<SEC-DOCUMENT>0001104659-21-000878.txt : 20210105
<SEC-HEADER>0001104659-21-000878.hdr.sgml : 20210105
<ACCEPTANCE-DATETIME>20210105155120
ACCESSION NUMBER:		0001104659-21-000878
CONFORMED SUBMISSION TYPE:	POS EX
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210105
DATE AS OF CHANGE:		20210105
EFFECTIVENESS DATE:		20210105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEKLA LIFE SCIENCES INVESTORS
		CENTRAL INDEX KEY:			0000884121
		IRS NUMBER:				043147016
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		POS EX
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-195326
		FILM NUMBER:		21505289

	BUSINESS ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		STREET 2:		19TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		6177728515

	MAIL ADDRESS:	
		STREET 1:		100 FEDERAL STREET
		STREET 2:		19TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	H&Q LIFE SCIENCES INVESTORS
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
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<TYPE>POS EX
<SEQUENCE>1
<FILENAME>tm2039334d2_posex.htm
<DESCRIPTION>POS EX
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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; text-align: center"><B>As filed with the Securities and Exchange
Commission on January 5, 2021</B></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; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities
Act </B></FONT><B>File No.&nbsp;333-195326<BR>
Investment Company Act File No.&nbsp;811-06565</B></P>



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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;N-2</B></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; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933 </B></FONT><B><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></B></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; text-align: center"><B>Pre-Effective Amendment No.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Post-Effective Amendment No.&nbsp;6</B></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; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>REGISTRATION
STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 </B></FONT><B><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></B></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; text-align: center"><B>Amendment No.&nbsp;22</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TEKLA LIFE SCIENCES INVESTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in
Charter)</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; text-align: center"><B>100 Federal Street, 19th&nbsp;Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Boston, MA 02110</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(617) 772-8500</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address,&nbsp;Including Zip Code, and Telephone
Number,&nbsp;Including Area Code, of Registrant&#8217;s<BR>
Principal Executive Offices)</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; text-align: center"><B>Daniel R. Omstead, Ph.D.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>100 Federal Street, 19th&nbsp;Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Boston, MA 02110</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address including zip code, and telephone
number, including area code, of agent for<BR>
service)</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; text-align: center">With Copies to:</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"><B>Christopher P. Harvey,&nbsp;Esq.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>One International Place, 40th&nbsp;Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>100 Oliver Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Boston, MA 02110</B></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">Approximate Date of Proposed Public Offering: <B>As soon as
practicable after the effective date of this Registration Statement</B></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
any securities being registered on this form will be offered on a delayed or continuous basis in reliance on Rule&nbsp;415 under
the Securities Act of 1933, other than securities offered in connection with a dividend reinvestment plan, check the following
box <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT>.</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">This post-effective amendment will become effective immediately
pursuant to Rule&nbsp;462(d).</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"></P>

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<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</B></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">This Post-Effective Amendment No.&nbsp;6 to the Registration
Statement on Form&nbsp;N-2 (File No.&nbsp;333-195326) of Tekla Life Sciences Investors (the &#8220;Registration Statement&#8221;)
is being filed pursuant to Rule&nbsp;462(d)&nbsp;under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;),
solely for the purpose of filing an exhibit to the Registration Statement. No changes have been made to Part&nbsp;A, Part&nbsp;B
or Part&nbsp;C of the Registration Statement, other than the Items of Part&nbsp;C of the Registration Statement as set forth below.
Accordingly, this Post-Effective Amendment No.&nbsp;6 consists only of a facing page, this explanatory note and Part&nbsp;C of
the Registration Statement on Form&nbsp;N-2 setting forth the exhibits to the Registration Statement. This Post-Effective Amendment
No.&nbsp;6 does not modify any other part of the Registration Statement. The contents of the Registration Statement are hereby
incorporated by reference.</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"></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; text-align: center"><B>PART&nbsp;C: OTHER INFORMATION</B></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"><B>Item&nbsp;25. Financial Statements and Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 0"></TD><TD STYLE="width: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD>Exhibits:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465906024751/a06-8302_1ex99dai.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a.</FONT></A></TD><TD STYLE="width: 27pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465906024751/a06-8302_1ex99dai.htm" STYLE="-sec-extract: exhibit">(i)</A></TD>
                                                                                                                                             <TD><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465906024751/a06-8302_1ex99dai.htm" STYLE="-sec-extract: exhibit">Amended and Restated Declaration of Trust of the Registrant, dated February&nbsp;20, 1992(1)</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 54pt"></TD><TD STYLE="width: 27pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465906024751/a06-8302_1ex99daii.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465906024751/a06-8302_1ex99daii.htm" STYLE="-sec-extract: exhibit">Amendment relating to requirements for Conversion dated March&nbsp;26, 1992(1)</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 54pt"></TD><TD STYLE="width: 27pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465906024751/a06-8302_1ex99daiii.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii)</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465906024751/a06-8302_1ex99daiii.htm" STYLE="-sec-extract: exhibit">Notice of Change of Trustee, dated August&nbsp;11, 1995(1)</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 54pt"></TD><TD STYLE="width: 27pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465906024751/a06-8302_1ex99daiv.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv)</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465906024751/a06-8302_1ex99daiv.htm" STYLE="-sec-extract: exhibit">Acceptance of Trustee Appointment, dated March&nbsp;30, 2000(1)</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 54pt"></TD><TD STYLE="width: 27pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465906024751/a06-8302_1ex99dav.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465906024751/a06-8302_1ex99dav.htm" STYLE="-sec-extract: exhibit">Notice of Change of Trustee, dated April&nbsp;14, 2003(1)</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 54pt"></TD><TD STYLE="width: 27pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465906024751/a06-8302_1ex99dav.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vi)</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465906024751/a06-8302_1ex99dav.htm" STYLE="-sec-extract: exhibit">Acceptance of Trustee appointment, dated June&nbsp;2, 2003(1)</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 54pt"></TD><TD STYLE="width: 27pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465914028157/a14-9467_1ex99davii.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vii)</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465914028157/a14-9467_1ex99davii.htm" STYLE="-sec-extract: exhibit">Notice of Change of Trustee, dated August&nbsp;9, 2006(3)</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 54pt"></TD><TD STYLE="width: 27pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465914028157/a14-9467_1ex99daviii.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(viii)</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465914028157/a14-9467_1ex99daviii.htm" STYLE="-sec-extract: exhibit">Notice of Change of Trustee, dated July&nbsp;2, 2007(3)</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 54pt"></TD><TD STYLE="width: 27pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465914028157/a14-9467_1ex99daix.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ix)</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465914028157/a14-9467_1ex99daix.htm" STYLE="-sec-extract: exhibit">Notice of Change of Trustee, dated June&nbsp;8, 2010(3)</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 54pt"></TD><TD STYLE="width: 27pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465911037736/a11-15950_2ex99dbavii.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(x)</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465911037736/a11-15950_2ex99dbavii.htm" STYLE="-sec-extract: exhibit">Amendment relating to Repurchase of Shares, dated May&nbsp;3, 2011(2)</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 54pt"></TD><TD STYLE="width: 27pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465914028157/a14-9467_1ex99daxi.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xi)</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465914028157/a14-9467_1ex99daxi.htm" STYLE="-sec-extract: exhibit">Notice of Change of Trustee, dated June&nbsp;29, 2011(3)</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 54pt"></TD><TD STYLE="width: 27pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465914028157/a14-9467_1ex99daxii.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xii)</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465914028157/a14-9467_1ex99daxii.htm" STYLE="-sec-extract: exhibit">Notice of Change of Trustee, dated December&nbsp;14, 2011(3)</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 54pt"></TD><TD STYLE="width: 27pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465914028157/a14-9467_1ex99daxiii.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xiii)</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465914028157/a14-9467_1ex99daxiii.htm" STYLE="-sec-extract: exhibit">Notice of Change of Trustee, dated May&nbsp;2, 2012(3)</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 54pt"></TD><TD STYLE="width: 27pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465918024689/a18-9972_1ex99dbaxiv.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xiv)</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465918024689/a18-9972_1ex99dbaxiv.htm" STYLE="-sec-extract: exhibit">Notice of Change of Trustee, dated December&nbsp;20, 2017(7)</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&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: 54pt"></TD><TD STYLE="width: 27pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465919014168/a19-3039_1ex99dbaxv.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(xv)</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465919014168/a19-3039_1ex99dbaxv.htm" STYLE="-sec-extract: exhibit">Notice of Change of Trustee, dated December&nbsp;13, 2018(8)</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&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: 54pt"></TD><TD STYLE="width: 27pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465919036644/a19-11731_1ex99dbaxvi.htm" STYLE="-sec-extract: exhibit">(xvi)</A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465919036644/a19-11731_1ex99dbaxvi.htm" STYLE="-sec-extract: exhibit">Notice of Change of Trustee, dated June 13, 2019(9)</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt; text-align: left"><A HREF="http://www.sec.gov/Archives/edgar/data/884121/000110465920103794/tm2030220d2_ex99-axviii.htm" STYLE="-sec-extract: exhibit">(xvii)</A></TD><TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/884121/000110465920103794/tm2030220d2_ex99-axviii.htm" STYLE="-sec-extract: exhibit">Notice
                                                                                                                                                                                                                           of Change of Trustee, dated August 27, 2020(11)</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 81pt; text-indent: -27pt">&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: 27pt"></TD><TD STYLE="width: 27pt"><A HREF="tm2039334d2_ex99-bb.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b.</FONT></A></TD><TD><A HREF="tm2039334d2_ex99-bb.htm" STYLE="-sec-extract: exhibit">By-Laws
                                                                                                                                                                                                                                                              of the Registrant, as amended, filed herewith</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c.</FONT></TD><TD>Not applicable</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465906024751/a06-8302_1ex99ddi.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d.</FONT></A></TD><TD STYLE="width: 27pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465906024751/a06-8302_1ex99ddi.htm" STYLE="-sec-extract: exhibit">(i)</A></TD>
                                                                                                                                             <TD><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465906024751/a06-8302_1ex99ddi.htm" STYLE="-sec-extract: exhibit">Specimen certificate for Shares of Beneficial Interest(1)</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="width: 27pt">&nbsp;</TD>
<TD STYLE="width: 27pt"></TD><TD STYLE="text-align: left; width: 27pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465914041984/a14-9467_1ex99dddii.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)</FONT></A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465914041984/a14-9467_1ex99dddii.htm" STYLE="-sec-extract: exhibit">Form&nbsp;of Exercise Form(6)</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27pt"></TD><TD STYLE="width: 27pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465906024751/a06-8302_1ex99de.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">e.</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465906024751/a06-8302_1ex99de.htm" STYLE="-sec-extract: exhibit">Dividend Reinvestment and Cash Purchase plan(1)</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">f.</FONT></TD><TD>Not applicable</TD></TR></TABLE>

