<SEC-DOCUMENT>0001104659-25-024796.txt : 20250318
<SEC-HEADER>0001104659-25-024796.hdr.sgml : 20250318
<ACCEPTANCE-DATETIME>20250318085335
ACCESSION NUMBER:		0001104659-25-024796
CONFORMED SUBMISSION TYPE:	POS EX
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20250318
DATE AS OF CHANGE:		20250318
EFFECTIVENESS DATE:		20250318

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SOURCE CAPITAL /DE/
		CENTRAL INDEX KEY:			0000091847
		ORGANIZATION NAME:           	
		IRS NUMBER:				941679410
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		POS EX
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-232727
		FILM NUMBER:		25746609

	BUSINESS ADDRESS:	
		STREET 1:		235 W. GALENA STREET
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53212
		BUSINESS PHONE:		626-385-5777

	MAIL ADDRESS:	
		STREET 1:		235 W. GALENA STREET
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53212

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SOURCE CAPITAL INC /DE/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SMC INVESTMENT CORP
		DATE OF NAME CHANGE:	19721123
</SEC-HEADER>
<DOCUMENT>
<TYPE>POS EX
<SEQUENCE>1
<FILENAME>tm259254d2_posex.htm
<DESCRIPTION>POS EX
<TEXT>
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<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 March&#xa0;18, 2025</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 396.45pt"><b>Securities Act File No.&#xa0;333-232727</b>&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>Investment Company Act File No.&#xa0;811-01731&#xa0;</b></p>


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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM&#xa0;N-2</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(check appropriate box or boxes)</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Post-Effective Amendment No.&#xa0;1</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>and/or</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REGISTRATION STATEMENT UNDER THE INVESTMENT
COMPANY ACT OF 1940</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Amendment No.&#xa0;20</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 14pt"><b>SOURCE CAPITAL&#xa0;</b></font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Exact name of registrant as specified in charter)</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">235 West Galena Street&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Milwaukee, Wisconsin 53212&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices, including
Zip Code)</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant's Telephone Number,&#xa0;Including Area
Code: (626) 385-5777</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Diane J. Drake&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Mutual Fund Administration, LLC&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2220 E. Route 66, Suite&#xa0;226&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Glendora, California 91740&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name and Address of Agent for Service)</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">COPIES TO:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Laurie Anne Dee&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Morgan, Lewis&#xa0;&amp; Bockius LLP&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">600 Anton Boulevard, Suite&#xa0;1800&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Costa Mesa, California 92626</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Approximate Date of Proposed Public Offering: This post-effective amendment
is being filed pursuant to Rule&#xa0;462(d)&#xa0;under the Securities Act and will be effective upon filing.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 2%">&#xa0;</td>
    <td style="width: 4%"><font>&#x2610;</font></td>
    <td style="width: 94%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check box if the only securities being registered on this Form&#xa0;are being offered pursuant to dividend or interest reinvestment plans.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font>&#x2610;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check box if any securities being registered on this
    Form&#xa0;will be offered on a delayed or continuous basis in reliance on Rule&#xa0;415 under the Securities Act of 1933
    (&#x201c;Securities Act&#x201d;), other than securities offered in connection with a dividend reinvestment plan.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font>&#x2610;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check box if this Form&#xa0;is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font>&#x2610;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check box if this Form&#xa0;is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule&#xa0;462(e)&#xa0;under the Securities Act.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font>&#x2610;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check box if this Form&#xa0;is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule&#xa0;413(b)&#xa0;under the Securities Act.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;It is proposed that this filing will become effective (check
appropriate box)</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 2%">&#xa0;</td>
    <td style="width: 4%"><font>&#x2610;</font></td>
    <td style="width: 94%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">when declared effective pursuant to Section&#xa0;8(c)&#xa0;of the Securities Act</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;If appropriate, check the following box:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 2%">&#xa0;</td>
    <td style="width: 4%"><font>&#x2610;</font></td>
    <td style="width: 94%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font>&#x2610;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Form&#xa0;is filed to register additional securities for an offering pursuant to Rule&#xa0;462(b)&#xa0;under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: _____.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font>&#x2610;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Form&#xa0;is a post-effective amendment filed pursuant to Rule&#xa0;462(c)&#xa0;under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: _____.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font>&#x2612;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Form&#xa0;is a post-effective amendment filed pursuant to Rule&#xa0;462(d)&#xa0;under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:&#xa0;333-232727.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;Check each box that appropriately characterizes the Registrant:</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="vertical-align: top">
    <td style="width: 2%">&#xa0;</td>
    <td style="width: 4%"><font>&#x2612;</font></td>
    <td style="width: 94%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 (&#x201c;Investment Company Act&#x201d;)).</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font>&#x2610;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font>&#x2610;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule&#xa0;23c-3 under the Investment Company Act).</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font>&#x2610;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font>&#x2610;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Well-Known Seasoned Issuer (as defined by Rule&#xa0;405 under the Securities Act).</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font>&#x2610;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging Growth Company (as defined by Rule&#xa0;12b-2 under the Securities Exchange Act of 1934 (&#x201c;Exchange Act&#x201d;).</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font>&#x2610;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&#xa0;7(a)(2)(B)&#xa0;of Securities Act.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font>&#x2610;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


</div><div style="font: 10pt Times New Roman, Times, Serif"><div style="Page-Break-Before: Always"></div><!-- BannerFile="tm259254d2_explanatorynote.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm259254-2/tm259254-2_posexseq1" -->

<p style="margin: 0">&#xa0;</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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Post-Effective Amendment No.&#xa0;1 to the
<a href="https://www.sec.gov/Archives/edgar/data/91847/000110465919050010/a19-12989_8n2a.htm" style="-sec-extract: exhibit">Registration Statement on Form&#xa0;N-2 (File Nos. 333-232727 and 811-01731) of Source Capital</a> (formerly, Source Capital,&#xa0;Inc.) (the
 &#x201c;Registration Statement&#x201d;) is being filed pursuant to Rule&#xa0;462(d)&#xa0;under the Securities Act of 1933, as amended (the
 &#x201c;Securities Act&#x201d;), solely for the purpose of filing Exhibits a, a.1, b, g, j, k.1, r and s to the Registration Statement.
No changes have been made to Part&#xa0;A, B or Part&#xa0;C of the Registration Statement, other than Item 25 (2)&#xa0;of Part&#xa0;C as
set forth below. Accordingly, this Post-Effective Amendment No.&#xa0;1 consists only of the facing page, this explanatory note and Item
25 (2)&#xa0;of the Registration Statement setting forth the exhibits to the Registration Statement. Pursuant to Rule&#xa0;462(d)&#xa0;under
the Securities Act, this Post-Effective Amendment No.&#xa0;1 shall become effective immediately upon filing with the Securities and Exchange
Commission. The contents of the Registration Statement are hereby incorporated by reference.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


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    <!-- Field: /Page -->


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


</div><div style="font: 10pt Times New Roman, Times, Serif"><div style="Page-Break-Before: Always"></div><!-- BannerFile="tm259254d2_partc.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm259254-2/tm259254-2_posexseq1" -->

<p style="margin: 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART&#xa0;C - OTHER INFORMATION</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Item 25: Financial Statements and Exhibits</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
Statements:</font></td>
</tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 10pt">The Registrant's
audited financial statements, financial highlights, notes to the financial statements and report of independent registered public accounting
firm thereon have been incorporated into Part&#xa0;B of the Registration Statement by reference to the Registrant&#x2019;s </font><a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/91847/000110465925021647/tm255164d1_ncsr.htm"><font style="color: blue">Annual
Report for the fiscal year ended December&#xa0;31, 2024 contained in its Form&#xa0;N-CSR filing</font></a> which was filed with the Commission
on March&#xa0;7, 2025.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">2.</td><td style="text-align: justify">Exhibits:</td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">a.</td><td style="text-align: justify"><a href="tm259254d2_ex99-a.htm">Certificate of Trust*</a></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">a.1</td><td style="text-align: justify"><a href="tm259254d2_ex99-ad1.htm">Agreement and Declaration of Trust*</a></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">b.</td><td style="text-align: justify"><a href="tm259254d2_ex99-b.htm">By-Laws*</a></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">c.</td><td style="text-align: justify">Not applicable.</td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">d.1</td><td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/91847/000110465919047567/a19-12989_8ex99ddd1.htm" style="-sec-extract: exhibit">Form&#xa0;of Subscription Certificate for Rights Offering (2)</a></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">d.2</td><td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/91847/000110465919047567/a19-12989_8ex99ddd2.htm" style="-sec-extract: exhibit">Form&#xa0;of Notice of Guaranteed Delivery (2)</a></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">e.</td><td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/91847/000110465919041093/a19-12989_4ex99de.htm" style="-sec-extract: exhibit">Dividend Reinvestment Plan, as amended May&#xa0;4, 1992 (1)</a></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">f.</td><td style="text-align: justify">Not applicable.</td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">g.</td><td style="text-align: justify"><a href="tm259254d2_ex99-g.htm">Investment Advisory Agreement dated December&#xa0;31, 2024*</a></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">h.</td><td style="text-align: justify">Not applicable.</td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">i.</td><td style="text-align: justify">Not applicable.</td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">j.</td><td style="text-align: justify"><a href="tm259254d2_ex99-j.htm">Custodian Agreement*</a></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">k.1</td><td style="text-align: justify"><a href="tm259254d2_ex99-kd1.htm">Co-Administration Agreement*</a></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">k.2</td><td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/91847/000110465919047567/a19-12989_8ex99dkd3.htm" style="-sec-extract: exhibit">Form&#xa0;of Subscription Agent Agreement (2)</a></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">k.3</td><td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/91847/000110465919047567/a19-12989_8ex99dkd4.htm" style="-sec-extract: exhibit">Form&#xa0;of Information Agent Agreement (2)</a></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">k.4</td><td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/91847/000110465919047567/a19-12989_8ex99dkd5.htm" style="-sec-extract: exhibit">Transfer Agent Servicing Agreement (2)</a></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">l.</td><td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/91847/000110465919049085/a19-12989_8ex99di.htm" style="-sec-extract: exhibit">Opinion and Consent of Legal Counsel (3)</a></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">m.</td><td style="text-align: justify">Not applicable.</td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">n.</td><td style="text-align: justify">Not applicable.</td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">o.</td><td style="text-align: justify">Not applicable.</td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">p.</td><td style="text-align: justify">Not applicable.</td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">q.</td><td style="text-align: justify">Not applicable.</td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


<!-- Field: Page; Sequence: 1 -->
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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">r.</td><td style="text-align: justify"><a href="tm259254d2_ex99-r.htm">Code of Ethics*</a></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left">s.</td><td style="text-align: justify"><a href="tm259254d2_ex99-s.htm">Power of Attorney*</a></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>
















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


<!-- Field: Rule-Page --><div style="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><div style="font-size: 1pt; border-top: Black 1pt solid">&#xa0;</div></div><!-- Field: /Rule-Page -->


<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">* Filed herein.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&#xa0;Incorporated by reference from the Registration Statement
on Form&#xa0;N-2 under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended (Securities Act File
No.&#xa0;333-232727 and Investment Company Act File No.&#xa0;811-01731) filed on July&#xa0;19, 2019.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&#xa0;Incorporated by reference from the Registration Statement
on Form&#xa0;N-2 under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended (Securities Act File
No.&#xa0;333-232727 and Investment Company Act File No.&#xa0;811-01731) filed on August&#xa0;28, 2019.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&#xa0;Incorporated by reference from the Registration Statement
on Form&#xa0;N-2 under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended (Securities Act File
No.&#xa0;333-232727 and Investment Company Act File No.&#xa0;811-01731) filed on September&#xa0;6, 2019.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


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    <!-- Field: /Page -->


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


</div><div style="font: 10pt Times New Roman, Times, Serif"><div style="Page-Break-Before: Always"></div><!-- BannerFile="tm259254d2_sigs.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm259254-2/tm259254-2_posexseq1" -->

<p style="margin: 0"></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</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">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">Pursuant to the requirements of the Securities
Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement to be signed on its behalf
by the undersigned, thereunder duly authorized, in the City </font>of Milwaukee and State of Wisconsin, on the&#xa0;<b><font style="text-decoration:underline">18<sup>th</sup>
day of March, 2025</font></b>.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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>&#xa0;</td>
    <td colspan="2"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SOURCE CAPITAL</b></font></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#xa0;</td>
    <td colspan="2">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="width: 50%">&#xa0;</td>
    <td style="width: 2%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></td>
    <td style="width: 48%; border-bottom: black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Maureen Quill</font></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maureen Quill</font></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Principal Executive Officer</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement has been signed on <b><font style="text-decoration:underline">18<sup>th</sup> day of March, 2025,</font></b> by the
following persons in the capacities set forth below.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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 style="width: 46%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><font style="text-decoration:underline">Signatures</font></b></font></td>
    <td style="width: 4%">&#xa0;</td>
    <td style="width: 50%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><font style="text-decoration:underline">Title</font></b></font></td>
    </tr>
  <tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td style="text-align: center">&#xa0;</td>
    </tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Maureen Quill</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee, President&#xa0;&amp; Principal Executive Officer</font></td>
    </tr>
  <tr style="vertical-align: bottom">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maureen Quill</font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    </tr>
  <tr style="vertical-align: bottom">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    </tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Sandra Brown</font><font style="font-family: Times New Roman, Times, Serif">&#x2020;</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</font></td>
    </tr>
  <tr style="vertical-align: bottom">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sandra Brown</font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    </tr>
  <tr style="vertical-align: bottom">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    </tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Robert F. Goldrich</font><font style="font-family: Times New Roman, Times, Serif">&#x2020;</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</font></td>
    </tr>
  <tr style="vertical-align: bottom">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert F. Goldrich</font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    </tr>
  <tr style="vertical-align: bottom">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    </tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ John P. Zader&#x2020;</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</font></td>
    </tr>
  <tr style="vertical-align: bottom">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">John P. Zader</font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    </tr>
  <tr style="vertical-align: bottom">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    </tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ J. Richard Atwood&#x2020;</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trustee</font></td>
    </tr>
  <tr style="vertical-align: bottom">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">J. Richard Atwood</font></td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    </tr>
  <tr style="vertical-align: bottom">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    </tr>
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Rita Dam</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasurer, Principal Accounting Officer&#xa0;&amp; Principal&#xa0;&#xa0;</font></td>
    </tr>
  <tr style="vertical-align: bottom">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rita Dam</font></td>
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial Officer</font></td>
    </tr>
  <tr style="vertical-align: bottom">
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    <td>&#xa0;</td>
    </tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; ">&#xa0;</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="white-space: nowrap; width: 5%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#x2020;</font> <font style="font-family: Times New Roman, Times, Serif">By:</font></td>
    <td style="width: 41%; border-bottom: black 1pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Rita Dam</font></td>
    <td style="width: 54%">&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#xa0;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rita Dam</font></td>
    <td>&#xa0;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#xa0;</td>
    <td colspan="2"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attorney-in-fact, pursuant to power of attorney filed herewith.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


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


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>


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


</div><div style="font: 10pt Times New Roman, Times, Serif"><div style="Page-Break-Before: Always"></div><!-- BannerFile="tm259254d2_exhibitindex.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm259254-2/tm259254-2_posexseq1" -->

<p style="margin: 0">&#xa0;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>EXHIBIT&#xa0;INDEX</b></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><a href="tm259254d2_ex99-a.htm">a.</a></td><td style="text-align: justify"><a href="tm259254d2_ex99-a.htm">Certificate of Trust</a></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><a href="tm259254d2_ex99-ad1.htm">a.1</a></td><td style="text-align: justify"><a href="tm259254d2_ex99-ad1.htm">Agreement and Declaration of Trust</a></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><a href="tm259254d2_ex99-b.htm">b.</a></td><td style="text-align: justify"><a href="tm259254d2_ex99-b.htm">By-Laws</a></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><a href="tm259254d2_ex99-g.htm">g.</a></td><td style="text-align: justify"><a href="tm259254d2_ex99-g.htm">Investment Advisory Agreement dated December&#xa0;31, 2024</a></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><a href="tm259254d2_ex99-j.htm">j.</a></td><td style="text-align: justify"><a href="tm259254d2_ex99-j.htm">Custodian Agreement</a></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><a href="tm259254d2_ex99-kd1.htm">k.1</a></td><td style="text-align: justify"><a href="tm259254d2_ex99-kd1.htm">Co-Administration Agreement</a></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><a href="tm259254d2_ex99-r.htm">r.</a></td><td style="text-align: justify"><a href="tm259254d2_ex99-r.htm">Code of Ethics</a></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0in"></td><td style="width: 0.5in; text-align: left"><a href="tm259254d2_ex99-s.htm">s.</a></td><td style="text-align: justify"><a href="tm259254d2_ex99-s.htm">Power of Attorney</a></td>
</tr></table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>


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


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<DOCUMENT>
<TYPE>EX-99.(A)
<SEQUENCE>2
<FILENAME>tm259254d2_ex99-a.htm
<DESCRIPTION>EXHIBIT 99.(A)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm259254d2_ex99-a.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm259254-2/tm259254-2_posexseq1/users" -->

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.a</B></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>CERTIFICATE OF TRUST</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; background-color: white"><B>OF</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; background-color: white"><B>SOURCE CAPITAL</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: justify; text-indent: 0.5in; background-color: white">The
undersigned, a trustee of Source Capital (the &ldquo;Trust&rdquo;), desiring to form a statutory trust pursuant to the Delaware&nbsp;Statutory&nbsp;Trust
Act&nbsp;(Title 12 of the&nbsp;Delaware Code) &sect; 3810, hereby certifies as follows:</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; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">The name of the statutory trust is <B>Source Capital</B>.</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; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">The business address of the registered office of the Trust is 1209 Orange Street, Wilmington, DE 19801.
The name of the Trust&rsquo;s registered agent at such address is The Corporation Trust Company.</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; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">Pursuant to &sect;3807(b)&nbsp;of the Delaware Statutory Trust Act, notice is hereby given that the&nbsp;Trust
is or will become a registered investment company under the Investment Company Act of&nbsp;1940, as amended, within 180 days following
the first issuance of beneficial interests.</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; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify"><U>Series&nbsp;Trust.</U>&nbsp;&nbsp;The Trust may issue series of beneficial interests, having separate
rights, powers or duties with respect to property or obligations of the Trust, as provided in &sect;&sect;3804 and&nbsp;3806(b)(2)&nbsp;of
the Delaware Statutory Trust Act, such that (a)&nbsp;the debts, liabilities, obligations&nbsp;and expenses incurred, contracted for or
otherwise existing with respect to a particular series shall be enforceable against the assets of such series only, and not against the
assets of the Trust generally or any other series, and (b)&nbsp;none of the debts, liabilities, obligations and expenses incurred, contracted
for or otherwise existing with respect to the Trust generally or any other series thereof shall be enforceable against the assets of such
series.</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; text-align: justify; text-indent: 0.25in; background-color: white">IN&nbsp;WITNESS&nbsp;WHEREOF,&nbsp;the&nbsp;undersigned&nbsp;has&nbsp;executed&nbsp;this&nbsp;Certificate&nbsp;of
Trust&nbsp;as&nbsp;of this 29<SUP>th</SUP> day of May, 2024.</P>


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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1pt; width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Rita Dam</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: Rita Dam</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Trustee</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"></P>


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


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


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(1)
<SEQUENCE>3
<FILENAME>tm259254d2_ex99-ad1.htm
<DESCRIPTION>EXHIBIT 99.(A)(1)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm259254d2_ex99-ad1.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm259254-2/tm259254-2_posexseq1/users" -->

