fund will redeem such&nbsp;RVMTP Shares on the RVMTP&nbsp;Early
Term Redemption Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The RVMTP Shares
are also subject to mandatory&nbsp;redemption by the Fund, in whole or in part, in certain circumstances, such&nbsp;as the failure
by the Fund to comply with asset coverage and/or effective&nbsp;leverage ratio requirements described above (and the failure to
cure any&nbsp;such failure within the applicable cure period) or certain actions taken by&nbsp;the applicable ratings agency.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">At least&nbsp;six
months prior to the RVMTP&nbsp;Share Term Redemption Date or the RVMTP Share Early Term Redemption Date (each,&nbsp;a &ldquo;Redemption
Date&rdquo;), the Fund will maintain segregated assets of a&nbsp;minimum credit rating quality with a market value equal to at
least 110%&nbsp;of the redemption price of all outstanding RVMTP Shares&nbsp;to be redeemed until the redemption of all such outstanding
RVMTP Shares, as applicable. The Fund will include certain liquid and/or&nbsp;highly rated assets in an amount equal to 20% of
such segregated assets&nbsp;with five months remaining to the Redemption Date, which amount will&nbsp;increase monthly by 20% and
reach 100% with one month remaining to&nbsp;the Redemption Date.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Voting Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Under the 1940
Act, Preferred Shares (including, without&nbsp;limitation, the RVMTP Shares) are required to be&nbsp;voting shares and to have
equal voting rights with Common Shares. Except&nbsp;as otherwise indicated in the Prospectus or this Statement of Additional&nbsp;Information,
and except as otherwise required by applicable law, Preferred&nbsp;Shares vote together with Common Shareholders as a single class.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition, holders
of Preferred Shares, including RVMTP&nbsp;Shares, voting as a separate class, are entitled to elect two of the Fund&rsquo;s&nbsp;trustees.
The remaining trustees are elected by Common Shareholders and&nbsp;Preferred Shareholders, voting together as a single class. In
the unlikely&nbsp;event that two full years of accrued dividends are unpaid on the Preferred&nbsp;Shares, the holders of all outstanding
Preferred Shares voting as a separate class.</P>

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



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

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

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<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>pnibylaws001.jpg
<TEXT>
begin 644 pnibylaws001.jpg
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