<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>

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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>

<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: 27pt"></TD><TD STYLE="width: 27pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465914028157/a14-9467_1ex99dg.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">g.</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465914028157/a14-9467_1ex99dg.htm" STYLE="-sec-extract: exhibit">Investment Advisory Agreement, dated as of July&nbsp;1, 2009, between the Registrant and Tekla Capital Management LLC (formerly
known as Hambrecht&nbsp;&amp; Quist Capital Management, LLC)(3)</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">h.</FONT></TD><TD>Not applicable</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">i.</FONT></TD><TD>Not applicable</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27pt"></TD><TD STYLE="width: 27pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465906024751/a06-8302_1ex99dj.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">j.</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465906024751/a06-8302_1ex99dj.htm" STYLE="-sec-extract: exhibit">Custodian Agreement, dated September&nbsp;30, 2004, between the Registrant and State Street Bank and Trust Company(1)</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27.35pt"></TD><TD STYLE="width: 27.35pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465906024751/a06-8302_1ex99dki.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">k.</FONT></A></TD><TD STYLE="padding-right: 0.05in"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465906024751/a06-8302_1ex99dki.htm" STYLE="-sec-extract: exhibit">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration
Agreement between Registrant and State Street Bank and Trust Company, dated as of July 1, 2005(1)</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 27.35pt; text-align: left"></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465914028157/a14-9467_1ex99dkii.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii) &nbsp;&nbsp;&nbsp;&nbsp;Transfer Agency and Service
                                                                                  Agreement between Registrant, Computershare Trust Company, N.A. and Computershare Shareholder Services,&nbsp;Inc. (formerly
                                                                                  known as EquiServe,&nbsp;Inc.), dated as of March&nbsp;1, 2006(3)</FONT></A></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 27.35pt; text-align: left"></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465914041325/a14-9467_1ex99dkdiii.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Agent Agreement
                                                                                  between the Registrant and AST Fund Solutions, LLC, dated April&nbsp;21, 2014(5)</FONT></A></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 27.35pt; text-align: left"></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465914041325/a14-9467_1ex99dkdiv.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(iv) &nbsp;&nbsp;&nbsp;&nbsp;Subscription Agent Agreement
                                                                                  between the Registrant and Boston Financial Data Services,&nbsp;Inc., dated April&nbsp;30, 2014(10)</FONT></A></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 27.35pt; text-align: left"></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465917040137/a17-15120_1ex99dbkv.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(v)</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Support Services Agreement
                                                                                  between the Registrant and Destra Capital Investments LLC dated January 1, 2016 (6)</A></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 27.35pt; text-align: left"></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465918024689/a18-9972_1ex99dbkvi.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(vi)</FONT> &nbsp;&nbsp;&nbsp;&nbsp;Assignment of the Support
                                                                                  Services Agreement with Destra Capital Investments LLC to Destra Capital Advisors LLC dated April&nbsp;2, 2018(7)</A></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27pt"></TD><TD STYLE="width: 27pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465914041325/a14-9467_1ex99dld.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">l.</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465914041325/a14-9467_1ex99dld.htm" STYLE="-sec-extract: exhibit">Opinion and Consent of Dechert LLP(5)</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">m.</FONT></TD><TD>Not applicable</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27pt"></TD><TD STYLE="width: 27pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465914041984/a14-9467_1ex99dndi.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">n.</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465914041984/a14-9467_1ex99dndi.htm" STYLE="-sec-extract: exhibit">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consent
of Deloitte&nbsp;&amp; Touche LLP(6)</A></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<A HREF="http://www.sec.gov/Archives/edgar/data/884121/000110465914028157/a14-9467_1ex99dnii.htm" STYLE="-sec-extract: exhibit">Powers of Attorney dated April 2, 2014(3);</A> <A HREF="http://www.sec.gov/Archives/edgar/data/884121/000110465918024689/a18-9972_1ex99dbnii.htm" STYLE="-sec-extract: exhibit">Power of Attorney dated April&nbsp;9, 2018(7);</A> <A HREF="http://www.sec.gov/Archives/edgar/data/884121/000110465919014168/a19-3039_1ex99dbnii.htm" STYLE="-sec-extract: exhibit">Power of Attorney dated December 13, 2018(8);</A>
                                                                            <A HREF="http://www.sec.gov/Archives/edgar/data/884121/000110465920103794/tm2030220d2_ex99-nii.htm" STYLE="-sec-extract: exhibit">Power of Attorney dated August 27, 2020(11)</A></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">o.</FONT></TD><TD>Not applicable</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">p.</FONT></TD><TD>Not applicable</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">q.</FONT></TD><TD>Not applicable</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27pt"></TD><TD STYLE="width: 27pt"><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465914028157/a14-9467_1ex99dr.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">r.</FONT></A></TD><TD><A HREF="https://www.sec.gov/Archives/edgar/data/884121/000110465914028157/a14-9467_1ex99dr.htm" STYLE="-sec-extract: exhibit">Code of Ethics of Registrant(3)</A></TD></TR></TABLE>