<P STYLE="text-align: right; margin: 0pt"><B>Exhibit&nbsp;99.a.1</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>AGREEMENT AND DECLARATION OF TRUST</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>OF SOURCE CAPITAL</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>DATED JUNE 7, 2024</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: justify; text-indent: 0.5in">THIS AGREEMENT AND DECLARATION
OF TRUST is made as of the 7<SUP>th</SUP> day of June, 2024, by the Trustee hereunder, and by the holders of shares of beneficial interest
issued hereunder as hereinafter provided.</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: justify; text-indent: 0.5in">WHEREAS, this Trust has been
formed to carry on business as set forth more particularly hereinafter;</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: justify; text-indent: 0.5in">WHEREAS, this Trust is authorized
to issue an unlimited number of its shares of beneficial interest all in accordance with the provisions hereinafter set forth;</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: justify; text-indent: 0.5in">WHEREAS, the trustees have
agreed to manage all property coming into the hands of the Trust as Trustees of a Delaware statutory trust in accordance with the provisions
hereinafter set forth; and</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: justify; text-indent: 0.5in">WHEREAS, the Trustees intend
that the Trust created by this Declaration and the Certificate of Trust filed with the Secretary of State of the State of Delaware on
May&nbsp;30, 2024, shall constitute a statutory trust under the Delaware Statutory Trust Act and that this Declaration shall constitute
the governing instrument of such statutory trust;</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: justify; text-indent: 0.5in">NOW, THEREFORE, the Trustees
hereby declare that they will hold all cash, securities, and other assets which they may from time to time acquire in any manner as Trustees
hereunder in Trust to manage and dispose of the same upon the following terms and conditions for the benefit of the holders from time
to time of shares of beneficial interest in this Trust as hereinafter set forth.</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>ARTICLE&nbsp;1</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>THE TRUST</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-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Name.</U></FONT>&nbsp;<FONT STYLE="font-size: 10pt">The
name of the Trust shall be:</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; text-align: center">SOURCE CAPITAL</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: justify">and so far as may be practicable, the Trustees
shall conduct the Trust&rsquo;s activities, execute all documents and sue or be sued under that name, which name (and the word &ldquo;Trust&rdquo;
wherever used in this Agreement and Declaration of Trust, except where the context otherwise requires) shall refer to the Trustees in
their capacity as Trustees, and not individually or personally, and shall not refer to the officers, agents or employees of the Trust
or of such Trustees, or to the holders of the Shares of the Trust or any Series. If the Trustees determine that the use of such name is
not practicable, legal or convenient at any time or in any jurisdiction, the Trustees may use such other designation, or they may adopt
such other name for the Trust as they deem proper, and the Trust may hold property and conduct its activities under such designation or
name.</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: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.2</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Location.</U>
The Trust shall maintain a registered office in the State of Delaware and may have such other offices or places of business as the Trustees
may from time to time determine to be necessary or expedient.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.3</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Nature
of Trust.</U> The Trust shall be a trust with transferable shares under the laws of the State of Delaware, of the type defined in Title
12, Chapter 38, Section&nbsp;3801 of the Delaware Code as a statutory trust. The Trust is not intended to be, shall not be deemed to be,
and shall not be treated as, a general partnership, limited partnership, joint venture, corporation or joint stock company. The Shareholders
shall be beneficiaries and their relationship to the Trustees shall be solely in that capacity in accordance with the rights conferred
upon them hereunder.</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"></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: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Definitions.</U>
As used in this Agreement and Declaration of Trust, the following terms shall have the meanings set forth below unless the context thereof
otherwise requires:</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; text-align: justify; text-indent: 0.5in"><B>&ldquo;1940 Act&rdquo;</B>
shall mean the provisions of the Investment Company Act of 1940 and the rules&nbsp;and regulations thereunder, both as amended from time
to time, and any order or orders thereunder which may from time to time be applicable to the Trust.</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: justify; text-indent: 0.5in"><B>&ldquo;Accounting Agent&rdquo;</B>
shall have the meaning designated in Section&nbsp;5.2(g)&nbsp;hereof.</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: justify; text-indent: 0.5in"><B>&ldquo;Administrator&rdquo;</B>
shall have the meaning designated in Section&nbsp;5.2(b)&nbsp;hereof.</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: justify; text-indent: 0.5in"><B>&ldquo;Affiliated Person&rdquo;</B>
shall have the meaning assigned to it in the 1940 Act. <B>&ldquo;By-Laws&rdquo;</B> shall mean the By-Laws of the Trust, as amended from
time to time.</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: justify; text-indent: 0.5in"><B>&ldquo;Certificate of Designation&rdquo;</B>
shall have the meaning designated in Section&nbsp;6.1(b)&nbsp;hereof.</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: justify; text-indent: 0.5in"><B>&ldquo;Certificate of Termination&rdquo;</B>
shall have the meaning designated in Section&nbsp;6.1(b)&nbsp;hereof.</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: justify; text-indent: 0.5in"><B>&ldquo;Class&rdquo; or
 &ldquo;Classes&rdquo;</B> shall mean, with respect to any Series, any unissued Shares of such Series&nbsp;with respect to which the Trustees
shall from time to time fix and determine any special provisions relating to sales charges, any rights of redemption and the price, terms
and manner of redemption, special and relative rights as to dividends and other distributions and on liquidation, sinking or purchase
fund provisions, conversion rights, and conditions under which the Shareholders of such Class&nbsp;shall have separate voting rights or
no voting rights.</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: justify; text-indent: 0.5in"><B>&ldquo;Commission&rdquo;</B>
shall have the meaning assigned to it in the 1940 Act.</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: justify; text-indent: 0.5in"><B>&ldquo;Committee&rdquo;</B>
shall mean any committee of one or more Trustees established by the Trustees.</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: justify; text-indent: 0.5in"><B>&ldquo;Contracting Party&rdquo;</B>
shall have the meaning designated in the preamble to Section&nbsp;5.2 hereof.</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: justify; text-indent: 0.5in"><B>&ldquo;Conversion Date&rdquo;</B>
shall mean, with respect to Shares of any Class&nbsp;that are convertible automatically into Shares of any other Class&nbsp;of a Series,
the date fixed by the Trustees for such conversion.</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: justify; text-indent: 0.5in"><B>&ldquo;Covered Person&rdquo;</B>
shall have the meaning designated in Section&nbsp;8.5 hereof.</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: justify; text-indent: 0.5in"><B>&ldquo;Custodian&rdquo;</B>
shall have the meaning designated in Section&nbsp;5.2(d)&nbsp;hereof</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: justify; text-indent: 0.5in"><B>&ldquo;Declaration&rdquo;</B>
and <B>&ldquo;Declaration of Trust&rdquo;</B> shall mean this Agreement and Declaration of Trust and all amendments or modifications thereof
as from time to time in effect. This Agreement and Declaration of Trust is the &ldquo;governing instrument&rdquo; of the Trust within
the meaning of the laws of the State of Delaware with respect to Delaware statutory trusts. References in this Agreement and Declaration
of Trust to &ldquo;hereof&rdquo;, &ldquo;herein&rdquo; and &ldquo;hereunder&rdquo; shall be deemed to refer to the Declaration of Trust
generally, and shall not be limited to the particular text, Article&nbsp;or Section&nbsp;in which such words appear.</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: justify; text-indent: 0.5in"><B>&ldquo;Disabling Conduct&rdquo;</B>
shall have the meaning designated in Section&nbsp;8.5 hereof.</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: justify; text-indent: 0.5in"><B>&ldquo;Distributor&rdquo;</B>
shall have the meaning designated in Section&nbsp;5.2(c)&nbsp;hereof.</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: justify; text-indent: 0.5in"><B>&ldquo;Dividend Disbursing
Agent&rdquo;</B> shall have the meaning designated in Section&nbsp;5.2(e)&nbsp;hereof.</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: justify; text-indent: 0.5in"><B>&ldquo;Fiduciary Covered
Person&rdquo;</B> shall have the meaning designated in Section&nbsp;8.3 hereof.</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: justify; text-indent: 0.5in"><B>&ldquo;Fundamental Policies&rdquo;</B>
shall mean the investment policies and restrictions as set forth from time to time in any Prospectus, or contained in any registration
statement of the Trust filed with the Commission or as otherwise adopted by the Trustees and the Shareholders in accordance with the 1940
Act and designated as fundamental policies therein as they may be amended from time to time in accordance with the requirements of the
1940 Act.</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: justify; text-indent: 0.5in"><B>&ldquo;General Items&rdquo;</B>
shall have the meaning defined in Section&nbsp;6.1(e)&nbsp;hereof. <B>&ldquo;Investment Adviser&rdquo;</B> shall have the meaning defined
in Section&nbsp;5.2(a)&nbsp;hereof.</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: justify; text-indent: 0.5in"><B>&ldquo;Majority of the
Trustees&rdquo; </B>shall mean a majority of the Trustees in office at the time in question. At any time at which there shall be only
one (1)&nbsp;Trustee in office, such term shall mean such Trustee.</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: justify; text-indent: 0.5in"><B>&ldquo;Majority Shareholder
Vote&rdquo; </B>as used with respect to (a)&nbsp;the election of any Trustee at a meeting of Shareholders, shall mean the vote for the
election of such Trustee of a plurality of all outstanding votes of the Trust, without regard to Series, as set forth in Section&nbsp;7.2,
represented in person or by proxy, provided that a quorum (as determined in accordance with this Declaration of Trust) is present, and
(b)&nbsp;any other action required or permitted to be taken by Shareholders, shall mean the vote for such action of the holders of that
majority of all outstanding Shares (or, where a separate vote of Shares of any particular Series&nbsp;is to be taken, the affirmative
vote of that majority of the outstanding Shares of that Series) of the Trust which consists of: (i)&nbsp;a majority of all Shares (or
of Shares of the particular Series) represented in person or by proxy and entitled to vote on such action at the meeting of Shareholders
at which such action is to be taken, provided that a quorum (as determined in accordance with this Declaration of Trust) is present; or
(ii)&nbsp;if such action is to be taken by written consent of Shareholders, a majority of all Shares (or of Shares of the particular Series)
issued and outstanding and entitled to vote on such action; provided that (iii)&nbsp;as used with respect to any action requiring the
affirmative vote of &ldquo;a majority of the outstanding voting securities,&rdquo; as the quoted phrase is defined in the 1940 Act, of
the Trust or of any Series, &ldquo;Majority Shareholder Vote&rdquo; means the vote for such action at a meeting of Shareholders of the
smallest majority of all outstanding Shares of the Trust (or of Shares of the particular Series) entitled to vote on such action which
satisfies such 1940 Act voting requirement.</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: justify; text-indent: 0.5in"><B>&ldquo;Person&rdquo;</B>
shall mean and include individuals, as well as corporations, limited partnerships, general partnerships, limited liability companies,
joint stock companies, joint ventures, associations, banks, trust companies, land trusts, statutory trusts or other organizations established
under the laws of any jurisdiction, whether or not considered to be legal entities, and governments and agencies and political subdivisions
thereof.</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: justify; text-indent: 0.5in"><B>&ldquo;Principal Underwriter&rdquo;</B>
shall have the meaning designated in Section&nbsp;5.2(c)&nbsp;hereof.</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: justify; text-indent: 0.5in"><B>&ldquo;Prospectus,&rdquo;</B>
as used with respect to the Trust (or the Shares of a particular Series), shall mean the prospectus relating to the Trust (or such Series)
which constitutes part of the currently effective registration statement of the Trust under the Securities Act, as such prospectus may
be amended or supplemented from time to time.</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: justify; text-indent: 0.5in"><B>&ldquo;Securities&rdquo;</B>
shall have the same meaning ascribed to that term in the Securities Act.</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: justify; text-indent: 0.5in"><B>&ldquo;Securities Act&rdquo;</B>
shall mean the provisions of the Securities Act of 1933 and the rules&nbsp;and regulations thereunder both as amended from time to time,
and any order or orders thereunder which may from time to time be applicable to the Trust.</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: justify; text-indent: 0.5in"><B>&ldquo;Series&rdquo;</B>
shall mean one or more of the series of Shares authorized by the Trustees to represent the beneficial interest in one or more separate
components of the assets of the Trust which are now or hereafter established and designated under or in accordance with the provisions
of Article&nbsp;6 hereof.</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: justify; text-indent: 0.5in"><B>&ldquo;Shareholder&rdquo;</B>
shall mean as of any particular time any Person shown of record at such time on the books of the Trust as a holder of outstanding Shares
of any Series, and shall include a pledgee into whose name any such Shares are transferred in pledge.</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: justify; text-indent: 0.5in"><B>&ldquo;Shareholder Servicing
Agent&rdquo;</B> shall have the meaning designated in Section&nbsp;5.2(f)&nbsp;hereof.</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: justify; text-indent: 0.5in"><B>&ldquo;Shares&rdquo;</B>
shall mean the units into which the beneficial interest in the Trust and each Series&nbsp;of the Trust (as the context may require) shall
be divided from time to time, and includes fractions of Shares as well as whole Shares. All references herein to &ldquo;Shares&rdquo;
which are not accompanied by a reference to any particular Series&nbsp;or Class&nbsp;shall be deemed to apply to outstanding Shares without
regard to Series&nbsp;or Class.</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: justify; text-indent: 0.5in"><B>&ldquo;Single Class&nbsp;Voting</B>,&rdquo;
as used with respect to any matter to be acted upon at a meeting or by written consent of Shareholders, shall mean a style of voting in
which each holder of one or more Shares shall be entitled to one vote on the matter in question for each Share standing in his name on
the records of the Trust, irrespective of Series&nbsp;or Class&nbsp;of a Series, and all outstanding Shares of all Series&nbsp;vote as
a single class.</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: justify; text-indent: 0.5in"><B>&ldquo;Statement of Additional
Information</B>,<B>&rdquo;</B> as used with respect to the Trust (or any Series), shall mean the statement of additional information relating
to the Trust (or such Series) which constitutes part of the currently effective registration statement of the Trust under the Securities
Act, as such statement of additional information may be amended or supplemented from time to time.</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: justify; text-indent: 0.5in"><B>&ldquo;Transfer Agent&rdquo;</B>
shall have the meaning defined in Section&nbsp;5.2(e)&nbsp;hereof.</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: justify; text-indent: 0.5in"><B>&ldquo;Trust&rdquo;</B>
shall mean the trust named in Section&nbsp;1.1 hereof.</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: justify; text-indent: 0.5in"><B>&ldquo;Trust Property&rdquo;</B>
shall mean, as of any particular time, any and all property which shall have been transferred, conveyed or paid to the Trust or the Trustees,
and all interest, dividends, income, earnings, profits and gains therefrom, and proceeds thereof, including any proceeds derived from
the sale, exchange or liquidation thereof, and any funds or payments derived from any reinvestment of such proceeds in whatever form the
same may be, and which at such time is owned or held by, or for the account of, the Trust or the Trustees, without regard to the Series&nbsp;to
which such property is allocated.</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: justify; text-indent: 0.5in"><B>&ldquo;Trustees&rdquo;</B>
shall mean, collectively, the initial Trustees, so long as they shall continue in office, and all other individuals who at the time in
question have been duly elected or appointed as Trustees of the Trust in accordance with the provisions hereof and who have qualified
and are then in office. At any time at which there shall be only one (1)&nbsp;Trustee in office, such term shall mean such single Trustee.</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: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1.5</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Real
Property to be Converted into Personal Property.</U> Notwithstanding any other provision hereof, any real property at any time forming
part of the Trust Property shall be held in trust for sale and conversion into personal property at such time or times and in such manner
and upon such terms as the Trustees shall approve, but the Trustees shall have power until the termination of this Trust to postpone such
conversion as long as they in their uncontrolled discretion shall think fit, and for the purpose of determining the nature of the interest
of the Shareholders therein, all such real property shall at all times be considered as personal property.</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"></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>ARTICLE&nbsp;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"><B>PURPOSE OF THE TRUST</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: justify; text-indent: 0.5in">The purpose of the Trust shall
be to (a)&nbsp;manage, conduct, operate and carry on the business of a management investment company registered under the 1940 Act; and
(b)&nbsp;subscribe for, invest in, reinvest in, purchase or otherwise acquire, hold, pledge, sell, assign, transfer, exchange, distribute
or otherwise deal in or dispose of any and all sorts of property, tangible or intangible, including but not limited to Securities of any
type whatsoever, whether equity or nonequity, of any issuer, evidences of indebtedness of any person and any other rights, interest, instruments
or property of any sort to exercise any and all rights, powers and privileges of ownership or interest with respect to any and all such
investment of every kind and description, including without limitation, the right to consent and otherwise act with respect thereto, with
power to designate one or more Persons to exercise any of said rights, powers and privileges with respect to any of said investments.
The Trustees shall not be limited by any law limiting the investments which may be made by fiduciaries. Not limited by the foregoing,
the Trust shall have and may exercise all of the powers conferred by the laws of the State of Delaware concerning statutory trusts.</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>ARTICLE&nbsp;3</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>POWERS OF THE TRUSTEES</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: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.1</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Powers
in General.</U> The Trustees shall have, without other or further authorization, full, entire, exclusive and absolute power, control and
authority over, and management of, the business of the Trust and over the Trust Property, to the same extent as if the Trustees were the
sole owners of the business and property of the Trust in their own right, and with such powers of delegation as may be permitted by this
Declaration, subject only to such limitations as may be expressly imposed by this Declaration of Trust or by applicable law. The enumeration
of any specific power or authority herein shall not be construed as limiting the aforesaid power or authority or any specific power or
authority. Without limiting the foregoing, they may select, and from time to time change, the fiscal year of the Trust; they may adopt
and use a seal for the Trust, provided that unless otherwise required by the Trustees, it shall not be necessary to place the seal upon,
and its absence shall not impair the validity of, any document, instrument or other paper executed and delivered by or on behalf of the
Trust; they may from time to time in accordance with the provisions of Section&nbsp;6.1 hereof establish one or more Series&nbsp;to which
they may allocate such of the Trust Property, subject to such liabilities, as they shall deem appropriate, each such Series&nbsp;to be
operated by the Trustees as a separate and distinct investment medium and with separately defined investment objectives and policies,
all as established by the Trustees, or from time to time changed by them; they may establish Classes of Series&nbsp;having relative rights,
powers and duties as they may provide consistent with applicable law; they may interpret the investment objectives, policies, practices
or limitations of the Trust and/or any Series; they may make distributions of income and capital gains to Shareholders in the manner herein
provided; they may as they consider appropriate elect and remove officers and appoint and terminate agents and consultants and hire and
terminate employees, any one or more of the foregoing of whom may be a Trustee; they may appoint from their own number, and terminate,
any one or more Committees, including without implied limitation an Executive Committee, which may, when the Trustees are not in session
and subject to the 1940 Act, exercise some or all of the power and authority of the Trustees as the Trustees may determine; in accordance
with Section&nbsp;5.2 they may employ one or more Investment Advisers, Administrators and Custodians and may authorize any such service
provider to employ one or more other service providers and to deposit all or any part of such assets in a system or systems for the central
handling of Securities; retain Transfer Agents, Dividend Disbursing Agents, Accounting Agents or Shareholder Servicing Agents or any of
the foregoing; provide for the distribution of Shares by the Trust through one or more Distributors, Principal Underwriters or otherwise;
set record dates or times (or delegate the power to do so) for the determination of Shareholders entitled to participate in, benefit from
or act with respect to various matters; and in general they may delegate to any officer of the Trust, to any Committee of the Trustees
and to any employee,&nbsp;Investment Adviser, Administrator, Distributor, Custodian, Transfer Agent, Dividend Disbursing Agent, Accounting
Agent or any other agent or consultant or independent contractor of the Trust, such authority, powers, functions and duties as they consider
desirable or appropriate for the conduct of the business and affairs of the Trust (which delegation may include the power to sub-delegate),
including without implied limitation the power and authority to act in the name of the Trust and of the Trustees, to sign documents and
to act as attorney-in-fact for the Trustees. Without limiting the foregoing and to the extent not inconsistent with the Fundamental Policies
in effect from time to time with respect to the Trust, 1940 Act or other applicable law, the Trustees shall have power and authority:</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Investments.</U>
(i)&nbsp;To invest and reinvest cash, to hold cash uninvested, and to subscribe for, invest in, reinvest in, purchase or otherwise acquire,
own, hold, pledge, sell, assign, transfer, exchange, distribute, write options on, lend or otherwise deal in or dispose of contracts for
the future acquisition of delivery of any and all sorts of property, tangible or intangible, including but not limited to Securities of
any type whatsoever, whether equity or nonequity, of any issuer, evidences of indebtedness of any person and any other rights, interest,
instruments or property of any sort, including without limitation futures contracts and options on such contracts, issued, created, guaranteed,
or sponsored by any and all Persons, including the United States of America, any foreign government, and all states, territories, and
possessions of the United States of America or any foreign government and any political subdivision, agency, or instrumentality thereof,
or by any bank or savings institution, or by any corporation or organization organized under the laws of the United States or of any state,
territory, or possession thereof, or by any corporation or organization organized under any foreign law, or in &ldquo;when issued&rdquo;
contracts for any such securities, to change the investments of the assets of the Trust, and to exercise any and all rights, powers and
privileges of ownership or interest with respect to any and all such investments of every kind and description, including without limitation
the right to consent and otherwise act with respect thereto, with power to designate one or more Persons to exercise any of said rights,
powers and privileges with respect to any of said investments, in every case without being limited by any law limiting the investments
which may be made by fiduciaries; (ii)&nbsp;to enter into contracts of any kind and description, including swaps and other types of derivative
contracts; and (iii)&nbsp;to purchase, sell and hold currencies and enter into contracts for the future purchase or sale of currencies,
including but not limited to forward foreign currency exchange contracts;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Disposition
of Assets.</U> Upon such terms and conditions as they deem best, to lend, sell, exchange, mortgage, pledge, hypothecate, grant security
interests in, encumber, negotiate, convey, transfer or otherwise dispose of, and to trade in, any and all of the Trust Property, free
and clear of all encumbrances, for cash or on terms, with or without advertisement, and on such terms as to payment, security or otherwise,
all as they shall deem necessary or expedient;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>Ownership
Powers.</U> To vote or give assent, or exercise any and all other rights, powers and privileges of ownership with respect to, and to perform
any and all duties and obligations as owners of, any Securities or other property forming part of the Trust Property, the same as any
individual might do; to exercise powers and rights of subscription or otherwise which in any manner arise out of ownership of Securities,
and to receive powers of attorney from, and to execute and deliver proxies or powers of attorney to, such Person or Persons as the Trustees
shall deem proper, receiving from or granting to such Person or Persons such power and discretion with relation to Securities or other
property of the Trust, all as the Trustees shall deem proper;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;<U>Form&nbsp;of
Holding.</U> To hold any Security or other property in a form not indicating any trust, whether in bearer, book entry, unregistered or
other negotiable form, or in the name of the Trustees or of the Trust, or of the Series&nbsp;to which such Securities or property belong,
or in the name of a Custodian, sub-custodian or other nominee or nominees, or otherwise, upon such terms, in such manner or with such
powers, as the Trustees may determine, and with or without indicating any trust or the interest of the Trustees therein;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;<U>Reorganizations,&nbsp;etc.</U>
To consent to or participate in any plan for the reorganization, consolidation or merger of any corporation or issuer, any Security or
debt instrument of which is or was held in the Trust or any Series; to consent to any contract, lease, mortgage, purchase or sale of property
by such corporation or issuer, and to pay calls or subscriptions with respect to any Security or debt instrument forming part of the Trust
Property;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;<U>Voting
Trusts,&nbsp;etc.</U> To join with other holders of any Securities in acting through a committee, depository, voting trustee or otherwise,
and in that connection to deposit any Security or debt instrument with, or transfer any Security or debt instrument to, any such committee,
depository or trustee, and to delegate to them such power and authority with relation to any Security or debt instrument (whether or not
so deposited or transferred) as the Trustees shall deem proper, and to agree to pay, and to pay, such portion of the expenses and compensation
of such committee, depository or trustee as the Trustees shall deem proper;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;<U>Contracts,&nbsp;etc.</U>
To enter into, make and perform all such obligations, contracts, agreements and undertakings of every kind and description, with any Person
or Persons, as the Trustees shall in their discretion deem expedient in the conduct of the business of the Trust, for such terms as they
shall see fit, whether or not extending beyond the term of office of the Trustees, or beyond the possible expiration of the Trust; to
amend, extend, release or cancel any such obligations, contracts, agreements or understandings; and to execute, acknowledge, deliver and
record all written instruments which they may deem necessary or expedient in the exercise of their powers;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp;<U>Guarantees,&nbsp;etc.</U>
To endorse or guarantee the payment of any notes or other obligations of any Person; to make contracts of guaranty or suretyship, or otherwise
assume liability for payment thereof; and to mortgage and pledge the Trust Property or any part hereof to secure any of or all such obligations;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;<U>Partnerships,&nbsp;etc.</U>
To enter into joint ventures, general or limited partnerships and any other combinations or associations;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)&nbsp;<U>Insurance.</U>
To purchase and pay for entirely out of Trust Property such insurance as they may deem necessary or appropriate for the conduct of the
business of the Trust, including, without limitation, insurance policies insuring the assets of the Trust and payment of distributions
and principal on its portfolio investments, and insurance policies insuring the Shareholders, Trustees, officers, employees, agents, consultants,&nbsp;Investment
Advisers, managers, Administrators, Distributors, Principal Underwriters, Custodians, Accounting Agents, or other independent contractors,
or any thereof (or any Person connected therewith), of the Trust, individually, against all claims and liabilities of every nature arising
by reason of holding, being or having held any such office or position, or by reason of any action alleged to have been taken or omitted
by any such Person in any such capacity, including any action taken or omitted that may be determined to constitute negligence, whether
or not the Trust would have the power to indemnify such Person against such liability;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)&nbsp;<U>Pensions,&nbsp;etc.</U>
To pay pensions for faithful service, as deemed appropriate by the Trustees, and to adopt, establish and carry out pension, profit sharing,
share bonus, share purchase, savings, thrift, deferred compensation and other retirement, incentive and benefit plans, trusts and provisions,
including the purchasing of life insurance and annuity contracts as a means of providing such retirement and other benefits, for any or
all of the Trustees, officers, employees and agents of the Trust;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)&nbsp;<U>Power
of Collection and Litigation.</U> To collect, sue for and receive all sums of money coming due to the Trust, to employ counsel, and to
commence, engage in, prosecute, intervene in, join, defend, compound, compromise, adjust or abandon, in arbitration or otherwise, in the
name of the Trust, any and all actions, suits, proceedings, disputes, claims, controversies, demands or other litigation or legal proceedings
relating to the Trust, the business of the Trust, the Trust Property, or the Trustees, officers, employees, agents and other independent
contractors of the Trust, in their capacity as such, at law or in equity, or before any other bodies or tribunals, and to compromise,
arbitrate or otherwise adjust any dispute to which the Trust may be a party, whether or not any suit is commenced or any claim shall have
been made or asserted; and out of the assets of the Trust or the applicable Series&nbsp;or Class&nbsp;thereof to pay or to satisfy any
debts, claims or expenses incurred in connection therewith, including those of litigation; and such power shall include without limitation
the power of the Trustees or any appropriate committee thereof, in the exercise of their or its good faith business judgment, to dismiss
any action, suit, proceeding, dispute, claim or demand, derivative or otherwise, brought by any Person, including a Shareholder in its
own name or the name of the Trust, whether or not the Trust or any of the Trustees may be named individually therein or the subject matter
arises by reason of business for or on behalf of the Trust;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(m)&nbsp;<U>Issuance
and Repurchase of Shares.</U> To authorize, issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of,
exchange, transfer, and otherwise deal in Shares of any Series, and, subject to Article&nbsp;6 hereof, to apply to any such repurchase,
redemption, retirement, cancellation or acquisition of Shares of any Series, any of the assets belonging to the Series&nbsp;to which such
Shares relate, whether constituting capital or surplus or otherwise, to the full extent now or hereafter permitted by applicable law;
provided that any Shares belonging to the Trust shall not be voted, directly or indirectly;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(n)&nbsp;<U>Offices.</U>
To have one or more offices, and to carry on all or any of the operations and business of the Trust, in any of the States, Districts or
Territories of the United States, and in any and all foreign countries, subject to the laws of such State, District, Territory or country;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(o)&nbsp;<U>Expenses.</U>
To pay or cause to be paid out of the principal or income of the Trust, or partly out of the principal and partly out of income, as they
deem fair, all expenses, fees, charges, taxes and liabilities incurred or arising in connection with the Trust, or in connection with
the management thereof, including, but not limited to, the Trustees&rsquo; compensation, and such expenses and charges for the services
of the Trust&rsquo;s officers, employees,&nbsp;Investment Advisers, Principal Underwriter, independent registered public accounting firm,
counsel, Custodian, Transfer Agent, Shareholder Servicing Agent, and other agents or independent contractors and such other expenses and
charges as the Trustees may deem necessary or proper to incur, which expenses, fees, charges, taxes and liabilities shall be allocated
in accordance with the terms of this Declaration of Trust;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(p)&nbsp;<U>Agents,&nbsp;etc.</U>
To retain and employ any and all such servants, agents, employees, attorneys, brokers,&nbsp;Investment Advisers, accountants, architects,
engineers, builders, escrow agents, depositories, consultants, ancillary trustees, custodians, agents for collection, insurers, banks
and officers, as they think best for the business of the Trust or any Series, to supervise and direct the acts of any of the same, and
to fix and pay their compensation and define their duties;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(q)&nbsp;<U>Accounts.</U>
To determine, and from time to time change, the method or form in which the accounts of the Trust or any Series&nbsp;shall be kept;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(r)&nbsp;<U>Valuation.</U>
Subject to the requirements of the 1940 Act, to determine from time to time the value of all or any part of the Trust Property and of
any services, assets, Securities, property or other consideration to be furnished to or acquired by the Trust, and from time to time to
revalue all or any part of the Trust Property in accordance with such appraisals or other information as is, in the Trustees&rsquo; sole
judgment, necessary and satisfactory;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(s)&nbsp;<U>Indemnification.</U>
In addition to the mandatory indemnification provided for in Article&nbsp;8 hereof and to the extent permitted by law, to indemnify or
enter into agreements with respect to indemnification with any Person with whom this Trust has dealings, including, without limitation,
any independent contractor, to such extent as the Trustees shall determine;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(t)&nbsp; <U>Minimum
Investments</U>. To establish, from time to time, a minimum investment for Shareholders in the Trust or in one or more Series&nbsp;or
Classes, and to require the redemption of the Shares of any Shareholders whose investment is less than such minimum in accordance with
Section&nbsp;6.1(k)&nbsp;hereof;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(u)&nbsp;<U>Charges</U>.
To cause each Shareholder, or each Shareholder of any particular Series&nbsp;or Class, to pay directly, in advance or arrears, for charges
of the Trust&rsquo;s Custodian, Transfer Agent, Shareholder Servicing Agent or similar agent, an amount fixed from time to time by the
Trustees, by setting off such charges due from such Shareholder from declared but unpaid dividends owed such Shareholder and/or by reducing
the number of Shares in the account of such Shareholder by that number of full and/or fractional Shares which represents the outstanding
amount of such charges due from such Shareholder;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(v)&nbsp;<U>Committees</U>.
To establish one or more committees, to delegate any powers of the Trustees to such committees and to adopt a committee charter providing
for such responsibilities, membership (including Trustees, officers or other agents of the Trust) and other characteristics of such committees
as the Trustees may deem proper. Notwithstanding the provisions of this Article&nbsp;3, and in addition to such provisions or any other
provision of this Declaration of Trust or of the By-laws, the Trustees may by resolution appoint a committee consisting of fewer than
the whole number of the Trustees then in office, which committee may be empowered to act for and bind the Trustees and the Trust, as if
the acts of such committee were the acts of all the Trustees then in office, with respect to any matter including the institution, prosecution,
dismissal, settlement, review or investigation of any action, suit or proceeding that may be pending or threatened to be brought before
any court, administrative agency or other adjudicatory body;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(w)&nbsp;<U>Registered
Office</U>. To establish a registered office and have a registered agent in the State of Delaware;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(x)&nbsp;<U>Other
Investment Companies</U>. To invest part or all of the Trust Property (or part or all of the assets of any Series), or to dispose of
part or all of the Trust Property (or part or all of the assets of any Series) and invest the proceeds of such disposition, in interests
issued by one or more other investment companies or pooled portfolios, each of which may (but need not) be a trust (formed under the
laws of any state or jurisdiction) which is classified as a partnership for federal income tax purposes, including investment by means
of transfer of part or all of the Trust Property in exchange for an interest or interests in such one or more investment companies or
pooled portfolios, all without any requirement of approval by Shareholders;</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(y)&nbsp;<U>Broker-Dealers,&nbsp;etc.</U> To select or to authorize one or more persons to select brokers, dealers, futures commission merchants, banks or any agents or other
entities, as appropriate, with which to effect transactions in securities and other instruments or investments; and</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(z)&nbsp;<U>General.</U>
Subject to the Fundamental Policies in effect from time to time with respect to the Trust, to do all such other acts and things and to
conduct, operate, carry on and engage in such other lawful businesses or business activities as they shall in their sole and absolute
discretion consider to be incidental to the business of the Trust or any Series&nbsp;as an investment company, and to exercise all powers
which they shall in their discretion consider necessary, useful or appropriate to carry on the business of the Trust or any Series, to
promote any of the purposes for which the Trust is formed, whether or not such things are specifically mentioned herein, in order to protect
or promote the interests of the Trust or any Series, or otherwise to carry out the provisions of this Declaration.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Borrowings;
Financings; Issuance of Securities.</U> The Trustees have power, subject to the Fundamental Policies in effect from time to time with
respect to the Trust, to borrow or in any other manner raise such sum or sums of money, and to incur such other indebtedness for goods
or services, or for or in connection with the purchase or other acquisition of property, as they shall deem advisable for the purposes
of the Trust, in any manner and on any terms, and to evidence the same by negotiable or nonnegotiable Securities which may mature at any
time or times, even beyond the possible date of termination of the Trust; to secure borrowings by mortgaging, pledging or otherwise subjecting
as security the Trust Property; to endorse, guarantee, or undertake the performance of an obligation, liability or engagement of any Person
and to lend or pledge Trust Property or any part thereof to secure any or all of such obligations; to issue Securities of any type for
such cash, property, services or other considerations, and at such time or times and upon such terms, as they may deem advisable; and
to reacquire any such Securities. Any such Securities of the Trust may, at the discretion of the Trustees, be made convertible into Shares
of any Series, or may evidence the right to purchase, subscribe for or otherwise acquire Shares of any Series, at such times and on such
terms as the Trustees may prescribe.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Deposits.</U>
Subject to the requirements of the 1940 Act, the Trustees shall have power to deposit any moneys or Securities included in the Trust Property
with any one or more banks, trust companies or other banking institutions, whether or not such deposits will draw interest. Such deposits
are to be subject to withdrawal in such manner as the Trustees may determine, and the Trustees shall have no responsibility for any loss
which may occur by reason of the failure of the bank, trust company or other banking institution with which any such moneys or Securities
have been deposited, except as provided in Section&nbsp;8.2 hereof.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Allocations.</U>
The Trustees shall have power to determine whether moneys or other assets received by the Trust shall be charged or credited to income
or capital, or allocated between income and capital, including the power to amortize or fail to amortize any part or all of any premium
or discount, to treat any part or all of the profit resulting from the maturity or sale of any asset, whether purchased at a premium or
at a discount, as income or capital, or to apportion the same between income and capital, to apportion the sale price of any asset between
income and capital, and to determine in what manner any expenses or disbursements are to be borne as between income and capital, whether
or not in the absence of the power and authority conferred by this Section&nbsp;3.4 such assets would be regarded as income or as capital
or such expense or disbursement would be charged to income or to capital; to treat any dividend or other distribution on any investment
as income or capital, or to apportion the same between income and capital; to provide or fail to provide reserves, including reserves
for depreciation, amortization or obsolescence with respect to any Trust Property in such amounts and by such methods as they shall determine;
to allocate less than all of the consideration paid for Shares of any Series&nbsp;to surplus with respect to the Series&nbsp;to which
such Shares relate and to allocate the balance thereof to paid-in capital of that Series, and to reallocate such amounts from time to
time; all as the Trustees may reasonably deem proper.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;3.5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Further
Powers; Limitations.</U> The Trustees shall have power to do all such other matters and things within or without the State of Delaware,
in any and all states of the United States of America, in the District of Columbia, in any foreign countries, and in any and all commonwealths
and territories, dependencies, colonies, possessions, agencies or instrumentalities of the United States of America and of foreign countries,
and to execute all such instruments, as they deem necessary, proper or desirable in order to carry out, promote or advance the interests
of the Trust, although such matters or things are not herein specifically mentioned. Any determination as to what is in the interests
of the Trust made by the Trustees in good faith shall be conclusive. In construing the provisions of this Declaration of Trust, the presumption
shall be in favor of a grant of power to the Trustees. The Trustees shall not be required to obtain any court order to deal with the Trust
Property. The Trustees may limit their right to exercise any of their powers through express restrictive provisions in the instruments
evidencing or providing the terms for any Securities of the Trust or in other contractual instruments adopted on behalf of the Trust.</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"></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>ARTICLE&nbsp;4</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>TRUSTEES AND OFFICERS</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: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Number
Designation, Election, Term,&nbsp;etc.</U></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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Initial
Trustees.</U> Upon their execution of this Declaration of Trust or a counterpart hereof or some other writing in which they accept such
Trusteeship and agree to the provisions hereof, the individuals whose signatures are affixed hereto as initial Trustees shall become the
initial Trustees hereof. Prior to a public offering of Shares there may be a sole Trustee.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Number.</U>
The Trustees serving as such, whether named above or hereafter becoming Trustees, may increase (to not more than nine (9)) or decrease
(to not less than five (5)) the number of Trustees determined by a Majority of the Trustees (or by an officer of the Trust pursuant to
the vote of a Majority of the Trustees). No decrease in the number of Trustees shall have the effect of removing any Trustee from office
prior to the expiration of his term, but the number of Trustees may be decreased in conjunction with the removal of a Trustee pursuant
to subsection (e)&nbsp;of this Section&nbsp;4.1.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>Election
and Term.</U> The Trustees shall be elected by the Shareholders of the Trust at each meeting of the Shareholders called for such purpose
and each Trustee shall hold office until their successor is elected and qualified. Subject to Section&nbsp;16(a)&nbsp;of the 1940 Act
and to the preceding sentence of this subsection (c), the Trustees shall have the power to set and alter the terms of office of the Trustees,
and at any time to lengthen or shorten their own terms or make their terms of unlimited duration, to elect their own successors and, pursuant
to subsection (f)&nbsp;of this Section&nbsp;4.1, to appoint Trustees to fill vacancies; provided that Trustees shall be elected by a Majority
Shareholder Vote at any such time or times as the Trustees shall determine that such action is required under Section&nbsp;16(a)&nbsp;of
the 1940 Act or, if not so required, that such action is advisable; and further provided that, after the initial election of Trustees
by the Shareholders, the term of office of any incumbent Trustee shall continue until the termination of this Trust or his earlier death,
resignation, retirement, bankruptcy, adjudicated incompetency or other incapacity or removal, or if not so terminated, until the election
of such Trustee&rsquo;s successor in office has become effective.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;<U>Resignation
and Retirement.</U> Any Trustee may resign his trust or retire as a Trustee, by a written instrument signed by him and delivered to the
other Trustees or to of the Chairman, President or Secretary the Trust, and such resignation or retirement shall take effect upon such
delivery or upon such later date as is specified in such instrument.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;<U>Removal.</U>
Any Trustee may be removed with or without cause at any time: (i)&nbsp;by written instrument, signed by at least two thirds (2/3) of the
number of Trustees prior to such removal, specifying the date upon which such removal shall become effective; or (ii)&nbsp;by vote of
Shareholders holding not less than two thirds (2/3) of the Shares of each Series&nbsp;then outstanding, cast in person or by proxy at
any meeting called for the purpose; or (iii)&nbsp;by a written declaration signed by Shareholders holding not less than two thirds (2/3)
of the Shares of each Series&nbsp;then outstanding. Upon incapacity or death of any Trustee, his legal representative shall execute and
deliver on his behalf such documents as the remaining Trustees shall require in order to effect the purpose of this Subsection.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;<U>Vacancies.</U>
Any vacancy or anticipated vacancy resulting from any reason, including an increase in the number of Trustees, may (but need not unless
required by the 1940 Act) be filled by a Majority of the Trustees, subject to the provisions of Section&nbsp;16(a)&nbsp;of the 1940 Act,
through the appointment of such other individual as such remaining Trustees in their discretion shall determine; provided that if there
shall be no Trustees in office, such vacancy or vacancies shall be filled by a Majority Shareholder Vote. Any such appointment or election
shall be effective upon such individual&rsquo;s written acceptance of his appointment as a Trustee and his agreement to be bound by the
provisions of this Declaration of Trust, except that any such appointment in anticipation of a vacancy to occur by reason of retirement,
resignation or increase in the number of Trustees to be effective at a later date shall become effective only at or after the effective
date of said retirement, resignation or increase in the number of Trustees.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;<U>Effect
of Death, Resignation,&nbsp;etc.</U> No vacancy, whether resulting from the death, resignation, retirement, bankruptcy, adjudicated incompetency,
incapacity, or removal of any Trustee, an increase in the number of Trustees or otherwise, shall operate to annul or terminate the Trust
hereunder or to revoke or terminate any existing agency or contract created or entered into pursuant to the terms of this Declaration
of Trust. Until such vacancy is filled as provided in this Section&nbsp;4.1, the Trustees in office (if any), regardless of their number,