<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>

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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"></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: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD><TD>Incorporated by reference from Form&nbsp;N-2 Registration Statement (1933 File No.&nbsp;333-133245; 1940 Act File No.&nbsp;811-06565),
filed on April&nbsp;12, 2006.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD><TD>Incorporated by reference from Form&nbsp;N-2/A Registration Statement (1940 Act File No.&nbsp;811-06565), filed on July&nbsp;5,
2011.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD><TD>Incorporated by reference from Form&nbsp;N-2 Registration Statement (1933 Act File No.&nbsp;333-195326; 1940 Act File No.&nbsp;811-06565),
filed on April&nbsp;16, 2014.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD><TD>Incorporated by reference from Form&nbsp;N-2/A Registration Statement (1940 Act File No.&nbsp;811-06565), filed on December&nbsp;28,
2012.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5)</FONT></TD><TD>Incorporated by reference from Form&nbsp;N-2 Registration Statement (1933 Act File No.&nbsp;333-195326; 1940 Act File No.&nbsp;811-06565),
filed on May&nbsp;23, 2014.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6)</FONT></TD><TD>Incorporated by reference from Form&nbsp;N-2 Registration Statement (1933 Act File No.&nbsp;333-195326; 1940 Act File No.&nbsp;811-06565),
filed on May&nbsp;28, 2014.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -27pt">&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: 27pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(7)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Incorporated by reference from Form&nbsp;N-2 Registration
Statement (1933 Act File No.&nbsp;333-</FONT>195326; 1940 Act File No.&nbsp;811-06565), filed on April 18, 2018.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -27pt">&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: 27pt"></TD><TD STYLE="width: 27pt">(8)</TD><TD>Incorporated by reference from Form N-2 Registration Statement (1933 Act File No. 333-195326; 1940 Act File No. 811-06565), filed on March 12, 2019.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&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: 27pt"></TD><TD STYLE="width: 27pt">(9)</TD><TD>Incorporated by reference from Form N-2 Registration Statement (1933 Act File No. 333-195326; 1940 Act File No. 811-06565), filed June 20, 2019.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt; text-align: left">(10)</TD><TD STYLE="text-align: justify">Incorporated by reference from Form N-2 Registration Statement (1933 Act File No. 333-195326; 1940 Act File No. 811-06565), filed June
19, 2017.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 27pt"></TD><TD STYLE="width: 27pt; text-align: left">(11)</TD><TD STYLE="text-align: justify">Incorporated by reference from Form N-2 Registration
Statement (1933 Act File No. 333-195326; 1940 Act File No. 811-06565), filed September 10, 2020.</TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></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">Pursuant to the requirements of the Securities Act of 1933 and
the Investment Company Act of 1940, the Registrant has duly caused this Post-Effective Amendment No.&nbsp;6 to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of Boston and Commonwealth of Massachusetts on the 9<SUP>th</SUP>
day of September, 2020.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TEKLA LIFE SCIENCES INVESTORS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 47%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Daniel R. Omstead</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></TD></TR>
</TABLE>
<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">Pursuant to the requirements of the Securities Act of 1933,
this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</P>

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

<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: 33%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Daniel R. Omstead</FONT></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee and President (Principal Executive Officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 5, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Daniel R. Omstead</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Laura Woodward</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasurer (Principal Financial Officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 5, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Laura Woodward</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Oleg M. Pohotsky*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee and Chairman of the Board</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 5, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oleg M. Pohotsky</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Jeffrey A. Bailey***</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 5, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey A. Bailey</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Rakesh K. Jain*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 5, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rakesh K. Jain</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Thomas M. Kent**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 5, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas M. Kent</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ William S. Reardon*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 5, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William S. Reardon</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Lucinda H. Stebbins*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 5, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lucinda H. Stebbins</FONT></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*By: Daniel R. Omstead as attorney-in-fact of each person so
indicated and pursuant to the power of attorney previously filed on April&nbsp;16, 2014.</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">**By: Daniel R. Omstead as attorney-in-fact of each person so
indicated and pursuant to the power of attorney previously filed on April 18, 2018.</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">*** By: Daniel R. Omstead as attorney-in-fact of each person
so indicated and pursuant to the power of attorney previously filed on September 10, 2020.</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"></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; text-align: center"><B>EXHIBIT&nbsp;LIST</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="vertical-align: top; width: 6%"><A HREF="tm2039334d2_ex99-bb.htm" STYLE="-sec-extract: exhibit">(b)</A></TD>
<TD STYLE="vertical-align: bottom; width: 3%; font-size: 10pt">&nbsp;</TD>
<TD STYLE="vertical-align: bottom; width: 91%"><A HREF="tm2039334d2_ex99-bb.htm" STYLE="-sec-extract: exhibit">By-Laws of the Registrant, as amended</A></TD></TR>
</TABLE>