shall have all the powers granted to the Trustees and shall discharge all the duties imposed upon the Trustees by this Declaration.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp; <U>Temporary
Absence of Trustee</U>. Any Trustee may, by power of attorney, delegate his power for a period not exceeding six months at any one time
to any other Trustee or Trustees, provided that in no case shall less than two Trustees personally exercise the other powers hereunder
except as herein otherwise expressly provided or unless there is only one or two Trustees.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;<U>No Accounting.</U>
Except to the extent required by the 1940 Act or under circumstances which would justify his removal for cause, no Person ceasing to be
a Trustee (nor the estate of any such Person) shall be required to make an accounting to the Shareholders or remaining Trustees upon such
cessation.</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: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Trustees&rsquo;
Meetings.</U> Annual and special meetings of the Trustees or any Committee may be held from time to time, in each case, upon the call
of such officers as may be thereunto authorized by the By-Laws or vote of the Trustees, or by any two (2)&nbsp;Trustees, or pursuant to
a vote of the Trustees adopted at a duly constituted meeting of the Trustees, and upon such notice as shall be provided in the By-Laws.
Any such meeting may be held within or without the state of Delaware. The Trustees may act with or without a meeting, and a written consent
to any matter, signed or evidenced by electronic transmission by a Majority of the Trustees, shall be equivalent to action duly taken
at a meeting of the Trustees, duly called and held. Except as otherwise provided by the 1940 Act or other applicable law, or by this Declaration
of Trust or the By-Laws, any action to be taken by the Trustees may be taken by a majority of the Trustees present at a meeting of Trustees
(a quorum, consisting of at least a Majority of the Trustees, being present), within or without Delaware. If authorized by the By-Laws,
all or any one or more Trustees may participate in a meeting of the Trustees or any Committee thereof by means of conference call or similar
means of communication by means of which all Persons participating in the meeting can hear each other, and participation in a meeting
pursuant to such means of communication shall constitute presence in person at such meeting. The minutes of any meeting thus held shall
be prepared in the same manner as a meeting at which all participants were present in person.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Committees;
Delegation.</U> The Trustees shall have power, consistent with their ultimate responsibility to supervise the affairs of the Trust, to
delegate from time to time to one or more other Committees, or to any single Trustee, the doing of such things and the execution of such
deeds or other instruments, either in the name of the Trust or the names of the Trustees or as their attorney or attorneys in fact, or
otherwise as the Trustees may from time to time deem expedient, and any agreement, deed, mortgage, lease or other instrument or writing
executed by the Trustee or Trustees or other Person to whom such delegation was made shall be valid and binding upon the Trustees and
upon the Trust.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Officers.</U>
The Trustees shall elect such officers or agents, who shall have such powers, duties and responsibilities as the Trustees may deem to
be advisable, and as they shall specify by resolution or in the By-Laws. Except as may be provided in the By-Laws, any officer elected
by the Trustees may be removed at any time with or without cause. Any two (2)&nbsp;or more offices may be held by the same individual.</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"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Compensation
of Trustees and Officers.</U> The Trustees shall fix the compensation of all officers and Trustees. Without limiting the generality of
any of the provisions hereof, the Trustees shall be entitled to receive reasonable compensation for their general services as such, and
to fix the amount of such compensation, and to pay themselves or any one or more of themselves such compensation for special services,
including legal, accounting, or other professional services, as they in good faith may deem reasonable. No Trustee or officer resigning
(except where a right to receive compensation for a definite future period shall be expressly provided in a written agreement with the
Trust, duly approved by the Trustees) and no Trustee or officer removed shall have any right to any compensation as such Trustee or officer
for any period following his resignation or removal, or any right to damages on account of his removal, whether his compensation be by
the month, or the year or otherwise.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Ownership
of Shares and Securities of the Trust.</U> Any Trustee, and any officer, employee or agent of the Trust, and any organization in which
any such Person is interested, may acquire, own, hold and dispose of Shares of any Series&nbsp;and other Securities of the Trust for his
or its individual account, and may exercise all rights of a holder of such Shares or Securities to the same extent and in the same manner
as if such Person were not such a Trustee, officer, employee or agent of the Trust; subject, in the case of Trustees and officers, to
the same limitations as directors or officers (as the case may be) of a Delaware business corporation; and the Trust may issue and sell
or cause to be issued and sold and may purchase or redeem any such Shares or other Securities from any such Person or any such organization,
subject only to the general limitations, restrictions or other provisions applicable to the sale or purchase of Shares of such Series&nbsp;or
other Securities of the Trust generally.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.7.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Right
of Trustees and Officers to Own Property or to Engage in Business; Authority of Trustees to Permit Others to Do Likewise.</U> The Trustees,
in their capacity as Trustees, and (unless otherwise specifically directed by vote of the Trustees) the officers of the Trust in their
capacity as such, shall not be required to devote their entire time to the business and affairs of the Trust. Except as otherwise specifically
provided by vote of the Trustees, or by agreement in any particular case, any Trustee or officer of the Trust may acquire, own, hold and
dispose of, for his own individual account, any property, and acquire, own, hold, carry on and dispose of, for his own individual account,
any business entity or business activity, whether similar or dissimilar to any property or business entity or business activity invested
in or carried on by the Trust, and without first offering the same as an investment opportunity to the Trust subject to any policies or
procedures concerning investment opportunities approved by the Trustees, and may exercise all rights in respect thereof as if he were
not a Trustee or officer of the Trust. The Trustees shall also have power, generally or in specific cases, to permit employees or agents
of the Trust to have the same rights (or lesser rights) to acquire, hold, own and dispose of property and businesses, to carry on businesses,
and to accept investment opportunities without offering them to the Trust, as the Trustees have by virtue of this Section&nbsp;4.7.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.8.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Reliance
on Experts.</U> The Trustees and officers may consult with counsel, engineers, brokers, appraisers, auctioneers, accountants, investment
bankers, securities analysts or other Persons (any of which may be a firm in which one or more of the Trustees or officers is or are members
or otherwise interested) whose profession gives authority to a statement made by them on the subject in question, and who are reasonably
deemed by the Trustees or officers in question to be competent, and the advice or opinion of such Persons shall be full and complete personal
protection to all of the Trustees and officers with respect to any action taken or suffered by them in good faith and in reliance on or
in accordance with such advice or opinion. In discharging their duties, Trustees and officers, when acting in good faith, may rely upon
financial statements of the Trust represented to them to be correct by any officer of the Trust having charge of its books of account,
or stated in a written report by an independent certified public accountant fairly to present the financial position of the Trust. The
Trustees and officers may rely, and shall be personally protected in acting, upon any instrument or other document believed by them to
be genuine.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.9.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Surety
Bonds.</U> No Trustee, officer, employee or agent of the Trust shall, as such, be obligated to give any bond or surety or other security
for the performance of any of his duties, unless required by applicable law or regulation, or unless the Trustees shall otherwise determine
in any particular case.</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"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.10.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Apparent
Authority of Trustees and Officers.</U> No purchaser, lender, transfer agent or other Person dealing with the Trustees or any officer
of the Trust shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by
such officer, or to make inquiry concerning or be liable for the application of money or property paid, loaned or delivered to or on the
order of the Trustees or of such officer.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.11.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Other
Relationships Not Prohibited.</U> The fact that:</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 0pt 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;any of the
Shareholders, Trustees or officers of the Trust is a shareholder, director, officer, partner, trustee, employee, manager, adviser, principal
underwriter or distributor or agent of or for any Contracting Party, or of or for any parent or affiliate of any Contracting Party, or
that the Contracting Party or any parent or affiliate thereof is a Shareholder or has an interest in the Trust or any Series, or that</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 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;any Contracting
Party may have a contract providing for the rendering of any similar services to one or more other corporations, trusts, associations,
partnerships, limited partnerships or other organizations, or have other business or interests,</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: justify">shall not affect the validity of any contract
for the performance and assumption of services, duties and responsibilities to, for or of the Trust and/or the Trustees or disqualify
any Shareholder, Trustee or officer of the Trust from voting upon or executing the same or create any liability or accountability to the
Trust or to the holders of Shares of any Series; provided that, in the case of any relationship or interest referred to in the preceding
clause (i)&nbsp;on the part of any Trustee or officer of the Trust, either (x)&nbsp;the material facts as to such relationship or interest
have been disclosed to or are known by the Trustees not having any such relationship or interest and the contract involved is approved
in good faith by a majority of such Trustees not having any such relationship or interest (even though such unrelated or disinterested
Trustees are less than a quorum of all of the Trustees), (y)&nbsp;the material facts as to such relationship or interest and as to the
contract have been disclosed to or are known by the Shareholders entitled to vote thereon and the contract involved is specifically approved
in good faith by vote of the Shareholders, or (z)&nbsp;the specific contract involved is fair to the Trust as of the time it is authorized,
approved or ratified by the Trustees or by the Shareholders.</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: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.12.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Payment
of Trust Expenses.</U> The Trustees are authorized to pay or to cause to be paid out of the principal or income of the Trust, or partly
out of principal and partly out of income, and according to any allocation to a particular Series&nbsp;and Class&nbsp;made by them pursuant
to Section&nbsp;6.1(f)&nbsp;hereof, all expenses, fees, charges, taxes and liabilities incurred or arising in connection with the business
and affairs of the Trust or in connection with the management thereof, including, but not limited to, the Trustees&rsquo; compensation
and such expenses and charges for the services of the Trust&rsquo;s officers, employees,&nbsp;Investment Adviser, Administrator, Distributor,
Principal Underwriter, auditor, counsel, Custodian, Transfer Agent, Dividend Disbursing Agent, Accounting Agent, Shareholder Servicing
Agent, and such other agents, consultants, and independent contractors and such other expenses and charges as the Trustees may deem necessary
or proper to incur.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.13.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Ownership
of the Trust Property.</U> Legal title to all the Trust Property shall be vested in the Trustees as joint tenants, except that the Trustees
shall have power to cause legal title to any Trust Property to be held by or in the name of one or more of the Trustees, or in the name
of the Trust, or of any particular Series, or in the name of any other Person as nominee, on such terms as the Trustees may determine;
provided that the interest of the Trust and of the respective Series&nbsp;therein is appropriately protected. The right, title and interest
of the Trustees in the Trust Property shall vest automatically in each Person who may hereafter become a Trustee. Upon the termination
of the term of office of a Trustee as provided in Section&nbsp;4.1(c), (d)&nbsp;or (e)&nbsp;hereof, such Trustee shall automatically cease
to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property
shall vest automatically in the remaining Trustees.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;4.14.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>By-Laws.</U>
The Trustees may adopt and from time to time amend or repeal By-Laws for the conduct of the business of the Trust.</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"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&nbsp;5</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>DELEGATION OF MANAGERIAL RESPONSIBILITIES</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: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Appointment;
Action by Less than All Trustees.</U> The Trustees shall be responsible for the general operating policy of the Trust and for the general
supervision of the business of the Trust conducted by officers, agents, employees or advisers of the Trust or by independent contractors,
but the Trustees shall not be personally required to conduct all the business of the Trust and, consistent with their ultimate responsibility
as stated herein, the Trustees may appoint, employ or contract with one or more officers, employees and agents to conduct, manage and/or
supervise the operations of the Trust, and may grant or delegate such authority to such officers, employees and/or agents as the Trustees
may, in their sole discretion, deem to be necessary or desirable, without regard to whether such authority is normally granted or delegated
by trustees. With respect to those matters of the operation and business of the Trust which they shall elect to conduct themselves, except
as otherwise provided by this Declaration or the By-Laws, if any, the Trustees may authorize any single Trustee or defined group of Trustees,
or any Committee consisting of a number of Trustees less than the whole number of Trustees then in office without specification of the
particular Trustees required to be included therein, to act for and to bind the Trust, to the same extent as the whole number of Trustees
could do, either with respect to one or more particular matters or classes of matters, or generally.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Certain
Contracts.</U> Subject to compliance with the provisions of the 1940 Act, but notwithstanding any limitations of present and future law
or custom in regard to delegation of powers by trustees generally, the Trustees may, at any time and from time to time in their discretion
and without limiting the generality of their powers and authority otherwise set forth herein, enter into one or more contracts with any
one or more corporations, trusts, associations, partnerships, limited partnerships, limited liability companies or other types of organizations,
or individuals (&ldquo;Contracting Party&rdquo;), to provide for the performance and assumption of some or all of the following services,
duties and responsibilities to, for or on behalf of the Trust and/or any Series, and/or the Trustees, and to provide for the performance
and assumption of such other services, duties and responsibilities in addition to those set forth below, as the Trustees may deem appropriate:</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>Investment
Advisory.</U> An investment advisory or management agreement whereby the agent shall undertake to furnish each Series&nbsp;of the Trust
such management, investment advisory or supervisory, statistical and research facilities and services, and such other facilities and services,
if any, as the Trustees shall from time to time consider desirable, all upon such terms and conditions as the Trustees may in their discretion
determine to be not inconsistent with this Declaration, the applicable provisions of the 1940 Act or any applicable provisions of the
By-Laws (any such agent being herein referred to as an &ldquo;Investment Adviser&rdquo;). To the extent required by the 1940 Act, any
such advisory or management agreement and any amendment thereto shall be subject to approval by a Majority Shareholder Vote at a meeting
of the Shareholders of the applicable Series&nbsp;of the Trust. Notwithstanding any provisions of this Declaration, the Trustees may authorize
each Investment Adviser (subject to such general or specific instructions as the Trustees may from time to time adopt) to effect purchases,
sales, loans or exchanges of Securities of the Trust on behalf of the Trustees or may authorize any officer or employee of the Trust or
any Trustee to effect such purchases, sales, loans or exchanges pursuant to recommendations of the Investment Adviser (and all without
further action by the Trustees). Any such purchases, sales, loans and exchanges shall be deemed to have been authorized by all of the
Trustees. The Trustees may, in their sole discretion, call a meeting of Shareholders in order to submit to a vote of Shareholders of the
applicable Series&nbsp;of Trust at such meeting the approval of or continuance of any such investment advisory or management agreement.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">The Trustees may
authorize, subject to applicable requirements of the 1940 Act, any Investment Adviser to employ, from time to time, one or more sub-advisers
to perform such of the acts and services of such Investment Adviser, and upon such terms and conditions, as may be agreed upon between
the Investment Adviser and sub-adviser. Any reference in this Declaration to the Investment Adviser shall be deemed to include such sub-advisers,
unless the context otherwise requires.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Administration.</U>
An agreement whereby an agent, or agents, subject to the general supervision of the Trustees and in conformity with any policies of the
Trustees with respect to the operations of the Trust and each Series, will supervise all or any part of the operations of the Trust and
each Series, and will provide all or any part of the administrative and clerical personnel, office space and office equipment and services
appropriate for the efficient administration and operations of the Trust and each Series&nbsp;(any such agent(s)&nbsp;being herein referred
to as an &ldquo;Administrator&rdquo;).</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>Underwriting.</U>
An agreement providing for the sale of Shares of any one or more Series&nbsp;to net the Trust not less than the net asset value per Share
(as described in Section&nbsp;6.1(l)&nbsp;hereof) and pursuant to which the Trust may appoint the other party to such agreement as its
principal underwriter or distributor for the distribution of such Shares. The agreement shall contain such terms and conditions as the
Trustees may in their discretion determine to be not inconsistent with this Declaration, the applicable provisions of the 1940 Act and
any applicable provisions of the By-Laws (any such agent being herein referred to as a &ldquo;Distributor&rdquo; or a &ldquo;Principal
Underwriter,&rdquo; as the case may be).</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;<U>Custodian.</U>
The appointment of an agent meeting the requirements for a custodian for the assets of investment companies contained in the 1940 Act
as custodian of the Securities, assets and cash of the Trust and of each Series&nbsp;and of the accounting records in connection therewith
(any such agent being herein referred to as a &ldquo;Custodian&rdquo;).</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;<U>Transfer
and Dividend Disbursing Agent.</U> An agreement with an agent to maintain records of the ownership of outstanding Shares, the issuance
and redemption and the transfer thereof (any such agent being herein referred to as a &ldquo;Transfer Agent&rdquo;), and to disburse any
dividends declared by the Trustees and in accordance with the policies of the Trust and/or the instructions of any particular Shareholder
to reinvest any such dividends (any such agent being herein referred to as a &ldquo;Dividend Disbursing Agent&rdquo;).</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;<U>Shareholder
Servicing.</U> An agreement with an agent to provide service with respect to the relationship of the Trust and its Shareholders, records
with respect to Shareholders and their Shares, and similar matters (any such agent being herein referred to as a &ldquo;Shareholder Servicing
Agent&rdquo;).</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;<U>Accounting.</U>
An agreement with an agent to handle all or any part of the accounting responsibilities, whether with respect to the Trust&rsquo;s properties,
Shareholders or otherwise (any such agent being herein referred to as an &ldquo;Accounting Agent&rdquo;).</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: justify; text-indent: 0.5in">In addition, the Trustees
may from time to time cause the Trust or any Series&nbsp;thereof to enter into agreements with respect to such other services and upon
such other terms and conditions as they may deem necessary, appropriate or desirable. The same Person may be the Contracting Party for
some or all of the services, duties and responsibilities to, for and of the Trust and/or the Trustees, and the contracts with respect
thereto may contain such terms interpretive of or in addition to the delineation of the services, duties and responsibilities provided
for, including provisions that are not inconsistent with the 1940 Act relating to the standard of duty of and the rights to indemnification
of the Contracting Party and others, as the Trustees may determine. Nothing herein shall preclude, prevent or limit the Trust or a Contracting
Party from entering into subcontractual arrangements relative to any of the matters referred to in subsections (a)&nbsp;through (g)&nbsp;of
this Section&nbsp;5.2.</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: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Service
Arrangements.</U> Subject to compliance with the 1940 Act, the Trustees may adopt and amend or repeal from time to time and implement
one or more service plans which plans will provide for the payment to Persons for providing ongoing services to holders of the shares
of such Trust or any Series&nbsp;thereof and in connection with the maintenance of such shareholders&rsquo; accounts.</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"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Parties
to Contract</U>. Any contract described in Section&nbsp;5.2 may be entered into with any corporation, firm, partnership, trust or association,
although one or more of the Trustees or officers of the Trust may be an officer, director, trustee, shareholder, or member of such other
party to the contract, and no such contract shall be invalidated or rendered void or voidable by reason of the existence of any relationship,
nor shall any person holding such relationship be disqualified from voting on or executing the same in his capacity as Shareholder and/or
Trustee, nor shall any Person holding such relationship be liable merely by reason of such relationship for any loss or expense to the
Trust under or by reason of said contract or accountable for any profit realized directly or indirectly therefrom, provided that the contract
when entered into was not inconsistent with the provisions of this Article&nbsp;5. The same Person (including a firm, corporation, partnership,
trust, or association) may be the other party to contracts entered into pursuant to Section&nbsp;5.2, and any individual may be financially
interested or otherwise affiliated with persons who are parties to any or all of the contracts mentioned in Section&nbsp;5.2.</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; text-align: center"><B>ARTICLE&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"><B>SERIES AND SHARES</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: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Description
of Series&nbsp;and Shares.</U></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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;<U>General.</U>
The beneficial interest in the Trust shall be divided into Shares having $1.00 par value per Share, of which an unlimited number may be
issued. The Trustees shall have the authority from time to time to establish and designate one or more separate, distinct and independent
Series&nbsp;of Shares (each of which Series, including without limitation each Series&nbsp;authorized in Section&nbsp;6.1(b)&nbsp;hereof,
shall represent interests only in the assets attributed by the Trustees to such Series), and to authorize separate Classes of Shares of
any such Series, as they deem necessary or desirable. The Trustees may, without Shareholder approval, divide interests of any Series&nbsp;into
two or more Classes.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;<U>Establishment,&nbsp;etc.