<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>

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(B)
<SEQUENCE>2
<FILENAME>tm2039334d2_ex99-bb.htm
<DESCRIPTION>EXHIBIT 99.(B)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: right"><B>Exhibit (b)</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>H&amp;Q LIFE SCIENCES
INVESTORS</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Revised through December
10, 2020</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in">The terms &#8220;Commission,&#8221; &#8220;Custodian,&#8221;
 &#8220;Declaration,&#8221; &#8220;Distributor,&#8221; &#8220;Investment Adviser,&#8221; &#8220;Majority Shareholder Vote,&#8221;
 &#8220;l940 Act,&#8221; &#8220;Shareholder,&#8221; &#8220;Shares,&#8221; &#8220;Transfer Agent,&#8221; &#8220;Trust,&#8221; &#8220;Trust
Property&#8221; and &#8220;Trustees&#8221; have the respective meanings given them in the Declaration of Trust of H&amp;Q Life
Sciences Investors dated February 20, 1992 as amended from time to time.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 1</U>. <U>Principal Office</U>. Until
changed by the Trustees, the principal office of the Trust in The Commonwealth of Massachusetts shall be in the City of Boston,
County of Suffolk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 2</U>. <U>Other Offices</U>. The
Trust may have offices in such other places within or without the Commonwealth as the Trustees may from time to time determine.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 1</U>. <U>Meetings</U>. An annual
meeting of the Shareholders shall be held at such place (including by remote communication, as applicable) within or without
the Commonwealth of Massachusetts on such day and at such time as the Trustees shall designate. The initial annual meeting of
Shareholders shall take place within 15 months of such time as a registration statement under the Securities Act of 1933
covering the first public offering of securities of the Trust shall have become effective. Special meetings of the
Shareholders may be called at any time by a majority of the Trustees. Special meetings of Shareholders shall be called by the
Trustees upon receipt by the Secretary at the Trust&#8217;s principal office of (1)&nbsp;a written request of Shareholders
holding in the aggregate Shares representing not less than a majority of all votes entitled to be cast at such meeting,
specifying a proper purpose or purposes for which such meeting is to be called as <FONT STYLE="font-family: Times New Roman, Times, Serif">determined
pursuant to the Declaration and these By-Laws and providing all information required pursuant to Section 2(b) of this Article
III and (2) payment of the reasonably estimated cost of preparing and mailing notice of such meeting, which the President or
Secretary shall determine and specify to such Shareholders. Any such meeting shall be held within or without the Commonwealth
of Massachusetts on such day and at such time as the Trustees shall designate. The holders of a majority of outstanding
Shares present in person or by proxy shall constitute a quorum at any meeting of the Shareholders. Except as otherwise
specifically provided in the Declaration or these By-Laws or as required by provisions of the 1940 Act, all matters shall be
decided by a vote of the majority of all votes validly cast at a meeting at which a quorum is present.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in"><U>Section 2</U>. <U>Notice of Meetings</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.5in">(a) <U>Notice of Meetings</U>.
Notice of all meetings of the Shareholders, stating the time, place (including that the meeting will be held by remote communication,
as applicable) and purposes of the meeting, shall be given by the Trustees by mail to each Shareholder at his address as recorded
on the register of the Trust, mailed not less than ten (10) days and not more than sixty (60) days before the meeting. For any
matter to be properly before any annual or special meeting, the matter must be (1)&nbsp;specified in the notice of the meeting
given by or at the direction of the Trustees, (2) otherwise brought before the meeting by or at the direction of the Trustees,
or (3) a proper matter for action by the Shareholders as determined pursuant to the Declaration and these By-Laws and brought before
the meeting by a Shareholder in the manner specified in Section 2(b) of this Article III. No notice need be given to any Shareholder
who shall have failed to inform the Trust of his current address or if a written waiver of notice, executed before or after the
meeting by the Shareholder or his attorney thereunto authorized, is filed with the records of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in; text-indent: 0.5in">(b) <U>Requirements for Matters
to Be Considered</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.5in">(i) In addition to any
other requirements under applicable law and the Declaration and these By-Laws, any proposal to elect any person nominated by
Shareholders for election as Trustee at an annual meeting or a special meeting called by the Trustees for the purpose of
electing a Trustee or Trustees and any other proposals by Shareholders to be presented at an annual meeting or a special
meeting may only be brought before the meeting if timely written notice (the &quot;Shareholder Notice&quot;) is provided to
the Secretary. For an annual meeting, unless a greater or lesser period is required under applicable law, to be timely, the
Shareholder Notice must be received at the principal office of the Trust not less than ninety (90) days nor more than one
hundred twenty (120) days prior to the first anniversary date (&#8220;Anniversary Date&#8221;) of the date of the Trust's
annual meeting in the preceding year; provided, however, if and only if the annual meeting is not scheduled to be held within
a period that commences thirty (30) days before the Anniversary Date and ends thirty (30) days after such Anniversary Date
(an annual meeting date outside such period being referred to herein as an &quot;Other Annual Meeting Date&quot;), such
Shareholder Notice must be given in the manner provided herein by the later of the close of business on (1) the date ninety
(90) days prior to such Other Annual Meeting Date or (2) the tenth (10th) business day following the date such Other Annual
Meeting Date is first publicly announced or disclosed. For a special meeting called by the Trustees, unless a greater or
lesser period is required under applicable law, to be timely, the Shareholder Notice must be received at the principal office
of the Trust not later than the close of business on the tenth (10<SUP>th</SUP>) business day following the date of such
special meeting is publicly announced.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.5in">Any Shareholder submitting
a nomination of a person for election as a Trustee at an annual meeting or special meeting called by the Trustees for election
of Trustees shall deliver as part of the Shareholder Notice: (1) a statement in writing setting forth (A) the name, age, date of
birth, business address, residence address and nationality of such nominee; (B) the class or series and number of all Shares of
the Trust owned of record or beneficially by such nominee, as reported to such Shareholder by such nominee; (C) all other information
regarding such nominee that would be required to be disclosed in solicitations of proxies for elections of directors, or is otherwise
required, pursuant to Section 14 of the Exchange Act (or any successor provision thereto) and the rules and regulations promulgated
thereunder; and (D) whether such Shareholder believes the nominee is or will be an &quot;interested person&quot; of the Trust (as
defined in the 1940 Act) and, if not an &quot;interested person,&quot; information regarding such nominee that will be sufficient
for the Trustees to make such determination; and (2) the written, signed and notarized statement of such nominee giving consent
to be named as a nominee in any proxy statement relating to such election and confirming such nominee&#8217;s intention to serve
as a Trustee, if elected. In addition to the information expressly required to be in the Shareholder Notice, 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 nominee to serve as a Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.5in">Without limiting the
foregoing, any Shareholder who gives a Shareholder Notice of any matter proposed to be brought before a meeting (including a
nomination of a person for election as Trustee) shall deliver, as part of such Shareholder Notice: (1) a reasonably
particular description of the matter proposed and the exact text of the proposal; (2) a brief written statement of the
reasons why the proposal is in the best interests of Shareholders; (3) such Shareholder's name and address as they appear on
the Trust's books and the Shareholder&#8217;s telephone number; (4) all other information regarding such Shareholder that
would be required to be disclosed in solicitations of proxies with respect to such matter, or is otherwise required, pursuant
to Section 14 of the Exchange Act (or any successor provision thereto) and the rules and regulations thereunder; (5) the
class or series and number of all Shares of the Trust owned beneficially and of record by such Shareholder; (6) an explicit
description of each Derivative Instrument, as defined in Section 2(b)(v), into which the Shareholder or any affiliate has
entered or is a party or beneficiary, each transaction or arrangement into which the Shareholder or any affiliate has entered
or is a party or beneficiary with the effect or intent of mitigating or otherwise managing benefit, loss or risk of Share
price changes or increasing or decreasing the Shareholder&#8217;s or such affiliate&#8217;s voting power in Shares and, if
applicable, the number of Shares of the Trust to which such Derivative Instrument, transaction or arrangement relates; (7) if
the Shareholder is an investment entity, an explicit description of the Shareholder&#8217;s investment strategy or objective
and a copy of the Shareholder&#8217;s most recent related disclosure document(s) provided to investors; (8) any material
interest of such Shareholder in the matter proposed (other than as a Shareholder); (9) a representation that the Shareholder
intends to appear in person or by proxy at the meeting to act on the matter proposed; (10) if the proposal involves a nominee