of Series; Authorization of Shares.</U> The establishment and designation of any Series&nbsp;or Class&nbsp;and the authorization of the
Shares thereof shall be effective upon the execution by a Majority of the Trustees (or by an officer of the Trust pursuant to the vote
of a Majority of the Trustees) of an instrument setting forth such establishment and designation and the relative rights and preferences
of the Shares of such Series&nbsp;or Class&nbsp;and the manner in which the same may be amended (a &ldquo;Certificate of Designation&rdquo;),
and may provide that the number of Shares of such Series&nbsp;or Class&nbsp;which may be issued is unlimited, or may limit the number
issuable. At any time that there are no Shares outstanding of any particular Series&nbsp;or Class&nbsp;previously established and designated,
the Trustees may by an instrument executed by a Majority of the Trustees (or by an officer of the Trust pursuant to the vote of a Majority
of the Trustees) terminate such Series&nbsp;or Class&nbsp;and the establishment and designation thereof and the authorization of its Shares
(a &ldquo;Certificate of Termination&rdquo;). Each Certificate of Designation, Certificate of Termination and any instrument amending
a Certificate of Designation shall have the status of an amendment to this Declaration of Trust.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;<U>Character
of Separate Series&nbsp;and Shares Thereof.</U> Each Series&nbsp;established hereunder shall represent beneficial interests in a separate
component of the assets of the Trust. Holders of Shares of a Series&nbsp;shall be considered Shareholders of such Series, but such Shareholders
shall also be considered Shareholders of the Trust for purposes of receiving reports and notices and, except as otherwise provided herein
or in the Certificate of Designation of a particular Series, or as required by the 1940 Act or other applicable law, the right to vote,
all without distinction by Series. The Trustees shall have exclusive power without Shareholder approval to establish and designate such
separate and distinct Series, and to fix and determine the relative rights and preferences as between the shares of the respective Series,
and as between the Classes of any Series, as to rights of redemption and the price, terms and manner of redemption, special and relative
rights as to dividends and other distributions and on liquidation, sinking or purchase fund provisions, conversion rights, and conditions
under which the Shareholders of the several Series&nbsp;or the several Classes of any Series&nbsp;of Shares shall have separate voting
rights or no voting rights. Except as otherwise provided as to a particular Series&nbsp;herein, or in the Certificate of Designation therefore,
the Trustees shall have all the rights and powers, and be subject to all the duties and obligations, with respect to each such Series&nbsp;and
the assets and affairs thereof as they have under this Declaration with respect to the Trust and the Trust Property in general. Separate
and distinct records shall be maintained for each Series&nbsp;of Shares and the assets and liabilities attributable 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: 0pt 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;<U>Consideration
for Shares.</U> The Trustees may issue Shares of any Series&nbsp;for such consideration (which may include property subject to, or acquired
in connection with the assumption of, liabilities) and on such terms as they may determine (or for no consideration if pursuant to a Share
dividend or split-up), all without action or approval of the Shareholders. All Shares when so issued on the terms determined by the Trustees
shall be fully paid and nonassessable (but may be subject to mandatory contribution back to the Trust as provided in Section&nbsp;6.1(n)&nbsp;hereof).
The Trustees may classify or reclassify any unissued Shares, or any Shares of any Series&nbsp;previously issued and reacquired by the
Trust, into Shares of one or more other Series&nbsp;that may be established and designated from time to time.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(e)&nbsp;<U>Assets
Belonging to Series.</U> Any portion of the Trust Property allocated to a particular Series, and all consideration received by the Trust
for the issue or sale of Shares of such Series, together with all assets in which such consideration is invested or reinvested, all interest,
dividends, income, earnings, profits and gains therefrom, and proceeds thereof, including any proceeds derived from the sale, exchange
or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may
be, shall be held by the Trustees in trust for the benefit of the holders of Shares of that Series&nbsp;and shall irrevocably belong to
that Series&nbsp;for all purposes, and shall be so recorded upon the books of account of the Trust, and the Shareholders of such Series&nbsp;shall
not have, and shall be conclusively deemed to have waived, any claims to the assets of any Series&nbsp;of which they are not Shareholders.
Such consideration, assets, interest, dividends, income, earnings, profits, gains and proceeds, together with any General Items allocated
to that Series&nbsp;as provided in the following sentence, are herein referred to collectively as assets &ldquo;belonging to&rdquo; that
Series. In the event that there are any assets, income, earnings, profits or funds, or payments and proceeds with respect thereto, and
proceeds thereof, funds, identifiable as belonging to any particular Series&nbsp;(collectively, &ldquo;General Items&rdquo;), the Trustees
shall allocate such General Items to and among any one or more of the Series&nbsp;established and designated from time to time in such
manner and on such basis as they, in their sole discretion, deem fair and equitable; and any General Items so allocated to a particular
Series&nbsp;shall belong to and be part of the assets belonging to that Series. Each such allocation by the Trustees shall be conclusive
and binding upon the Shareholders of all Series&nbsp;for all purposes.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(f)&nbsp;<U>Liabilities
of Series.</U> The assets belonging to each particular Series&nbsp;shall be charged with the liabilities with respect to that Series&nbsp;and
all expenses, costs, charges and reserves attributable to that Series, and any general liabilities, expenses, costs, charges or reserves
of the Trust which are not readily identifiable as pertaining to any particular Series&nbsp;shall be allocated and charged by the Trustees
to and among any one or more of the Series&nbsp;established and designated from time to time in such manner and on such basis as the Trustees
in their sole discretion deem fair and equitable. The indebtedness, expenses, costs, charges and reserves allocated and so charged to
a particular Series&nbsp;are herein referred to as &ldquo;liabilities of&rdquo; that Series. Each allocation of liabilities, expenses,
costs, charges and reserves by the Trustees shall be conclusive and binding upon the Shareholders of all Series&nbsp;for all purposes.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(g)&nbsp;<U>Limitation
on Inter-Series&nbsp;Liabilities</U>.&nbsp; Without limitation of the foregoing provisions of this Section&nbsp;6.1, but subject to the
right of the Trustees in their discretion to allocate general liabilities, expenses, costs, charges or reserves as herein provided, the
debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series&nbsp;shall
be enforceable against the assets belonging to such Series&nbsp;only, and not against the assets of the Trust generally or any other Series.
Notice of this limitation on inter-Series&nbsp;liabilities shall be set forth in the certificate of trust of the Trust (whether originally
or by amendment) as filed or to be filed in the Office of the Secretary of State of the State of Delaware pursuant to the Act, and upon
the giving of such notice in the certificate of trust, the statutory provisions of Section&nbsp;3804 of the Act relating to limitations
on inter-Series&nbsp;liabilities (and the statutory effect under Section&nbsp;3804 of setting forth such notice in the certificate of
trust) shall become applicable to the Trust and each Series. Any Person extending credit to, contracting with or having any claim against
the Trust with respect to a particular Series&nbsp;may satisfy or enforce any debt, liability, obligation or expense incurred, contracted
for or otherwise existing with respect to that Series&nbsp;from the assets of that Series&nbsp;only. No Shareholder or former Shareholder
of any Series&nbsp;shall have a claim on or any right to any assets allocated or belonging to any other Series.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(h)&nbsp; <U>Mistake
in Payment of Liabilities</U>.&nbsp; If, notwithstanding the provisions of this Section&nbsp;6.1, any liability properly charged to a
Series&nbsp;or Class&nbsp;is paid from the assets of another Series&nbsp;or Class, the Series&nbsp;or Class&nbsp;from the assets of which
the liability was paid shall be reimbursed from the assets of the Series&nbsp;or Class&nbsp;to which such liability belonged.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&nbsp;<U>Dividends.</U>
Dividends and distributions on Shares of a particular Series&nbsp;may be paid with such frequency as the Trustees may determine, which
may be daily or otherwise pursuant to a standing resolution or resolutions adopted only once or with such frequency as the Trustees may
determine, to the Shareholders of that Series&nbsp;or Class, from such of the income, accrued or realized, and capital gains, realized
or unrealized, and out of the assets belonging to that Series, as the Trustees may determine, after providing for actual and accrued liabilities
of that Series. All dividends and distributions on Shares of a particular Series&nbsp;shall be distributed pro rata to the Shareholders
of that Series&nbsp;in proportion to the number of such Shares held by such holders at the date and time of record established for the
payment of such dividends or distributions, except that the dividends and distributions of investment income and capital gains with respect
to each Class&nbsp;of Shares of a particular Series&nbsp;shall be in such amount as may be declared from time to time by the Trustees,
and such dividends and distributions may vary as between such Classes to reflect differing allocations of the expenses of the Series&nbsp;between
the Shareholders of such several Classes and any resultant differences between the net asset value of such several Classes to such extent
and for such purposes as the Trustees may deem appropriate and further except that, in connection with any dividend or distribution program
or procedure, the Trustees may determine that no dividend or distribution shall be payable on Shares as to which the Shareholder&rsquo;s
purchase order and/or payment in the prescribed form have not been received by the time or times established by the Trustees under such
program or procedure, or that dividends or distributions shall be payable on Shares which have been tendered by the holder thereof for
redemption or repurchase, but the redemption or repurchase proceeds of which have not yet been paid to such Shareholder. Such dividends
and distributions may be made in cash, property or Shares of any Class&nbsp;of that Series&nbsp;or a combination thereof as determined
by the Trustees, or pursuant to any program that the Trustees may have in effect at the time for the election by each Shareholder of the
mode of the making of such dividend or distribution to that Shareholder. Any such dividend or distribution paid in Shares will be paid
at the net asset value thereof as determined in accordance with subsection (l)&nbsp;of this Section&nbsp;6.1.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(j)&nbsp;<U>Liquidation.</U>
In the event of the liquidation or dissolution of the Trust or any Series&nbsp;or Class&nbsp;thereof, the Shareholders of each Series&nbsp;(or
Class) of which Shares are outstanding shall be entitled to receive, when and as declared by the Trustees, the excess of the assets belonging
to that Series&nbsp;(or Class) over the liabilities of such Series&nbsp;(or Class). The assets so distributable to the Shareholders of
any particular Series&nbsp;(or Class) shall be distributed among such Shareholders in proportion to the number of Shares of that Series&nbsp;(or
Class) held by them and recorded on the books of the Trust.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(k)&nbsp;<U>Voting.</U>
The Shareholders shall have the voting rights set forth in or determined under Article&nbsp;7 hereof.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(l)&nbsp;<U>Redemption
by Shareholder.</U> The Shares of the Trust are not redeemable by Shareholders.</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: justify; text-indent: 1in">(m)&nbsp;<U>Redemption at the
Option of the Trust.</U></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 0pt 1in; text-align: justify; text-indent: 0.5in">(i)&nbsp;Unless the
Trustees otherwise determine, each Share of the Trust, or Series&nbsp;or Class&nbsp;thereof that has been established and designated,
is subject to redemption (out of the assets belonging to the applicable Series&nbsp;or Class) by the Trust at the net asset value thereof
described in sub-Section&nbsp;6.1(n)&nbsp;hereof: (a)&nbsp;at any time, if the Trustees determine in their sole discretion and by vote
of a Majority of the Trustees that it is in the best interest of the Trust, or any Series&nbsp;or Class&nbsp;thereof, to so redeem; or
(b)&nbsp;upon such other conditions as may from time to time be determined by the Trustees. Without limiting the generality of the foregoing,
the Trustees may cause the Trust to redeem (out of the assets belonging to the applicable Series&nbsp;or Class) all of the Shares of one
or more Series&nbsp;or Classes held by (i)&nbsp;any Shareholder if the value of such Shares held by such Shareholder is less than the
minimum amount established from time to time by the Trustees, or (ii)&nbsp;any Shareholder to reimburse the Trust for any loss or expense
it has sustained or incurred by reason of the failure of such Shareholder to make full payment for Shares purchased by such Shareholder,
or by reason of any defective redemption request, or by reason of indebtedness incurred because of such Shareholder or to collect any
charge relating to a transaction effected for the benefit of such Shareholder or as provided in the Prospectus relating to such Shares.
Upon such redemption the holders of the Shares so redeemed shall have no further right with respect thereto other than to receive payment
of such redemption price.</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 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;If the Trustees
shall, at any time and in good faith, determine that direct or indirect ownership of Shares of any Series&nbsp;or Class&nbsp;thereof has
or may become concentrated in any Person to an extent that would disqualify any Series&nbsp;as a regulated investment company under the
Internal Revenue Code, then the Trustees shall have the power (but not the obligation), by such means as they deem equitable, to (i)&nbsp;call
for the redemption of a number, or amount, of Shares held by such Person sufficient to maintain or bring the direct or indirect ownership
of Shares into conformity with the requirements for such qualification, (ii)&nbsp;refuse to transfer or issue Shares of any Series&nbsp;or
Class&nbsp;thereof to such Person whose acquisition of the Shares in question would result in such disqualification, or (iii)&nbsp;take
such other actions as they deem necessary and appropriate to avoid such disqualification.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(n)&nbsp;<U>Net
Asset Value.</U> The net asset value per Share of any Series&nbsp;at any time shall be the quotient obtained by dividing the value of
the net assets of such Series&nbsp;at such time (being the current value of the assets belonging to such Series, less its then existing
liabilities) by the total number of Shares of that Series&nbsp;then outstanding. The net asset value of the several Classes of a particular
Series&nbsp;shall be separately computed, and may vary from one another. The Trustees shall establish procedures for the allocation of
investment income or capital gains and expenses and liabilities of a particular Series&nbsp;between the several Classes of such Series.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(p)&nbsp;<U>Equality.</U>
All Shares of each particular Series&nbsp;shall represent an equal proportionate interest in the assets belonging to that Series&nbsp;(subject
to the liabilities of that Series), and each Share of any particular Series&nbsp;shall be equal to each other Share thereof; but the provisions
of this sentence shall not restrict any distinctions between the several Classes of a Series&nbsp;permissible under this Section&nbsp;6.1
or under Section&nbsp;7.1 hereof nor any distinctions permissible under subsection (g)&nbsp;of this Section&nbsp;6.1 that may exist with
respect to dividends and distributions on Shares of the same Series. The Trustees may from time to time divide or combine the Shares of
any class of particular Series&nbsp;into a greater or lesser number of Shares of that class of a Series&nbsp;without thereby changing
the proportionate beneficial interest in the assets belonging to that Series&nbsp;or in any way affecting the rights of the holders of
Shares of any other Series.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(q)&nbsp;<U>Rights
of Fractional Shares.</U> Any fractional Share of any Series&nbsp;shall carry proportionately all the rights and obligations of a whole
Share of that Series, including rights and obligations with respect to voting, receipt of dividends and distributions, redemption of Shares,
and liquidation of the Trust or of the Series&nbsp;to which they pertain.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(r)&nbsp;<U>Conversion
Rights.</U> Except as otherwise determined by the Trustees from time to time, Shareholders shall have no exchange or conversion rights
with respect to their Shares.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(s)&nbsp;
<U>Power to Modify Procedures</U>.</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 0pt 1in; text-align: justify; text-indent: 0.75in">(i)&nbsp;Notwithstanding
any of the foregoing provisions of this Section&nbsp;6.1, the Trustees may prescribe, in their absolute discretion except as may be required
by the 1940 Act, such other bases and times for determining the Net Asset Value of the Shares or net income, or the declaration and payment
of dividends and distributions as they may deem necessary or desirable for any reason, including to enable the Trust to comply with any
provision of the 1940 Act, or any securities exchange or association registered under the Securities Exchange Act of 1934, or any order
of exemption issued by the Commission, all as in effect now or hereafter amended or modified.</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 0pt 1in; text-align: justify; text-indent: 0.5in">(ii)&nbsp;Nothing
in this Declaration of Trust shall be deemed to restrict the ability of the Trustees in their full discretion, without the need for any
notice to, or approval by the Shareholders of, any Series&nbsp;or Class, to allocate, reallocate or authorize the contribution or payment,
directly or indirectly, to one or more than one Series&nbsp;or Class&nbsp;of the following: (i)&nbsp;assets, income, earnings, profits,
and proceeds thereof, (ii)&nbsp;proceeds derived from the sale, exchange or liquidation of assets, and (iii)&nbsp;any cash or other assets
contributed or paid to the Trust from a manager, administrator or other adviser of the Trust or an Affiliated Person thereof, or other
third party, another Series&nbsp;or another Class, in each case to remediate misallocations of income and capital gains, ensure equitable
treatment of Shareholders of a Series&nbsp;or Class, or for such other valid reason determined by the Trustees.</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: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Ownership
of Shares.</U> The ownership of Shares shall be recorded on the books of the Trust or of a Transfer Agent or similar agent for the Trust,
which books shall be maintained separately for the Shares of each Series&nbsp;that has been authorized. Certificates evidencing the ownership
of Shares need not be issued except as the Trustees may otherwise determine from time to time, and the Trustees shall have power to call
outstanding Share certificates and to replace them with book entries. The Trustees may make such rules&nbsp;as they consider appropriate
for the issuance of Share certificates, the use of facsimile signatures, the transfer of Shares and similar matters. The record books
of the Trust, as kept by the Trust or any Transfer Agent or similar agent, as the case may be, shall be conclusive as to who are the Shareholders
and as to the number of Shares of each Series&nbsp;held from time to time by each such Shareholder.</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; text-align: justify; text-indent: 0.5in">The holders of Shares of each
Series&nbsp;shall upon demand disclose to the Trustees in writing such information with respect to their direct and indirect ownership
of Shares of such Series&nbsp;as the Trustees deem necessary to comply with the provisions of the Internal Revenue Code of 1986, as amended,
or to comply with the requirements of any other authority.</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; text-align: justify; text-indent: 0.5in">Section&nbsp;6.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239; Transfer
of Shares. Except as otherwise provided by the Trustees, Shares shall be transferable on the books of the Trust only by the record holder
thereof or by his duly authorized agent upon delivery to the Trustees or the Trust&rsquo;s transfer or similar agent of a duly executed
instrument of transfer, together with a Share certificate if one is outstanding, and such evidence of the genuineness of each such execution
and authorization and of such other matters as may be required by the Trustees. Upon such delivery, and subject to any further requirements
specified by the Trustees, the transfer shall be recorded on the books of the Trust. Until a transfer is so recorded, the Shareholder
of record of Shares shall be deemed to be the Shareholder with respect to such Shares for all purposes hereunder and neither the Trustees
nor the Trust, nor any transfer or similar agent or registrar or any officer, employee or agent of the Trust, shall be affected by any
notice of a proposed transfer.</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: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Investments
in the Trust.</U> The Trustees may accept investments in any Series&nbsp;of the Trust from such Persons and on such terms and for such
consideration, not inconsistent with the provisions of the 1940 Act, as they from time to time authorize. The Trustees may authorize any
Distributor, Principal Underwriter, Custodian, Transfer Agent or other Person to accept orders for the purchase of Shares that conform
to such authorized terms and to reject any purchase orders for Shares, whether or not conforming to such authorized terms.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Preemptive Rights.</U> No Shareholder, by virtue of holding Shares of any Series, shall have any preemptive or other right to subscribe
to any additional Shares of that Series, or to any shares of any other Series, or any other Securities issued by the Trust.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Appraisal Rights</U>. Shareholders shall have no right to demand payment for their Shares or to any other rights of dissenting Shareholders
in the event the Trust participates in any transaction which would give rise to appraisal or dissenters&rsquo; rights by a shareholder
of a corporation organized under the General Corporation Law of the State of Delaware or would otherwise give rise to such appraisal or
dissenters&rsquo; rights.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;6.6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Status
of Shares.</U> Every Shareholder, by virtue of having become a Shareholder, shall be held to have expressly assented and agreed to the
terms hereof and to have become a party hereto. Shares shall be deemed to be personal property, giving only the rights provided herein.
Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust Property or right to call
for a partition or division of the same or for an accounting, nor shall the ownership of Shares constitute the Shareholders partners.
The death of a Shareholder during the continuance of the Trust shall not operate to terminate the Trust or any Series, nor entitle the
representative of any deceased Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees,
but only to the rights of said decedent as a Shareholder under this Declaration of Trust.</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; text-align: center"><B>ARTICLE&nbsp;7</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>SHAREHOLDERS&rsquo; VOTING POWERS AND MEETINGS</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: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Voting
Powers.</U> The Shareholders shall have power to vote only (i)&nbsp;for the election or removal of Trustees as provided in Sections 4.1(c),
(e)&nbsp;and (f)&nbsp;hereof, (ii)&nbsp;with respect to the approval or termination in accordance with the 1940 Act of any contract with
a Contracting Party as provided in Section&nbsp;5.2 hereof as to which Shareholder approval is required by the 1940 Act, (iii)&nbsp;with
respect to any reorganization of the Trust or any Series&nbsp;to the extent and as provided in Sections 9.3 and 9.4 hereof, (iv)&nbsp;with
respect to any amendment of this Declaration of Trust to the extent and as provided in Section&nbsp;9.5 hereof, (v)&nbsp;as to whether
or not a court action, proceeding or claim should or should not be brought or maintained derivatively or as a class action on behalf of
the Trust or any Series, or the Shareholders of any of them to the extent such Shareholders have acted in accordance with Section&nbsp;3816
of the Delaware Statutory Trust Act and the second paragraph of this Subsection 7.1 (provided, however, that a Shareholder of a particular
Series&nbsp;shall not in any event be entitled to maintain a derivative or class action on behalf of any other Series&nbsp;or the Shareholders
thereof), (vi)&nbsp;with respect to the conversion of the Trust from a &ldquo;closed-end company&rdquo; to an &ldquo;open-end company&rdquo;
to the extent and as provided in Section&nbsp;9.4 hereof; and (vii)&nbsp;with respect to such additional matters relating to the Trust
as may be required by the 1940 Act, this Declaration of Trust, the By-Laws or any registration of the Trust with the Commission (or any