for election as Trustee, a description of all arrangements or understandings between the Shareholder and such nominee and any
other person or persons (including their names) pursuant to which the nomination is to be made by the Shareholder; and (11)
in the case of a Shareholder (a &quot;Beneficial Owner&quot;) that holds Shares entitled to vote at the meeting through a
nominee or &quot;street name&quot; holder of record, evidence establishing such Beneficial Owner's indirect ownership of, and
entitlement to vote, Shares at the meeting. In addition to the information expressly required to be in the Shareholder
Notice, the Shareholder shall also provide such other information as the Trustees may reasonably request in order to assess
whether the matter is a proper matter for Shareholders&#8217; consideration and determine a position with respect to such
proposal. As used in this Section 2(b), Shares &quot;beneficially owned&quot; shall mean all Shares which such person is
deemed to beneficially own pursuant to Rules 13d-3 and 13d-5 under the Exchange Act (or any successor provisions
thereto).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.5in">(ii) For purposes of this
Section 2(b), a matter shall be deemed to have been &quot;publicly announced&quot; 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 U.S. Securities and Exchange Commission or in a Web site accessible to the public maintained by
the Trust or by its Investment Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.5in">(iii) 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 2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.5in">(iv) The person presiding
at any annual or special meeting, 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 whether notice of nominees and other matters proposed to be brought before
a meeting has been duly given in the manner provided in this Section 2(b) and, if not so given, shall direct and declare at the
meeting that such nominees and other matters shall not be considered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.5in">(v) &#8220;Derivative Instrument&#8221;
shall mean any option, warrant, convertible security, stock appreciation right, or similar right with an exercise or conversion
privilege or a settlement payment or mechanism at a price related to Shares of the Trust or with a value derived in whole or in
part from the value of Shares of the Trust, whether or not such instrument or right shall be subject to settlement in Shares of
the Trust or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.5in">(vi) The requirements set
forth in this Section 2(b) relating to Shareholder nominations of candidates for election as Trustees and other Shareholder proposals
do not apply to Shareholder proposals submitted in accordance with the requirements of Rule 14a-8 under the Securities Exchange
Act of 1934 (&#8220;Exchange Act&#8221;) (or any successor provision thereto).</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-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 3</U>. <U>Record Date for Meetings
or Distributions</U>. For the purpose of determining the Shareholders who are entitled to notice of and to vote at any meeting,
or to participate in any distribution, or for the purpose of any other action, the Trustees may from time to time close the transfer
books for such period, not exceeding thirty (30) days, as the Trustees may determine; or without closing the transfer books the
Trustees may fix a date not more than sixty (60) days prior to the date of any meeting of Shareholders or distribution or other
action as a record date for the determination of the persons to be treated as Shareholders of record for such purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><U>Section 4</U>. <U>Postponement, Adjournment and
Change of Place of Meetings</U>. Prior to the date upon which any meeting of Shareholders is to be held, the Trustees may, in
their sole discretion, which may be delegated to the officers of the Trust, postpone or change the place of such meeting
(including by specifying that the meeting will be held by remote communication) one or more times for any reason by giving,
within a reasonable period of time prior to such meeting, notice to each Shareholder entitled to vote at such meeting of the
place (including that the meeting will be held by remote communication), date and hour at which such meeting will be held.
Such notice shall be given not fewer than two (2) days before the date of such meeting and otherwise in accordance with
Section 2 of this Article. Any Shareholders&#8217; meeting, whether or not a quorum is present, may be adjourned by the
chairman of the meeting or a vote of the Shareholders in accordance with the provisions of these By-laws. No notice of
adjournment of a meeting to another time or place need be given to Shareholders. Any adjourned meeting may be held at such
time and place (including by remote communication, as applicable) as determined by the Trustees or by the chairman of the
meeting or the officers of the Trust or other authorized persons pursuant to delegated authority from the Trustees in the
sole discretion of such Trustees, chairman, officers or authorized persons and announced at the meeting. Any business that
might have been transacted at the original meeting may be transacted at any adjourned meeting. If, after a postponement or
adjournment, a new record date is fixed for the postponed or adjourned meeting, the Trustees shall give notice of the
postponed or adjourned meeting to Shareholders of record entitled to vote at such meeting. If a quorum is present with
respect to any one or more proposals, the chairman of the meeting may, but shall not be required to, cause a vote to be taken
with respect to any such proposal or proposals which vote can be certified as final and effective notwithstanding the
adjournment of the meeting with respect to any other proposal or proposals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 5</U>. <U>Proxies</U>. At any meeting
of Shareholders, any holder of Shares entitled to vote thereat may vote by proxy, provided that no proxy shall be voted at any
meeting unless it shall have been placed on file with the Secretary, or with such other officer or agent of the Trust as the Secretary
may direct, for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of a majority of the
Trustees, proxies may be solicited in the name of one or more Trustees or one or more of the officers of the Trust. Only Shareholders
of record shall be entitled to vote. Each full Share shall be entitled to one vote and fractional Shares shall be entitled to a
vote of such fraction. When any Share is held jointly by several persons, any one of them may vote at any meeting in person or
by proxy in respect to such Share, but if more than one of them shall be present at such meeting in person or by proxy, and such
joint owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such
Share. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to
its exercise, and the burden of proving invalidity shall rest on the challenger. If the holder of any such Share is a minor or
a person of unsound mind, and subject to guardianship or to the legal control of any other person as regards the charge or management
of such Share, he may vote by his guardian or such other person appointed or having such control, and such vote may be given in
person or by proxy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 6</U>. <U>Meetings By Remote Communication</U>.
The Trustees may, in their sole discretion, determine that a meeting of Shareholders may be held solely by means of remote communication.
If authorized by the Trustees, in their sole discretion, and subject to such guidelines and procedures as the Trustees may adopt,
Shareholders and proxyholders not physically present at a meeting of Shareholders may, by means of remote communication: (a) participate
in a meeting of Shareholders; and (b) be deemed present in person and vote at a meeting of Shareholders whether such meeting is
to be held at a designated place or solely by means of remote communication, provided that: (i) the Trust shall implement such
measures as the Trustees deem to be reasonable (A) to verify that each person deemed present and permitted to vote at the meeting
by means of remote communication is a Shareholder or proxyholder; and (B) to provide such Shareholders and proxyholders a reasonable
opportunity to participate in the meeting and to vote on matters submitted to the Shareholders; and (ii) if any Shareholder or
proxyholder votes or takes other action at the meeting by means of remote communication, a record of such vote or other action
shall be maintained by the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 7</U>. <U>Inspection of Records</U>.
The records of the Trust shall be open to inspection by Shareholders to the same extent as is permitted shareholders of a Massachusetts
business corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 8</U>. <U>Action without Meeting</U>.
Any action which may be 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 law, the Declaration or these By-laws for approval of such
matter) consent to the action in writing and the written consents are filed with the records of the meetings of Shareholders. Such
consent shall be treated for all purposes as a vote taken at a meeting of Shareholders.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 1</U>. <U>Meetings of the
Trustees</U>. The Trustees may in their discretion provide for regular or stated meetings of the Trustees. Notice of regular
or stated meetings need not be given. Meetings of the Trustees other than regular or stated meetings shall be held whenever
called by the President, or by any of the Trustees, at the time being in office. Notice of the time and place of each meeting
other than regular or stated meetings shall be given by the Secretary or an Assistant Secretary or by the officer or Trustee
calling the meeting and shall be mailed to each Trustee at least two days before the meeting, or shall be telegraphed, cabled
or sent by facsimile to each Trustee at his business address, or personally delivered to him at least one day before the
meeting. Such notice may, however, be waived by any Trustee. Notice of a meeting need not be given to any Trustee if a
written waiver of notice, executed by him 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. A notice
or waiver of notice need not specify the purpose of any meeting. The Trustees may meet by means of <FONT STYLE="font-family: Times New Roman, Times, Serif">telephonic,
video or similar means of communication through which all persons participating in the meeting can hear each other, which
telephone conference meeting shall be deemed to have been held at a place designated by the Trustees at the meeting.
Participation through telephonic, video or similar means of communication shall constitute presence in person at such
meeting. Any action required or permitted to be taken at any meeting of the Trustees may be taken by the Trustees without a
meeting if all the Trustees consent to the action in writing and the written consents are filed with the records of the
Trustees&#8217; meetings. Such consents shall be treated as a vote for all purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 2</U>. <U>Quorum and Manner of Acting</U>.
A majority of the Trustees shall be present in person at any regular or special meeting of the Trustees in order to constitute
a quorum for the transaction of business at such meeting and (except as otherwise required by law, the Declaration or these By-laws)
the act of a majority of the Trustees present at any such meeting, at which a quorum is present, shall be the act of the Trustees.
In the absence of a quorum, a majority of the Trustees present may adjourn the meeting from time to time until a quorum shall be
present. Notice of an adjourned meeting need not be given.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 3</U>. <U>Chairman of the Board</U>.
The Trustees may elect or appoint from their own number a Chairman of the Board. The Chairman of the Board, if one be appointed
or elected, shall preside at all meetings of the Board of Trustees and shall be ex officio a member of all committees of the Board
of Trustees. He or she shall have such other powers and perform such other duties as may be assigned to him or her from time to
time by the Board of Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in"><U>Section 4</U>. T<U>rustee Qualifications</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in; text-indent: 0.5in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
qualify as a nominee for election as a Trustee, an individual, at the time of nomination,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shall
have substantial expertise, experience or relationships relevant to the business of the Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shall
have a college degree or equivalent business experience;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0.5in; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shall
not serve as (A) a director, officer, partner or employee of another investment company (as defined in the 1940 Act) that focuses
its investments in the healthcare and/or life sciences industries, unless such investment company is managed by the Trust&#8217;s
investment adviser or an affiliate thereof, or (B) as a director, officer, partner or employee of the investment adviser, sponsor
or equivalent of such an investment company with supervisory responsibility for the day-to-day operations of such investment company
or investment decisions made with respect to such investment company; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in; text-indent: 0.5in">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shall
be at least one of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">(A) a present or former director, member of the
supervisory board or senior executive officer of at least one company having substantial operations or investments in the healthcare
and/or life sciences industries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">(B) an individual who has served at least five
years as (I) a director, trustee or senior executive officer (or in a capacity comparable to any such position) of an investment
company (as defined in 1940 Act), the assets of which during that period have been invested primarily in securities of healthcare
and/or life sciences companies, (II) a director, senior executive officer or senior investment officer (or in a capacity comparable
to any such position) of an investment adviser having: (a) discretionary management authority over a substantial amount of assets
of other persons (including the Trust) invested in securities of healthcare and/or life sciences companies; or (b) (together with
its affiliates) discretionary management authority over a sufficient amount of assets to cause it to rank (during the time of the
individual&#8217;s service) among the ten largest asset managers in the world based on discretionary assets under management (as
published by a leading publication covering the financial services industry) or (III) a director, senior executive officer or senior
investment officer (or in a capacity comparable to any such position) of an investment adviser having discretionary management
authority over a substantial amount of assets of other persons (including the Trust) invested in restricted equity or equity-linked
securities similar in nature to the types of restricted equity or equity-linked securities in which the Trust may invest;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">(C) an individual who has served at least
five years as a partner of a U.S. registered public accounting firm that (during the time of the individual&#8217;s service)
had at least 100 professionals and was registered with the Public Company Accounting Oversight Board (&#8220;PCAOB&#8221;);
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in">(D) an individual who has served at least five
years as a senior consultant or adviser (including as a business consultant, economic, policy, scientific or medical adviser),
or accountant to (I) at least one company having substantial operations in the healthcare and/or life sciences industries, (II)
at least one academic, medical, governmental, international or other non-profit organization of which a principal focus is healthcare
and/or life sciences, (III) an investment company (as defined in the 1940 Act) , the assets of which during that period have been
invested primarily in securities of healthcare and/or life sciences companies, or (IV) a venture capital or private equity firm
investing in restricted equity or equity-linked securities similar in nature to the types of restricted equity or equity-linked
securities in which the Trust may invest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.5in">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Trustees, in their sole discretion, shall determine whether an individual satisfies the foregoing qualifications. Any individual
who does not satisfy the qualifications set forth under the foregoing provisions of this subsection shall not be eligible for nomination
or election as a Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0.5in">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, no person shall be qualified to be a Trustee unless the Trustees, in consultation with counsel to the Trust, have determined
that such person, if elected as a Trustee, would not cause the Trust to be in violation of, or not in compliance with, applicable
law, regulation or regulatory interpretation, or the Declaration (as amended and supplemented from time to time), or any general
policy adopted by the Trustees regarding either retirement age or the percentage of &quot;interested persons&quot; (as defined
in the 1940 Act) and other persons that may serve as Trustees, or would cause the Trust&#8217;s registered independent accounting
firm to cease to be independent under relevant laws or regulations or PCAOB guidance.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 1</U>. <U>Executive and Other
Committees</U>. The Trustees by vote of a majority of all the Trustees may elect from their own number an Executive Committee
to consist of not less than three (3) Trustees to hold office at the pleasure of the Trustees, which shall have the power to
conduct the current and ordinary business of the Trust while the Trustees are not in session, including the purchase and sale
of securities and such other powers of the Trustees as the Trustees may, from time to time, delegate to them except those
powers which by law, the Declaration or these By-laws they are prohibited from delegating. The Trustees may also elect from
their own number other Committees from time to time (including an Audit Committee), the number composing such Committees, the
powers conferred upon the same (subject to the same limitations as with respect to the Executive Committee) and the term of
membership on such Committees to be determined by the Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 2</U>. <U>Meeting, Quorum and Manner
of Acting</U>. The Trustees may (1) provide for stated meetings of any Committees, (2) specify the manner of calling and notice
required for special meetings of any Committee, (3) specify the number of members of a Committee required to constitute a quorum
and the number of members of a Committee required to exercise specified powers delegated to such Committee, (4) authorize the making
of decisions to exercise specified powers by written assent of the requisite number of members of a Committee without a meeting,
and (5) authorize the members of a Committee to meet by means of telephonic, video, or similar means of communication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in">The Executive Committee shall keep regular minutes
of its meetings and records of decisions taken without a meeting and cause them to be recorded in a book designated for that purpose
and kept in the office of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 3</U>. <U>Advisory Board</U>. The
Trustees may appoint an Advisory Board to consist in the first instance of not less than three (3) members. Members of such Advisory
Board shall not be Trustees or officers and need not be Shareholders. Members of this Board shall hold office for such period as
the Trustees may by resolution provide. Any member of such Board may resign therefrom by a written instrument signed by him which
shall take effect upon delivery to the Trustees. The Advisory Board shall have no legal powers and shall not perform the functions
of Trustees in any manner, said Board being intended merely to act in an advisory capacity. Such Advisory Board shall meet at such
times and upon such notice as the Trustees may by resolution provide.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; margin-left: 0in"><U>Section 1</U>. <U>General Provisions</U>.