successor agency) or any State, or as the Trustees may consider necessary or desirable. If and to the extent that the Trustees shall determine
that such action is required by law or by this Declaration, they shall cause each matter required or permitted to be voted upon at a meeting
or by written consent of Shareholders to be submitted to a separate vote of the outstanding Shares of each Series&nbsp;entitled to vote
thereon; provided, that (i)&nbsp;when expressly required by the 1940 Act or by other law, actions of Shareholders shall be taken by Single
Class&nbsp;Voting of all outstanding Shares whose holders are entitled to vote thereon; and (ii)&nbsp;when the Trustees determine that
any matter to be submitted to a vote of Shareholders affects only the rights or interests of Shareholders of one or more but not all Series&nbsp;or
of one or more but not all Classes of a single Series, then only the Shareholders of the Series&nbsp;or Classes so affected shall be entitled
to vote thereon. Any matter required to be submitted to Shareholders and affecting one or more Series&nbsp;shall require separate approval
by the required vote of Shareholders of each affected Series; provided, however, that except as required by the 1940 Act, there shall
be no separate Series&nbsp;votes on the election or removal of Trustees, the selection of the independent registered public accounting
firm of the Trust and its Series&nbsp;or approval of any agreement or contract entered into by the Trust or any Series. Shareholders of
a particular Class&nbsp;or Series&nbsp;shall not be entitled to vote on any matter that affects only one or more other Classes or Series.</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"></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: justify; text-indent: 0.5in">In addition to the requirements
set forth in Section&nbsp;3816 of the Delaware Statutory Trust Act, a Shareholder may bring a derivative action on behalf of the Trust
with respect to a Series&nbsp;or Class&nbsp;only if the following conditions are met: (i)&nbsp;the Shareholder or Shareholders must make
a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not
likely to succeed; and a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the
Trustees, or a majority of any Committee established to consider the merits of such action, has a personal financial interest in the transaction
at issue, and a Trustee shall not be deemed interested in a transaction or otherwise disqualified from ruling on the merits of a Shareholder
demand by virtue of the fact that (a)&nbsp;such Trustee receives remuneration for his service as a Trustee of the Trust or as a trustee
or director of one or more investment companies that are under common management with or otherwise affiliated with the Trust (b)&nbsp;such
Trustee was identified as a potential defendant or witness, (c)&nbsp;the Trustee approved the act being challenged (if the act did not
result in any material personal benefit to the Trustee, or if the Trustee is also a Shareholder the act did not result in any material
benefit that is not shared pro rata with other Shareholders) or (d)&nbsp;the Trustee is a Shareholder; and (ii)&nbsp;unless a demand is
not required under clause (i)&nbsp;of this paragraph, the Trustees must be afforded a reasonable amount of time (in any case, not less
than 90 days) to consider such shareholder request and to investigate the basis of such claim; and the Trustees shall be entitled to retain
counsel or other advisers in considering the merits of the request and shall require an undertaking by the Shareholders making such request
to reimburse the Trust for the expense of any such advisers in the event that the Trustees determine not to bring such action. For purposes
of this Section&nbsp;7.1, the Trustees may designate a Committee of one Trustee to consider a Shareholder demand if necessary to create
a Committee with a majority of Trustees who do not have a personal financial interest in the transaction at issue.</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: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Number
of Votes and Manner of Voting; Proxies.</U> On each matter submitted to a vote of the Shareholders, other than the election of Trustees,
each holder of Shares of any Series&nbsp;shall be entitled to a number of votes equal to the number of Shares of such Series&nbsp;standing
in his name on the books of the Trust on the record date of the meeting. For the election of Trustees, each holder of Shares of any Series&nbsp;shall
be entitled to as many votes as shall equal the number of votes which (except for this provision) he would be entitled to cast for the
election of Trustees with respect to his shares multiplied by the number of trustees to be elected, and he, may cast all of such votes
for a single Trustee or may distribute them among the number of Trustees to be voted on, as he sees fit.</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"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Shares may be voted in person
or by proxy and the form of any such proxy may be prescribed from time to time by the Trustees. A proxy with respect to Shares held in
the name of two (2)&nbsp;or more Persons shall be valid if executed by any one of them unless at or prior to exercise of the proxy the
Trust receives a specific written notice to the contrary from any one of them. A proxy purporting to be executed by or on behalf of a
Shareholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the
challenger. Until Shares are issued, the Trustees may exercise all rights of Shareholders and may take any action required by law, this
Declaration of Trust or the By-Laws to be taken by Shareholders.</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: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Meetings.</U>
Meetings of Shareholders may be called by the Trustees from time to time for the purpose of taking action upon any matter requiring the
vote or authority of the Shareholders as herein provided, or upon any other matter deemed by the Trustees to be necessary or desirable.
Written notice of any meeting of Shareholders shall be given or caused to be given by the Trustees by mailing such notice at least ten
(10)&nbsp;days and no more than fifty (50) days before such meeting, postage prepaid, stating the time, place and purpose of the meeting,
to each Shareholder at the Shareholder&rsquo;s address as it appears on the records of the Trust. The Trustees shall promptly call and
give notice of any meeting of Shareholders for which the purpose of such meeting is the voting upon removal of any Trustee of the Trust
when requested to do so in writing by Shareholders holding in the aggregate not less than ten percent (10%) of the Shares then outstanding.
If the Trustees shall fail to call or give notice of any meeting of Shareholders for a period of thirty (30) days after written request
by Shareholders holding in the aggregate at least ten percent (10%) of the Shares then outstanding requesting that a meeting be called
for any other purpose requiring action by the Shareholders as provided herein or in the By-Laws, then such Shareholders holding in the
aggregate at least ten percent (10%) of the Shares then outstanding may call and give notice of such meeting, and thereupon the meeting
shall be held in the manner provided for herein in the case of a calling of a meeting by the Trustees. Any meetings may be held within
or without the State of Delaware. Shareholders may only act with respect to matters set forth in the notice to Shareholders.</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; text-align: justify; text-indent: 0.5in">The Trustees may, in their
sole discretion, determine that a meeting of Shareholders may be held partly or solely by means of remote communication and to the extent
so authorized, Shareholders and proxyholders not physically present at a meeting of Shareholders may, by means of remote communication:
(a)&nbsp;participate in a meeting of Shareholders; and (b)&nbsp;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. In connection with any such meeting, the
Trust shall implement such measures as the Trustees deem to be reasonable 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 to provide such Shareholders and proxyholders a reasonable
opportunity to participate in the meeting and to vote on matters submitted to the Shareholders. 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. The Trustees may, in their sole discretion, notify Shareholders of any adjournment or a change of the place of a meeting of Shareholders
(including a change to hold the meeting solely by means of remote communication) by a document publicly filed by the Trust with the Securities
and Exchange Commission without the requirement of any further notice hereunder.</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: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Record
Dates.</U> For the purpose of determining the Shareholders who are entitled to vote or act at any meeting or any adjournment thereof,
or who are entitled to participate in any dividend or 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 (except at or in connection with the termination of the
Trust), as the Trustees may determine; or without closing the transfer books the Trustees may fix a date and time not more than ninety
(90) days prior to the date of any meeting of Shareholders or other action as the date and time of record for the determination of Shareholders
entitled to vote at such meeting or any adjournment thereof or to be treated as Shareholders of record for purposes of such other action,
and any Shareholder who was a Shareholder at the date and time so fixed shall be entitled to vote at such meeting or any adjournment thereof
or to be treated as a Shareholder of record for purposes of such other action, even though he has since that date and time disposed of
his Shares, and no Shareholder becoming such after that date and time shall be so entitled to vote at such meeting or any adjournment
thereof or to be treated as a Shareholder of record for purposes of such other action.</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"></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: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Quorum;
Required Vote; and Adjournments.</U> The presence in person or by proxy of a majority of the holders of Shares issued and outstanding
and entitled to vote shall be a quorum for the transaction of business at a Shareholders&rsquo; meeting, but any lesser number shall be
sufficient for adjournments. Any adjourned session or sessions may be held within a reasonable time after the date set for the original
meeting without the necessity of further notice. A Majority Shareholder Vote at a meeting at which a quorum is present shall decide any
question, except when a different vote is required or permitted by any provision of the 1940 Act or other applicable law or by this Declaration
of Trust or the By-Laws, or when the Trustees shall in their discretion require a larger vote or the vote of a majority or larger fraction
of the Shares of one or more particular Series.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Action
By Written Consent.</U> Subject to the provisions of the 1940 Act and other applicable law, any action taken by Shareholders may be taken
without a meeting if a majority of Shareholders entitled to vote on the matter (or such larger proportion thereof or of the Shares of
any particular Series&nbsp;as shall be required by the 1940 Act or by any express provision of this Declaration of Trust or the By-Laws
or as shall be permitted by the Trustees) consent to the action in writing and if the writings in which such consent is given are filed
with the records of the meetings of Shareholders, to the same extent and for the same period as proxies given in connection with a Shareholders&rsquo;
meeting. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders.</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.7.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><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 Delaware business corporation under the Delaware business corporation law.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;7.8.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Additional
Provisions.</U> The By-Laws may include further provisions for Shareholders&rsquo; votes and meetings and related matters not inconsistent
with the provisions hereof.</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; text-align: center"><B>ARTICLE&nbsp;8</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>LIMITATION OF LIABILITY; INDEMNIFICATION</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: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Trustees,
Shareholders,&nbsp;etc.</U> The Trustees, officers, employees and agents of the Trust, in incurring any debts, liabilities or obligations,
or in limiting or omitting any other actions for or in connection with the Trust, are or shall be deemed to be acting as Trustees, officers,
employees or agents of the Trust and not in their own capacities. No Shareholder shall be subject to any personal liability whatsoever
in tort, contract or otherwise to any other Person or Persons in connection with the assets or the affairs of the Trust or of any Series,
and subject to Section&nbsp;8.5 hereof, no Trustee, officer, employee or agent of the Trust shall be subject to any personal liability
whatsoever in tort, contract, or otherwise, to any other Person or Persons in connection with the assets or affairs of the Trust or of
any Series, save only that arising from his own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved
in the conduct of his office or the discharge of his functions. The Trust (or if the matter relates only to a particular Series, that
Series) shall be solely liable for any and all debts, claims, demands, judgments, decrees, liabilities or obligations of any and every
kind, against or with respect to the Trust or such Series&nbsp;in tort, contract or otherwise in connection with the assets or the affairs
of the Trust or such Series, and all Persons dealing with the Trust or any Series&nbsp;shall be deemed to have agreed that resort shall
be had solely to the Trust Property or the assets of such Series, as the case may be, for the payment or performance thereof. The Trustees
shall use their best efforts to ensure that every note, bond, contract, instrument, certificate or undertaking made or issued by the Trustees
or by any officers or officer shall give notice that a Certificate of Trust, referring to the Declaration of Trust, is on file with the
Secretary of State of the State of Delaware and shall recite to the effect that the same was executed or made by or on behalf of the Trust
or by them as Trustees or Trustee or as officers or officer, and not individually, and that the obligations of such instrument are not
binding upon any of them or the Shareholders individually but are binding only upon the assets and property of the Trust, or the particular
Series&nbsp;in question, as the case may be, but the omission thereof shall not operate to bind any Trustees or Trustee or officers or
officer or Shareholders or Shareholder individually, or to subject the assets of any Series&nbsp;to the obligations of any other Series.
No Trustee who has been determined to be an &ldquo;audit committee financial expert&rdquo; (for purposes of Section&nbsp;407 of the Sarbanes-Oxley
Act of 2002 or any successor provision thereto) by the Board of Trustees shall be subject to any greater liability or duty of care in
discharging such Trustee&rsquo;s duties and responsibilities by virtue of such determination than is any Trustee who has not been so designated.</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"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Trustees&rsquo;
Good Faith Action; Expert Advice; No Bond or Surety.</U> The exercise by the Trustees of their powers and discretions hereunder shall
be binding upon everyone interested. Subject to Section&nbsp;8.5 hereof, a Trustee shall be liable for his own willful misfeasance, bad
faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and for nothing else, and
shall not be liable for errors of judgment or mistakes of fact or law. Subject to the foregoing, (i)&nbsp;the Trustees shall not be responsible
or liable in any event for any neglect or wrongdoing of any officer, agent, employee, consultant,&nbsp;Investment Adviser, Administrator,
Distributor or Principal Underwriter, Custodian, Transfer Agent, Dividend Disbursing Agent, Shareholder Servicing Agent or Accounting
Agent of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee; (ii)&nbsp;the Trustees may take
advice of counsel or other experts with respect to the meaning and operation of this Declaration of Trust and their duties as Trustees,
and shall be under no liability for any act or omission in accordance with such advice or for failing to follow such advice; and (iii)&nbsp;in
discharging their duties, the Trustees, when acting in good faith, shall be entitled to rely upon the books of account of the Trust, upon
an opinion of counsel and upon written reports made to the Trustees by any officer appointed by them, any independent registered public
accounting firm, and (with respect to the subject matter of the contract involved) any officer, partner or responsible employee of a Contracting
Party appointed by the Trustees pursuant to Section&nbsp;5.2 hereof. The Trustees as such shall not be required to give any bond or surety
or any other security for the performance of their duties.</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; text-align: justify; text-indent: 0.5in">Section&nbsp;8.3&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;
<U>Fiduciary Duty</U>.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;To the
extent that, at law or in equity, a Trustee, officer, employee or agent of the Trust (each a &ldquo;Fiduciary Covered Person&rdquo;) has
duties (including fiduciary duties) and liabilities relating thereto to the Trust, to the Shareholders or to any other Person, a Fiduciary
Covered Person acting under this Declaration of Trust shall not be liable to the Trust, to the Shareholders or to any other Person for
his good faith reliance on the provisions of this Declaration of Trust. The provisions of this Declaration of Trust, to the extent that
they restrict or eliminate the duties and liabilities of Fiduciary Covered Persons otherwise existing at law or in equity, are agreed
by the parties hereto to replace such other duties and liabilities of such Fiduciary Covered Persons.</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: justify; text-indent: 1in">(b)&nbsp;Unless otherwise expressly
provided herein:</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 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">i.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">whenever
a conflict of interest exists or arises between any Fiduciary Covered Person or any of his Affiliated Persons, on the one hand, and the
Trust or any Shareholders or any other Person, on the other hand; or</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 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">ii.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">whenever
this Declaration of Trust or any other agreement contemplated herein or therein provides that a Fiduciary Covered Person shall act in
a manner that is, or provides terms that are, fair and reasonable to the Trust, any Shareholders or any other Person; then</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 0pt 1in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">iii.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">such
Fiduciary Covered Person shall resolve such conflict of interest, take such action or provide such terms, considering in each case the
relative interest of each party (including his own interest) to such conflict, agreement, transaction or situation and the benefits and
burdens relating to such interests, any customary or accepted industry practices, and any applicable generally accepted accounting practices
or principles. In the absence of bad faith by a Fiduciary Covered Person, the resolution, action or terms so made, taken or provided by
a Fiduciary Covered Person shall not constitute a breach of this Declaration of Trust or any other agreement contemplated herein or of
any duty or obligation of a Fiduciary Covered Person at law or in equity or otherwise.</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"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;Notwithstanding
any other provision of this Declaration of Trust to the contrary or as otherwise provided in the 1940 Act, (i)&nbsp;whenever in this Declaration
of Trust Fiduciary Covered Persons are permitted or required to make a decision in their &ldquo;sole discretion&rdquo; or under a grant
of similar authority, the Fiduciary Covered Persons shall be entitled to consider such interests and factors as they desire, including
their own interests, and, to the fullest extent permitted by applicable law, shall have no duty or obligation to give any consideration
to any interest of or factors affecting the Trust, the Shareholders or any other Person; and (ii)&nbsp;whenever in this Declaration of
Trust a Fiduciary Covered Person is permitted or required to make a decision in &ldquo;good faith&rdquo; or under another express standard,
the Fiduciary Covered Person shall act under such express standard and shall not be subject to any other or different standard.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;Any Fiduciary
Covered Person and any Affiliated Persons of any Fiduciary Covered Person may engage in or possess an interest in other profit-seeking
or business ventures of any nature or description, independently or with others, whether or not such ventures are competitive with the
Trust and the doctrine of corporate opportunity, or any analogous doctrine, shall not apply to any Fiduciary Covered Person. No Fiduciary
Covered Person who acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for
the Trust shall have any duty to communicate or offer such opportunity to the Trust, and such Fiduciary Covered Person shall not be liable
to the Trust or to the Shareholders for breach of any fiduciary or other duty by reason of the fact that such Fiduciary Covered Person
pursues or acquires for, or directs such opportunity to another Person or does not communicate such opportunity or information to the
Trust. Neither the Trust nor any Shareholders shall have any rights or obligations by virtue of this Declaration of Trust or the trust
relationship created hereby in or to such independent ventures or the income or profits or losses derived therefrom, and the pursuit of
such ventures, even if competitive with the activities of the Trust, shall not be deemed wrongful or improper. Subject to any applicable
laws or regulations including the 1940 Act, any Fiduciary Covered Person may engage or be interested in any financial or other transaction
with the Trust, the Shareholders or any Affiliated Person of the Trust or the Shareholders.</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: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Indemnification
of Shareholders.</U> If any Shareholder (or former Shareholder) of the Trust shall be charged or held to be personally liable for any
obligation or liability of the Trust solely by reason of being or having been a Shareholder and not because of such Shareholder&rsquo;s
acts or omissions or for some other reason, the Trust (upon proper and timely request by the Shareholder) may assume the defense against
such charge and satisfy any judgment thereon or may reimburse the Shareholders for expenses, and the Shareholder or former Shareholder
(or the heirs, executors, administrators or other legal representatives thereof, or in the case of a corporation or other entity, its
corporate or other general successor) shall be entitled to be held harmless from and indemnified against all loss and expense arising
from such liability. The indemnification and reimbursement required by this Section&nbsp;8.4 shall be made only out of assets of the one
or more Series&nbsp;or Classes the Shares of which were held by such Shareholder at the time the act or event occurred which gave rise
to the claim against or liability of such Shareholder. The rights accruing to a Shareholder under this Section&nbsp;8.4 shall not impair
any other right to which such Shareholder may be lawfully entitled, nor shall anything herein contained restrict the right of the Trust
or any Series&nbsp;or Class&nbsp;thereof to indemnify or reimburse a Shareholder in any appropriate situation even though not specifically
provided herein. Neither the Trust nor the applicable Series&nbsp;or Class&nbsp;shall be responsible for satisfying any obligation arising
from such a claim that has been settled by the Shareholder without prior written notice to the Trust and consent of the Trust to settle
the claim.</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"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Indemnification
of Trustees, Officers,&nbsp;etc.</U> Subject to the limitations, if applicable, hereinafter set forth in this Section&nbsp;8.4, the Trust
shall indemnify to the fullest extent permitted by law (from the assets of the Series&nbsp;or Series&nbsp;to which the conduct in question
relates) each of its Trustees, former Trustees, officers, employees and agents (including Persons who serve at the Trust&rsquo;s request
as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise
(hereinafter, together with such Person&rsquo;s heirs, executors, administrators or personal representative, referred to as a &ldquo;Covered
Person&rdquo;)) against all liabilities, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines
and penalties, and expenses, including reasonable accountants&rsquo; and counsel fees, reasonably incurred by any Covered Person in connection
with the defense or disposition of any action, suit or other proceeding, whether brought in the right of the Trust or otherwise, whether
civil, criminal or administrative in nature, before any court or administrative or legislative body, including any appeal therefrom, in
which such Covered Person may be or may have been involved as a party, potential party, non-party witness or otherwise or with which such
Covered Person may be or may have been threatened, while in office or thereafter, by reason of being or having been such a Covered Person
except with respect to any matter as to which it has been determined that such Covered Person had acted with willful misfeasance, bad
faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person&rsquo;s office (&ldquo;Disabling
Conduct&rdquo;). A determination that the Covered Person is entitled to indemnification may be made by (i)&nbsp;a final decision on the
merits by a court or other body before whom the proceeding was brought that the Covered Person to be indemnified was not liable by reason
of Disabling Conduct, (ii)&nbsp;dismissal of a court action or an administrative proceeding against a Covered Person for insufficiency
of evidence of Disabling Conduct, or (iii)&nbsp;a reasonable determination, based upon a review of the facts, that the indemnity was not
liable by reason of Disabling Conduct by (a)&nbsp;a vote of a majority of a quorum of Trustees who are neither &ldquo;interested persons&rdquo;
of the Trust as defined in Section&nbsp;2(a)(19) of the 1940 Act nor parties to the proceeding (the &ldquo;Disinterested Trustees&rdquo;),
or (b)&nbsp;an independent legal counsel in a written opinion. In making such a determination, the Board of Trustees of the Trust shall
act in conformity with then applicable law and administrative interpretations, and shall afford a Trustee requesting indemnification who
is not an &ldquo;interested person&rdquo; of the Trust, as defined in Section&nbsp;2(a)(19) of the 1940 Act, a rebuttable presumption
that such Trustee did not engage in disabling conduct while acting in his capacity as a Trustee. Expenses, including accountants&rsquo;
and counsel fees so incurred by any such Covered Person (but excluding amounts paid in satisfaction of judgments, in compromise or as
fines or penalties), may be paid from time to time by one or more Series&nbsp;to which the conduct in question related in advance of the
final disposition of any such action, suit or proceeding; provided that the Covered Person shall have undertaken to repay the amounts
so paid to such Series&nbsp;if it is ultimately determined that indemnification of such expenses is not authorized under this Article&nbsp;8
and (x)&nbsp;the Covered Person shall have provided security for such undertaking, (y)&nbsp;the Trust shall be insured against losses
arising by reason of any lawful advances, or (z)&nbsp;a majority of a quorum of the disinterested Trustees, or an independent legal counsel
in a written opinion, shall have determined, based on a review of readily available facts (as opposed to a full trial type inquiry), that
there is reason to believe that the Covered Person ultimately will be found entitled to indemnification. The rights to indemnification
set forth in this Declaration of Trust for Covered Persons shall continue as to a person who has ceased to be a Trustee or officer of
the Trust and shall inure to the benefit of his or her heirs, executors and personal and legal representatives.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Compromise
Payment.</U> As to any matter disposed of by a compromise payment by any such Covered Person referred to in Section&nbsp;8.5 hereof, pursuant
to a consent decree or otherwise, no such indemnification either for said payment or for any other expenses shall be provided unless such
indemnification shall be approved (i)&nbsp;by a majority of a quorum of the disinterested Trustees or (ii)&nbsp;by an independent legal
counsel in a written opinion. Approval by the Trustees pursuant to clause (i)&nbsp;or by independent legal counsel pursuant to clause
(ii)&nbsp;shall not prevent the recovery from any Covered Person of any amount paid to such Covered Person in accordance with either of
such clauses as indemnification if such Covered Person is subsequently adjudicated by a court of competent jurisdiction not to have acted
in good faith in the reasonable belief that such Covered Person&rsquo;s action was in or not opposed to the best interests of the Trust
or to have been liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard
of the duties involved in the conduct of the Covered Person&rsquo;s office.</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"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.7.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Indemnification
Not Exclusive,&nbsp;etc.</U> The right of indemnification provided by this Article&nbsp;8 shall not be exclusive of or affect any other
rights to which any such Covered Person or shareholder may be entitled. As used in this Article&nbsp;8, a &ldquo;disinterested&rdquo;
Person is one against whom none of the actions, suits or other proceedings in question, and no other action, suit or other proceeding
on the same or similar grounds is then or has been pending or threatened. Nothing contained in this Article&nbsp;8 shall affect any rights
to indemnification to which personnel of the Trust, other than Trustees and officers, and other Persons may be entitled by contract or
otherwise under law, nor the power of the Trust to purchase and maintain liability insurance on behalf of any such Person.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;8.8.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Liability
of Third Persons Dealing with Trustees.</U> No Person dealing with the Trustees or any officer, employee or agent of the Trust shall be
bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by said officer, employee
or agent or be liable for the application of money or property paid, loaned, or delivered to or on the order of the Trustees or of said
officer, employee or agent. Every obligation, contract, instrument, certificate or other interest or undertaking of the Trust, and every
other act or thing whatsoever executed in connection with the Trust, shall be conclusively taken to have been executed or done by the
executors thereof only in their capacity as Trustees, officers, employees or agents of the Trust. The execution of any such obligation,
contract, instrument, certificate or other interest or undertaking shall not personally bind such Trustees, officers employees or agents
of the Trust or make them personally liable thereunder, nor shall it give rise to a claim against their private property or the private
property of the Shareholders for the satisfaction of any obligation or claim thereunder. The Trustees may maintain insurance for the protection
of the Trust Property, Shareholders, Trustees, officers, employees and agents in such amount as the Trustees shall deem advisable.</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; text-align: center"><B>ARTICLE&nbsp;9</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-size: 10pt"><B>DURATION; REORGANIZATION;</B></FONT><B>&#8239;<FONT STYLE="font-size: 10pt">CONVERSION;
INCORPORATION; AMENDMENTS</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: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;9.1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Duration
of Trust.</U> Unless terminated as provided herein, the Trust shall have perpetual existence.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;9.2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Termination
of Trust, Series&nbsp;or Class.</U></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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp; The Trust
may be terminated at any time by a vote of a Majority of the Trustees and written notice to the Shareholders. Any Series&nbsp;of Shares
may be dissolved at any time by vote of a Majority of the Trustees and written notice to the Shareholders of such Series. Any Class&nbsp;of
any Series&nbsp;of Shares may be terminated at any time by vote of a Majority of the Trustees and written notice to the Shareholders of
such Class. Any action to dissolve the Trust shall be deemed also to be an action to dissolve each Series&nbsp;and each Class&nbsp;thereof
and any action to dissolve a Series&nbsp;shall be deemed also to be an action to terminate each Class&nbsp;thereof.(b)&nbsp; Upon the
requisite action by the Trustees to dissolve the Trust or any one or more Series, after paying or otherwise providing for all charges,
taxes, expenses and liabilities, whether due or accrued or anticipated, of the Trust or of the particular Series&nbsp;as may be determined
by the Trustees, the Trust shall in accordance with such procedures as the Trustees consider appropriate reduce the remaining assets of
the Trust or of the affected Series&nbsp;to distributable form in cash or Shares (if the Trust has not dissolved) Securities, other property
or any combination thereof, and distribute the proceeds to the Shareholders of the Trust or Series&nbsp;involved in conformity with the
provisions of Section&nbsp;6.1(h)&nbsp;hereof. Thereupon, any affected Series&nbsp;shall terminate and the Trustees and the Trust shall
be discharged of any and all further liabilities and duties relating thereto or arising therefrom, and the right, title and interest of
all parties with respect to such Series&nbsp;shall be canceled and discharged. Upon the requisite action by the Trustees to terminate
any Class&nbsp;of any Series&nbsp;of Shares, the Trustees may, to the extent they deem it appropriate, follow the procedures set forth
in this Section&nbsp;9.2(b)&nbsp;with respect to such Class&nbsp;that are specified in connection with the dissolution and winding up
of the Trust or any Series&nbsp;of Shares. Alternatively, in connection with the termination of any Class&nbsp;of any Series&nbsp;of Shares,
the Trustees may treat such termination as a redemption of the Shareholders of such Class&nbsp;effected pursuant to Section&nbsp;6.1(k)&nbsp;of
this Declaration of Trust provided that the costs relating to the termination of such Class&nbsp;shall be included in the determination
of the Net Asset Value of the Shares of such Class&nbsp;for purposes of determining the redemption price to be paid to the Shareholders
of such Class&nbsp;(to the extent not otherwise included in such determination). After termination of the Trust or any Series&nbsp;or
Class&nbsp;and distribution to the Shareholders as herein provided, a majority of the Trustees shall execute and lodge among the records
of the Trust an instrument in writing setting forth the fact of such termination and shall cause a certificate of cancellation of the
Trust&rsquo;s Certificate of Trust to be filed in accordance with the Act, which certificate of cancellation may be signed by any one
Trustee.&nbsp; Upon termination of the Trust, the Trustees, subject to Section&nbsp;3808 of the Act, shall be discharged of any and all
further liabilities and duties relating thereto or arising therefrom, and the right, title and interest of all parties with respect to
the Trust shall be canceled and discharged.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;9.3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Merger,
Consolidation,&nbsp;Incorporation.</U>(a)&nbsp;Notwithstanding any other provision of this Declaration of Trust to the contrary, the Trustees
may, without Shareholder approval, unless such approval is required by the 1940 Act, (i)&nbsp;cause the Trust to convert into or merge,
reorganize or consolidate with or into one or more trusts, partnerships, limited liability companies, associations, corporations or other
business entities (each, a &ldquo;Successor Entity&rdquo;), or a series of any Successor Entity to the extent permitted by law, (ii)&nbsp;cause
the Shares to be exchanged under or pursuant to any state or federal statute to the extent permitted by law, (iii)&nbsp;cause the Trust
to incorporate under the laws of a state, commonwealth, possession or colony of the United States, (iv)&nbsp;sell or convey all or substantially
all of the assets of the Trust or any Series&nbsp;or Class&nbsp;to another Series&nbsp;or Class&nbsp;of the Trust or to a Successor Entity,
or a series of a Successor Entity to the extent permitted by law, for adequate consideration as determined by the Trustees which may include
the assumption of all outstanding obligations, taxes and other liabilities, accrued or contingent of the Trust or any affected Series&nbsp;or
Class, and which may include Shares of such other Series&nbsp;or Class&nbsp;of the Trust or shares of beneficial interest, stock or other
ownership interest of such Successor Entity (or series thereof) or (v)&nbsp;at any time sell or convert into money all or any part of
the assets of the Trust or any Series&nbsp;or Class&nbsp;thereof. Any agreement of merger, reorganization, consolidation, exchange or
conversion or certificate of merger, certificate of conversion or other applicable certificate may be signed by a majority of the Trustees
or an authorized officer of the Trust and facsimile signatures conveyed by electronic or telecommunication means shall be valid.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;Pursuant
to and in accordance with the provisions of Section&nbsp;3815(f)&nbsp;of the Act, and notwithstanding anything to the contrary contained
in this Declaration of Trust, an agreement of merger or consolidation approved by the Trustees in accordance with this Section&nbsp;9.3
may effect any amendment to the Declaration of Trust or effect the adoption of a new trust instrument of the Trust or change the name
of the Trust if the Trust is the surviving or resulting entity in the merger or consolidation.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(c)&nbsp;Notwithstanding
anything else herein, the Trustees may, without Shareholder approval, unless such approval is required by the 1940 Act, create one or
more statutory or business trusts to which all or any part of the assets, liabilities, profits or losses of the Trust or any Series&nbsp;or
Class&nbsp;thereof may be transferred and may provide for the conversion of Shares in the Trust or any Series&nbsp;or Class&nbsp;thereof
into beneficial interests in any such newly created trust or trusts or any series or classes thereof.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(d)&nbsp;Notwithstanding
any provision of this Declaration of Trust to the contrary, the Trustees may, without Shareholder approval, invest all or a portion of
the Trust Property of any Series, or dispose of all or a portion of the Trust Property of any Series, and invest the proceeds of such
disposition in interests issued by one or more other investment companies registered under the 1940 Act. Any such other investment company
may (but need not) be a trust (formed under the laws of the State of Delaware or any other state or jurisdiction) or subtrust thereof
which is classified as a partnership for federal income tax purposes. Notwithstanding any provision of this Declaration of Trust to the
contrary, the Trustees may, without Shareholder approval, unless such approval is required by the 1940 Act, cause a Series&nbsp;that is
organized in the master/feeder fund structure to withdraw or redeem its Trust Property from the master fund and cause such series to invest
its Trust Property directly in securities and other financial instruments or in another master fund.</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; text-align: justify; text-indent: 0.5in">Section&nbsp;9.4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Conversion
to an Open-End Investment Company. Notwithstanding any other provisions of this Declaration of Trust or the By-Laws of the Trust, a favorable
vote of not less than seventy-five percent (75%) of the Shares of the Trust, each affected Class&nbsp;or Series&nbsp;outstanding, voting
as separate Classes or Series, shall be required to approve, adopt or authorize an amendment to this Declaration of Trust that makes the
Shares a &ldquo;redeemable security&rdquo; as that term is defined in the 1940 Act, unless such amendment has been approved by a majority
of the Trustees then in office, in which case approval by the vote of a majority of the outstanding voting securities (as defined in the
1940 Act) shall be required. Upon the adoption of a proposal to convert the Trust from a &ldquo;closed-end company&rdquo; to an &ldquo;open-end
company&rdquo; as those terms are defined by the 1940 Act and the necessary amendments to this Declaration of Trust to permit such a conversion
of the Trust&rsquo;s outstanding Shares entitled to vote, the Trust shall, upon complying with any requirements of the 1940 Act and state
law, become an &ldquo;open-end&rdquo; investment company. Such affirmative vote or consent shall be in addition to the vote or consent
of the holders of the Shares otherwise required by law, or any agreement between the Trust and any national securities exchange.</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: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;9.5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Amendments,&nbsp;etc</U>.
All rights granted to the Shareholders under this Declaration of Trust are granted subject to the reservation of the right to amend this
Declaration of Trust as herein provided, except that no amendment or restatement of this Declaration of Trust or repeal of any of its
provisions shall (a)&nbsp;limit or eliminate any of the benefits provided to any Person, including the limitations on personal liability,
who at any time is or was a Trustee or officer of the Trust or otherwise entitled to indemnification hereunder with respect to any act
or omission that occurred prior to such amendment, restatement; or (b)&nbsp;repeal the prohibition of assessment upon the Shareholders
(otherwise than as permitted under Section&nbsp;6.1(l)) without the express consent of each Shareholder or Trustee involved. Subject to
the foregoing, the provisions of this Declaration of Trust (whether or not related to the rights of Shareholders) may be amended at any
time, so long as such amendment does not adversely affect the rights of any Shareholder with respect to which such amendment is or purports
to be applicable and so long as such amendment is not in contravention of applicable law, including the 1940 Act, by an instrument in
writing signed by a Majority of the Trustees (or by an officer of the Trust pursuant to the vote of a Majority of the Trustees). Any amendment
to this Declaration of Trust that adversely affects the rights of all Shareholders may be adopted at any time by an instrument in writing
signed by a Majority of the Trustees (or by an officer of the Trust pursuant to a vote of a Majority of the Trustees) when authorized
to do so by the vote in accordance with Section&nbsp;7.1 hereof of Shareholders holding a majority of all the Shares outstanding and entitled
to vote, without regard to Series, or if said amendment adversely affects the rights of the Shareholders of less than all of the Series&nbsp;or
Classes, by the vote of the holders of a majority of all the Shares entitled to vote of each Series&nbsp;or Class&nbsp;so affected.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;9.6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Filing
of Copies of Declaration and Amendments.</U> The original or a copy of this Declaration and of each amendment hereto (including each Certificate
of Designation and Certificate of Termination) shall be kept at the office of the Trust where it may be inspected by any Shareholder.
A restated Declaration, integrating into a single instrument all of the provisions of this Declaration which are then in effect and operative,
may be executed from time to time by a Majority of the Trustees and shall, upon execution, be conclusive evidence of all amendments contained
therein and may thereafter be referred to in lieu of the original Declaration and the various amendments thereto. A Certificate of Trust
shall be filed in the office of the Secretary of State of the State of Delaware.</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"></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>ARTICLE&nbsp;10</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>MISCELLANEOUS</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: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Notices.</U>
Any and all notices to which any Shareholder hereunder may be entitled and any and all communications shall be deemed duly served or given
if mailed, postage prepaid, addressed to any Shareholder of record at his last known address as recorded on the applicable register of
the Trust.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Governing
Law.</U> This Declaration of Trust is, with reference to the laws thereof, and the rights of all parties and the construction and effect
of every provision hereof shall be, subject to and construed according to the laws of the State of Delaware.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Counterparts.</U>
This Declaration of Trust and any amendment thereto may be simultaneously executed in several counterparts, each of which so executed
shall be deemed to be an original, and such counterparts, together, shall constitute but one and the same instrument, which shall be sufficiently
evidenced by any such original counterpart.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Reliance
by Third Parties.</U> Any certificate executed by an individual who, according to the records of the Trust is a Trustee hereunder, certifying
to: (a)&nbsp;the number or identity of Trustees or Shareholders, (b)&nbsp;the due authorization of the execution of any instrument or
writing, (c)&nbsp;the form of any vote passed at a meeting of Trustees or Shareholders, (d)&nbsp;the fact that the number of Trustees
or Shareholders present at any meeting or executing any written instrument satisfies the requirements of this Declaration of Trust, (e)&nbsp;the
form of any By-Law adopted, or the identity of any officers elected, by the Trustees, (f)&nbsp;the existence or nonexistence of any fact
or facts which in any manner relate to the affairs of the Trust, or (g)&nbsp;the name of the Trust or the establishment of a Series&nbsp;shall
be conclusive evidence as to the matters so certified in favor of any Person dealing with the Trustees, or any of them, and the successors
of such Person.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>References;
Headings.</U> The masculine gender shall include the feminine and neuter genders. Headings are placed herein for convenience of reference
only and shall not be taken as a part of this Declaration or control or affect the meaning, construction or effect hereof.</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; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;10.6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Provisions
in Conflict With Law or Regulation.</U></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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(a)&nbsp;The provisions
of this Declaration are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in
conflict with the 1940 Act, the regulated investment company provisions of the Internal Revenue Code of 1986, as amended, or with other
applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Declaration; provided,
however, that such determination shall not affect any of the remaining provisions of this Declaration or render invalid or improper any
action taken or omitted prior to such determination.</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(b)&nbsp;If any
provision of this Declaration shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach
only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision
of this Declaration in any jurisdiction.</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: justify; text-indent: 0.5in">Section&nbsp;10.7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Exclusive
Delaware Jurisdiction. Each Trustee, each officer, each Shareholder and each Person beneficially owning 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, including Section&nbsp;3804(e)&nbsp;of the Statutory Trust Act:</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: justify">(i)&nbsp;irrevocably agrees that any claims, suits,
actions or proceedings arising out of or relating in any way to the Trust or its business and affairs, the Statutory Trust Act, this Declaration
of Trust or the Bylaws or asserting a claim governed by the internal affairs (or similar) doctrine (including, without limitation, any
claims, suits, actions or proceedings to interpret, apply or enforce</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: justify">(A)&nbsp;the provisions of this Declaration of
Trust or the Bylaws, or</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: justify">(B)&nbsp;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</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: justify">(C)&nbsp;the rights or powers of, or restriction
on , the Trust, the officers, the Trustees or the Shareholders, or</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: justify">(D)&nbsp;any provisions of the Statutory Trust
Act or other laws of the State of Delaware pertaining to trusts made applicable to the Trust pursuant to Section&nbsp;3809 of the Statutory
Trust Act, or</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: justify">(E)&nbsp;any other instrument, document, agreement
(including, without limitation, any investment management agreement) or certificate contemplated by any provision of the Act, the Declaration
of Trust or the Bylaws relating in any way to the Trust or</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: justify">(F)&nbsp;the federal securities laws of the United
States, including without limitation, the Investment Company Act of 1940, as amended, or the securities or antifraud laws of any international,
national, state, provincial, territorial, local or other governmental or regulatory authority,</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: justify">including, in each case, the applicable rules&nbsp;and
regulations promulgated thereunder (regardless, in every case, of whether such claims, suits, actions or proceedings (x)&nbsp;sound in
contract, tort, fraud or otherwise, (y)&nbsp;are based on common law, statutory, equitable, legal or other grounds, or (z)&nbsp;are derivative
or direct claims), shall be exclusively brought, unless the Trust in its sole discretion, consents in writing to an alternative forum,
in the Court of Chancery of the State of Delaware or, if such court does not have subject matte jurisdiction thereof, any other court
in the State of Delaware with subject matter jurisdiction,</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: justify">(ii)&nbsp;irrevocably submits to the exclusive
jurisdiction of such courts in connection with any such claims, suit, action or proceeding,</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: justify">(iii)&nbsp;irrevocably agrees not to, and waives
any right to, assert, in any such claim, suit, action or proceeding that (A)&nbsp;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)&nbsp;such claim, suit, action or proceeding is
brought in an inconvenient forum, or (C)&nbsp;the venue of such claim, suit, action or proceeding is improper,</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: justify">(iv)&nbsp;consents to process being served in
any such claim, suit, action or proceedings 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 (iv)&nbsp;hereof shall affect or limit any right to serve process in any other manner permitted by
law; and</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: justify">(v)&nbsp;irrevocably waives any and all right
to trial by jury in any such claim, suit, action or proceeding.</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: justify">IN WITNESS WHEREOF, the undersigned has caused
these presents to be executed as of the day and year first above written.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="border-bottom: Black 1pt solid; width: 50%">/s/ Rita Dam</TD>
  <TD STYLE="width: 50%">&nbsp;</TD></TR>