The officers of the Trust shall be a President, a Treasurer, a Secretary and a Chief Compliance Officer, all of whom shall be
elected by the Trustees. The Trustees may elect or appoint such other officers or agents as the business of the Trust may
require, including one or more Vice Presidents, one or more Assistant Secretaries, and one or more Assistant Treasurers. The
Trustees may delegate to any officer or committee the power to appoint any subordinate officers or agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 2</U>. <U>Term of Office and Qualifications</U>.
Except as otherwise provided by law, the Declaration or these By-laws all officers of the Trust shall hold office at the pleasure
of the Trustees. The Secretary and Treasurer may be the same person. A Vice President and the Treasurer or a Vice President and
the Secretary may be the same person, but the offices of Vice President, Secretary and Treasurer shall not be held by the same
person. The President shall hold no other office; provided, however, that the President may hold any other office until such time
as a Registration Statement under the Securities Act of 1933, as amended, covering the first public offering of securities of the
Trust, shall have become effective. Except as above provided, any two offices may be held by the same person. Any officer may be
but none need be a Trustee or Shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 3</U>. <U>Removal</U>. The Trustees,
at any regular or special meeting of the Trustees, may remove any officer with or without cause by a vote of a majority of the
Trustees. Any officer or agent appointed by any officer or committee may be removed with or without cause by such appointing officer
or committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 4</U>. <U>Powers and Duties of the
President</U>. The President may call meetings of the Trustees and of any Committee thereof when he deems it necessary and shall
preside at all meetings of the Shareholders. The President shall be the principal executive officer of the Trust, and subject to
the control of the Trustees and any Committees of the Trustees, within their respective spheres, as provided by the Trustees, he
shall at all times exercise a general supervision and direction over the affairs of the Trust. He shall have the power to employ
attorneys and counsel for the Trust and to employ such subordinate officers, agents, clerks and employees as he may find necessary
to transact the business of the Trust. He shall also have the power to grant, issue, execute or sign such powers of attorney, proxies
or other documents as may be deemed advisable or necessary in furtherance of the interests of the Trust. The President shall have
such other powers and duties as, from time to time, may be conferred upon or assigned to him by the Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 5</U>. <U>Powers and Duties of Vice
Presidents</U>. In the absence or disability of the President, the Vice President or, if there be more than one Vice President,
any Vice President designated by the Trustees shall perform all the duties and may exercise any of the powers of the President,
subject to the control of the Trustees. Each Vice President shall perform such other duties as may be assigned to him from time
to time by the Trustees or the President.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 6</U>. <U>Powers and Duties of the
Treasurer</U>. The Treasurer shall be the principal financial and accounting officer of the Trust. He shall deliver all funds
of the Trust which may come into his hands to such Custodian as the Trustees may employ pursuant to Article X of these
By-laws. He shall render a statement of condition of the finances of the Trust to the Trustees as often as they shall require
the same and he shall in general perform all the duties incident to the office of Treasurer and such other duties as from
time to time may be assigned to him by the Trustees. The Treasurer shall give a bond for the faithful discharge of his
duties, if required so to do by the Trustees, in such sum and with such surety or sureties as the Trustees shall require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 7</U>. <U>Powers and Duties of the
Secretary</U>. The Secretary shall keep the minutes of all meetings of the Trustees and of all meetings of the Shareholders in
proper books provided for that purpose; he shall have custody of the seal of the Trust; he shall have charge of the Share transfer
books, lists and records unless the same are in the charge of the Transfer Agent. He shall attend to the giving and serving of
all notices by the Trust in accordance with the provisions of these By-laws and as required by law, and subject to these By-laws,
he shall in general perform all duties incident to the office of Secretary and such other duties as from time to time may be assigned
to him by the Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 8</U>. <U>Powers and Duties of Assistant
Treasurer</U>. In the absence or disability of the Treasurer, any Assistant Treasurer designated by the Trustees shall perform
all the duties, and may exercise any of the powers, of the Treasurer. The Assistant Treasurers shall perform such other duties
as from time to time may be assigned to them by the Trustees. Each Assistant Treasurer shall give a bond for the faithful discharge
of his duties, if required so to do by the Trustees, in such sum and with such surety or sureties as the Trustees shall require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 9</U>. <U>Powers and Duties of Assistant
Secretaries</U>. In the absence or disability of the Secretary, any Assistant Secretary designated by the Trustees shall perform
all of the duties, and may exercise any of the powers, of the Secretary. The Assistant Secretaries shall perform such other duties
as from time to time may be assigned to them by the Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 10</U>. <U>Compensation of Officers
and Trustees and Members of the Advisory Board</U>. Subject to any applicable provisions of the Declaration, the compensation of
the officers and Trustees and members of the Advisory Board shall be fixed from time to time by the Trustees or, in the case of
officers, by any Committee or officer upon whom such power may be conferred by the Trustees. No officer shall be prevented from
receiving such compensation as such officer by reason of the fact that he is also a Trustee. Notwithstanding the foregoing, the
compensation of the Chief Compliance Officer shall be fixed from time to time solely by the Trustees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 11</U>.
<U>Powers and Duties of the Chief Compliance Officer</U>. The Chief Compliance Officer shall be responsible for developing a compliance
program that is reasonably designed to prevent violations of applicable securities law and all other relevant laws. The Chief
Compliance Officer shall be responsible for the management, administration and enforcement of such compliance program. The Chief
Compliance Officer shall have the duties and powers assigned to such officer pursuant to Rule 38a-1 under the Investment Company
Act of 1940, as amended, or pursuant to any other rule or regulation adopted by the Securities and Exchange Commission that assigns
duties or powers to the Chief Compliance Officer.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in">The fiscal year of the Trust shall begin on
the first day of October in each year and shall end on the last day of September, in each year, provided, however, that the Trustees
may from time to time change the fiscal year.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in">The Trustees shall adopt a seal which shall
be in such form and shall have such inscription thereon as the Trustees may from time to time prescribe.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in">Whenever any notice whatsoever is required to
be given by law, the Declaration or these By-laws, a waiver thereof in writing, signed by the person or persons entitled to said
notice, whether before or after the time stated therein, shall be deemed equivalent thereto. A notice shall be deemed to have been
telegraphed or cabled for the purpose of these By-laws when it has been delivered to a representative of any telegraph or cable
company with instruction that it be telegraphed or cabled.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 1</U>. <U>Appointment and Duties</U>.
The Trustees shall at all times employ a bank or trust company having a capital, surplus and undivided profits of at least five
million dollars ($5,000,000) as Custodian with authority as its agent, but subject to such restrictions, limitations and other
requirements, if any, as may be contained in the Declaration, these By-laws and the 1940 Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1in">(1) to hold the securities
owned by the Trust and deliver the same upon written order;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1in">(2) to receive and receipt
for any monies due to the Trust and deposit the same in its own banking department or elsewhere as the Trustees may direct;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1in">(3) to disburse such funds
upon orders or vouchers;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1in">(4) if authorized by the Trustees,
to keep the books and accounts of the Trust and furnish clerical and accounting services; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 1in">(5) if authorized to do so
by the Trustees, to compute the net income of the Trust;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in">all upon such basis of compensation as may be
agreed upon between the Trustees and the Custodian. If so directed by a Majority Shareholder Vote, the Custodian shall deliver
and pay over all property of the Trust held by it as specified in such vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in">The Trustees may also authorize the Custodian
to employ one or more sub-Custodians from time to time to perform such of the acts and services of the Custodian and upon such
terms and conditions, as may be agreed upon between the Custodian and such sub-Custodian and approved by the Trustees, provided
that in every case such sub-Custodian shall be a bank or trust company organized under the laws of the United States or one of
the states thereof and having capital, surplus and undivided profits of at least five million dollars ($5,000,000).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 2</U>. <U>Central Certificate
System</U>. Subject to such rules, regulations and orders as the Commission may adopt, the Trustees may direct the Custodian
to deposit all or any part of the securities owned by the Trust in a system for the central handling of securities
established by a national securities exchange or a national securities association registered with the Commission under the
Securities Exchange Act of 1934, or such other person as may be permitted by the Commission, or otherwise in accordance with
the 1940 Act, pursuant to which system all securities of any particular class or series of any issuer deposited within the
system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such
securities, provided that all such deposits shall be subject to withdrawal only upon the order of the Trust or its
Custodian.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 3</U>. <U>Acceptance of Receipts
in Lieu of Certificates</U>. Subject to such rules, regulations and orders as the Commission may adopt, the Trustees may direct
the Custodian to accept written receipts or other written evidence indicating purchases of securities held in book-entry form in
the Federal Reserve System in accordance with regulations promulgated by the Board of Governors of the Federal Reserve System and
the local Federal Reserve Banks in lieu of receipt of certificates representing such securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Sale of Shares of the
Trust</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in">The Trustees may from time to time issue and
sell or cause to be issued and sold Shares for cash or other property, which shall in every case be paid or delivered to the Custodian
as agent of the Trust before the delivery of any certificate for such shares. The Shares, including additional Shares which may
have been purchased by the Trust (herein sometimes referred to as &#8220;treasury shares&#8221;), may not be sold at less than
the net asset value thereof determined by or on behalf of the Trustees as of a time within forty-eight (48) hours, excluding Sundays
and holidays, next preceding the time of such determination, except (1) in connection with an offering to the holders of Shares;
(2) with the consent of a majority of the holders of Shares; (3) upon conversion of a convertible security in accordance with its
terms; (4) upon the exercise of any warrant issued in accordance with the provisions of Section 18(d) of the 1940 Act; or (5) under
such other circumstances as the Commission may permit by rules and regulations or orders for the protection of investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in">No Shares need be offered to existing Shareholders
before being offered to others. No Shares shall be sold by the Trust (although Shares previously contracted to be sold may be issued
upon payment therefor) during any period when the determination of net asset value is suspended by declaration of the Trustees.
In connection with the acquisition by merger or otherwise of all or substantially all the assets of an investment company (whether
a regulated or private investment company or a personal holding company), the Trustees may issue or cause to be issued Shares and
accept in payment therefor such assets at not more than market value in lieu of cash, notwithstanding that the federal income tax
basis to the Trust of any assets so acquired may be less than the market value, provided that such assets are of the character
in which the Trustees are permitted to invest the funds of the Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 31.5pt"></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 1</U>. <U>Distributions to Shareholders</U>.
The Trustees shall from time to time distribute ratably among the Shareholders such proportion of the net profits, surplus (including
paid-in surplus), capital, or assets held by the Trustees as they may deem proper. Such distributions may be made in cash or property
(including without limitation any type of obligations of the Trust or any assets thereof), and the Trustees may distribute ratably
among the Shareholders additional Shares issuable hereunder in such manner, at such times, and on such terms as the Trustees may
deem proper. Such distributions may be among the Shareholders of record at the time of declaring a distribution or among the Shareholders
of record at such other date or time or dates or times as the Trustees shall determine. The Trustees may always retain from the
net profits such amount as they may deem necessary to pay the debts or expenses of the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in">Trust or to meet obligations of the Trust, or
as they may be deemed desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the
business. The decision of the Trustees as to what, in accordance with generally accepted accounting principles, is net profits,
surplus, capital or assets shall be final, and except as specifically provided herein the decision of the Trustees as to what expenses
and charges of the Trust shall be charged against assets and what against income shall be final, all subject to any applicable
provisions of the 1940 Act and rules, regulations and orders of the Commission promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in">Inasmuch as the computation of net income and
gains for federal income tax purposes may vary from the computation thereof on the books, the above provisions shall be interpreted
to give to the Trustees the power in their discretion to distribute for any fiscal year as ordinary dividends and as capital gains
distributions, respectively, additional amounts sufficient to enable the Trust to avoid or reduce liability for taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 2</U>. <U>Dividend Reinvestment Plans</U>.
The Trustees may adopt and offer to Shareholders such dividend reinvestment plans, cash dividend payout plans or related plans
as the Trustees shall deem appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 3</U>. <U>Stock Dividends</U>. Anything
in these By-laws to the contrary notwithstanding, the Trustees may at any time declare and distribute pro rata among the Shareholders
a &#8220;stock dividend&#8221; out of either authorized but unissued Shares or treasury shares of the Trust or both.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in">These By-laws, or any of them, may be altered,
amended or repealed, or new By-laws may be adopted (a) by Majority Shareholder Vote, or (b) by the Trustees, provided, however,
that no By-law may be amended, adopted or repealed by the Trustees if such amendment, adoption or repeal requires, pursuant to
law, the Declaration or these By-laws, a vote of the Shareholders.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 1</U>. <U>Transfer of Shares</U>.
The Trust shall not impose any restrictions upon the transfer of the Shares of the Trust except as provided in the Declaration,
but this requirement shall not prevent the charging of customary transfer agent fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 51.3pt 0pt 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><U>Section 2</U>. <U>Exclusive
Jurisdiction</U>. Each Trustee, each officer and each person legally or beneficially owning a Share or an interest in a Share
of the Trust (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the
foregoing or otherwise), to the fullest extent permitted by law, (i) irrevocably agrees that except for any claims, suits,
actions or proceedings arising under the Securities Act of 1933, any claims, suits, actions or proceedings asserting a claim
governed by the internal affairs (or similar) doctrine or arising out of or relating in any way to the Trust, the Declaration
or these By-laws (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A)
the provisions of the Declaration or these By-laws, or (B) the duties (including fiduciary duties), obligations or
liabilities of the Trust to the Shareholders or the Trustees, or of officers or the Trustees to the Trust, to the
Shareholders or each other, or (C) the rights or powers of, or restrictions on, the Trust, the officers, the Trustees or the
Shareholders, or (D) the laws of the Commonwealth of Massachusetts pertaining to trusts, or (E) any other instrument,
document, agreement or certificate contemplated by the Declaration or these By-laws relating in any way to the Trust
(regardless, in each case, of whether such claims, suits, actions or proceedings (x) found in contract, tort, fraud or
otherwise, (y) are based on common law, statutory, equitable, legal or other grounds, or (z) are derivative or direct
claims)), shall be exclusively brought in the Business Litigation Section of the Superior Court of the Commonwealth of
Massachusetts or, if such court does not have subject matter jurisdiction thereof, any other court in the Commonwealth of
Massachusetts with subject matter jurisdiction, (ii) irrevocably agrees that any claims, suits, actions or proceedings
arising under the Securities Act of 1933 shall be exclusively brought in the federal district courts of the United States of
America, (iii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit,
action or proceeding, (iv) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or
proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings
in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or (C) the
venue of such claim, suit, action or proceeding is improper, (v) consents to process being served in any such claim, suit,
action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in
effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice
thereof; provided, nothing in clause (v) hereof shall affect or limit any right to serve process in any other manner
permitted by law, and (vi) irrevocably waives any and all right to trial by jury in any such claim, suit, action or
proceeding. Notwithstanding anything to the contrary in this Section, the Trust may, at its sole discretion, select and/or
consent to an alternative forum for any claims, suits, actions or proceedings relating in any way to the Trust.</P>

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

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

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

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

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