<TR STYLE="vertical-align: top">
  <TD>Signed by: Rita Dam</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">in her capacity as Sole Trustee</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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<DOCUMENT>
<TYPE>EX-99.(B)
<SEQUENCE>4
<FILENAME>tm259254d2_ex99-b.htm
<DESCRIPTION>EXHIBIT 99.(B)
<TEXT>
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<HEAD>
     <TITLE></TITLE>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit&nbsp;99.b</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">SOURCE CAPITAL</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">BY-LAWS</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">DATED JULY 23, 2024</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: justify; text-indent: 0.5in">These are the By-Laws of
Source Capital (the &ldquo;Trust&rdquo;), a statutory trust established under the laws of the State of Delaware, pursuant to the
Agreement and Declaration of Trust made the 23<SUP>rd</SUP> day of July, 2024 (the &ldquo;Declaration&rdquo;), and a Certificate of
Trust filed in the office of the Secretary of State pursuant to Section&nbsp;3810 of the Delaware Statutory Trust Act, Title 12,
Chapter 38 of the Delaware Code (the &ldquo;Statutory Trust Act&rdquo;). These By-Laws have been adopted by the Trustees pursuant to
the authority granted by Section&nbsp;4.14 of the Declaration.</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: justify; text-indent: 0.5in">All words and terms capitalized
in these By-Laws, unless otherwise defined herein, shall have the same meanings as they have in the Declaration.</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>ARTICLE&nbsp;1</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: justify">SHAREHOLDERS AND SHAREHOLDERS&rsquo; MEETINGS</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: justify; text-indent: 0.5in">Section&nbsp;1.1. Meetings.
A meeting of the Shareholders of the Trust shall be held whenever called by the Chairman, the President or a majority of the Trustees
and whenever election of a Trustee or Trustees by Shareholders is required by the provisions of the Investment Company Act of 1940, as
amended (the &ldquo;1940 Act&rdquo;), at such place within or without the State of Delaware as shall be designated by the Trustees or
the President of the Trust. Meetings of Shareholders shall also be called in accordance with Section&nbsp;7.3 of the Declaration by the
Trustees when requested in writing by Shareholders holding in the aggregate at least ten percent (10%) of the Shares then outstanding
for the purpose of voting upon removal of any Trustee, or if the Trustees shall fail to call or give notice of any such meeting of Shareholders
for a period of thirty (30) days after such request, then Shareholders holding in the aggregate at least ten percent (10%) of the Shares
then outstanding may call and give notice of such meeting. Notice of Shareholders&rsquo; meetings shall be given as provided in the Declaration.</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: justify; text-indent: 0.5in">Section&nbsp;1.2. Presiding
Officer; Secretary. The President, or any duly appointed officer of the Trust, shall preside at each Shareholders&rsquo; meeting as chairman
of the meeting, or in the absence of the President, the Trustees present at the meeting shall elect one of their number as chairman of
the meeting. Unless otherwise provided for by the Trustees, the Secretary of the Trust shall be the secretary of all meetings of Shareholders
and shall record the minutes thereof.</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: justify; text-indent: 0.5in">Section&nbsp;1.3. Authority
of Chairman of Meeting to Interpret Declaration and By-Laws. At any Shareholders&rsquo; meeting the chairman of the meeting shall be empowered
to determine the construction or interpretation of the Declaration or these By-Laws, or any part thereof or hereof, and his/her ruling
shall be final.</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: justify; text-indent: 0.5in">Section&nbsp;1.4. Voting.
At all meetings of the Shareholders, votes shall be taken by ballot for all matters which may be binding upon the Trustees pursuant to
Section&nbsp;7.1 of the Declaration. On other matters, votes of Shareholders need not be taken by ballot unless otherwise provided for
by the Declaration or by vote of the Trustees, or as required by the 1940 Act, but the chairman of the meeting may in his/her discretion
authorize any matter to be voted upon by ballot. At any meeting of Shareholders, the Trust will consider broker non-votes as present for
purposes of determining whether a quorum is present at the meeting. Broker non-votes will not count as votes cast.</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: justify; text-indent: 0.5in">Section&nbsp;1.5. Inspectors.
At any meeting of Shareholders, the chairman of the meeting may appoint one or more Inspectors of Election or Balloting to supervise the
voting at such meeting or any adjournment thereof. If Inspectors are not so appointed, the chairman of the meeting may, and on the request
of any Shareholder present or represented and entitled to vote shall, appoint one or more Inspectors for such purpose. Each Inspector,
before entering upon the discharge of his/her duties, shall take and sign an oath faithfully to execute the duties of Inspector of Election
or Balloting, as the case may be, at such meeting with strict impartiality and according to the best of his/her ability. If appointed,&nbsp;Inspectors
shall take charge of the polls and, when the vote is completed, shall make a certificate of the result of the vote taken and of such other
facts as may be required by law.</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: justify; text-indent: 0.5in">Section&nbsp;1.6. Records
at Shareholder Meetings. At each meeting of the Shareholders there shall be open for inspection the minutes of the last previous Meeting
of Shareholders of the Trust and a list of the Shareholders of the Trust, certified to be true and correct by the Secretary or other proper
agent of the Trust, as of the record date of the meeting or the date of closing of transfer books, as the case may be. Such list of Shareholders
shall contain the name of each Shareholder. Shareholders shall have such other rights and procedures of inspection of the books and records
of the Trust as are granted to stockholders of a Delaware business corporation.</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: justify; text-indent: 0.5in">Section&nbsp;1.7. Shareholders&rsquo;
Action in Writing. Nothing in this Article&nbsp;1 shall limit the power of the Shareholders to take any action by means of written instruments
without a meeting, as permitted by Section&nbsp;7.6 of the Declaration.</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>ARTICLE&nbsp;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: justify">TRUSTEES AND TRUSTEES&rsquo; MEETINGS</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: justify; text-indent: 0.5in">Section&nbsp;2.1. Regular
Meetings of Trustees. Regular meetings of the Trustees may be held without call or notice at such places and at such times as the Trustees
may from time to time determine; provided, however, that notice of such determination, and of the time and place of the first regular
meeting thereafter, shall be given to each absent Trustee in accordance with Section&nbsp;2.3 hereof.</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: justify; text-indent: 0.5in">Section&nbsp;2.2. Special
Meetings of Trustees. Special meetings of the Trustees may be held at any time and at any place when called by the President or the Treasurer
or by two (2)&nbsp;or more Trustees; provided, however, that notice of the time and place thereof is given to each Trustee in accordance
with Section&nbsp;2.3 hereof by the Secretary or an Assistant Secretary or by the officer or the Trustees calling the meeting.</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: justify; text-indent: 0.5in">Section&nbsp;2.3. Notice of
Meetings. Notice of any regular or special meeting of the Trustees shall be sufficient if given in writing to each Trustee, and if sent
by mail at least five (5)&nbsp;days, by a nationally recognized overnight delivery service at least two (2)&nbsp;days or by facsimile
or electronic transmission at least twenty-four (24) hours, before the meeting, addressed to each Trustee&rsquo;s usual or last known
business or residence address, or if delivered to such Trustee in person at least twenty-four (24) hours before the meeting. Notice of
a special meeting need not be given to any Trustee who was present at an earlier meeting, not more than thirty-one (31) days prior to
the subsequent meeting, at which the subsequent meeting was called. Unless statute, these By-Laws or a resolution of the Trustees might
otherwise dictate, notice need not state the business to be transacted at or the purpose of any meeting of the Board of Trustees. Notice
of a meeting may be waived by any Trustee by written waiver of notice, executed by such Trustee before or after the meeting, and such
waiver shall be filed with the records of the meeting. Attendance by a Trustee at a meeting shall constitute a waiver of notice, except
where a Trustee attends a meeting for the purpose of protesting prior thereto or at its commencement, the lack of notice. No notice need
be given of action proposed to be taken by written consent in accordance with Section&nbsp;4.2 of the Declaration.</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: justify; text-indent: 0.5in">Section&nbsp;2.4. Quorum:
Presiding Trustee. At any meeting of the Trustees, a Majority of the Trustees shall constitute a quorum. Any meeting may be adjourned
from time to time by a majority of the votes cast upon the question, whether or not a quorum is present, and the meeting may be held as
adjourned without further notice. Unless the Trustees shall otherwise elect, generally or in a particular case, the Chairman shall be
the presiding Trustee at each meeting of the Trustees or in the absence of the Chairman, the President shall preside over the meeting.
In the absence of both the Chairman and the President, the Trustees present at the meeting shall elect one of their number as presiding
Trustee of the meeting.</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: justify; text-indent: 0.5in">Section&nbsp;2.5. Participation
by Telephone. All or any one or more of the Trustees may participate in a meeting thereof or of any Committee of the Trustees by means
of a conference telephone or similar means of communications allowing all persons participating in the meeting to hear each other at the
same time. Participation by such means shall constitute presence in person at a meeting unless the 1940 Act specifically requires the
Trustees to act &ldquo;in person,&rdquo; in which case such term shall be construed consistent with Commission or staff releases or interpretations.</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: justify; text-indent: 0.5in">Section&nbsp;2.6. Actions
by Trustees. Voting at Trustees&rsquo; meetings may be conducted orally, by show of hands, or, if requested by any Trustee, by written
ballot. The results of all voting shall be recorded by the Secretary in the minute book.</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: justify; text-indent: 0.5in">Section&nbsp;2.7. Rulings
of Presiding Trustee. All other rules&nbsp;of conduct adopted and used at any Trustees&rsquo; meeting shall be determined by the presiding
Trustee of such meeting, whose ruling on all procedural matters shall be final.</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: justify; text-indent: 0.5in">Section&nbsp;2.8. Trustees&rsquo;
Action in Writing. Nothing in this Article&nbsp;2 shall limit the power of the Trustees to take action by means of a written instrument
without a meeting, as provided in Section&nbsp;4.2 of the Declaration.</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: justify; text-indent: 0.5in">Section&nbsp;2.9. Chairman
of the Board. The Trustees may from time to time elect one of the Trustees to serve as Chairman of the Board of Trustees.</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: justify; text-indent: 0.5in">Section&nbsp;2.10. Trustees
Emeritus. The Board of Trustees may appoint one or more former Trustees to serve as Trustees Emeritus at the pleasure of the Board of
Trustees, for a term specified by the Board of Trustees. Any Trustee Emeritus may attend meetings of the Board of Trustees or any of its
committees, but shall have no duties, powers or responsibilities with respect to the Trust.</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>ARTICLE&nbsp;3</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: justify">OFFICERS</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: justify; text-indent: 0.5in">Section&nbsp;3.1. Officers
of the Trust. The officers of the Trust shall consist of a President, a Treasurer, Chief Compliance Officer and a Secretary, and may include
one or more Vice Presidents, Assistant Treasurers and Assistant Secretaries, and such other officers as the Trustees may designate. Any
person may hold more than one office.</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: justify; text-indent: 0.5in">Section&nbsp;3.2. Time and
Terms of Election. The President, the Treasurer and the Secretary shall be elected by the Trustees at their first meeting. Such officers
shall hold office until their successors shall have been duly elected and qualified, and may be removed at any meeting by the affirmative
vote of a Majority of the Trustees. All other officers of the Trust may be elected or appointed at any meeting of the Trustees. Such officers
shall hold office for any term, or indefinitely, as determined by the Trustees, and shall be subject to removal, with or without cause,
at any time by the Trustees.</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: justify; text-indent: 0.5in">Section&nbsp;3.3. Resignation
and Removal. Any officer may resign at any time by giving written notice to the Trustees. Such resignation shall take effect at the time
specified therein, and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.
If the office of any officer or agent becomes vacant by reason of death, resignation, retirement, disqualification, removal from office
or otherwise, the Trustees may choose a successor, who shall hold office for the unexpired term in respect of which such vacancy occurred.
Except to the extent expressly provided in a written agreement with the Trust, no officer resigning or removed shall have any right to
any compensation for any period following such resignation or removal, or any right to damage on account of such removal.</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: justify; text-indent: 0.5in">Section&nbsp;3.4. Fidelity
Bond. The Trustees may, in their discretion, direct any officer appointed by them to furnish at the expense of the Trust a fidelity bond
approved by the Trustees, in such amount as the Trustees may prescribe.</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: justify; text-indent: 0.5in">Section&nbsp;3.5. President.
The President shall be the chief executive officer of the Trust and, subject to the supervision of the Trustees, shall have general charge
and supervision of the business, property and affairs of the Trust and such other powers and duties as the Trustees may prescribe.</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: justify; text-indent: 0.5in">Section&nbsp;3.6. Vice Presidents.
In the absence or disability of the President, the Vice President or, if there shall be more than one, the Vice Presidents in the order
of their seniority or as otherwise designated by the Trustees, shall exercise all of the powers and duties of the President. The Vice
Presidents shall have the power to execute bonds, notes, mortgages and other contracts, agreements and instruments in the name of the
Trust, and shall do and perform such other duties as the Trustees or the President shall direct.</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: justify; text-indent: 0.5in">Section&nbsp;3.7. Treasurer
and Assistant Treasurers. The Treasurer shall be the chief financial officer of the Trust; shall keep full and accurate accounts of receipts
and disbursements in books belonging to the Trust; shall deposit all moneys, and other valuable effects in the name and to the credit
of the Trust, in such depositories as may be designated by the Trustees, taking proper vouchers for such disbursements; shall have such
other duties and powers as may be prescribed from time to time by the Trustees; and shall render to the Trustees, whenever they may require
it, an account of all his/her transactions as Treasurer and of the financial condition of the Trust. If no Controller is elected, the
Treasurer shall also have the duties and powers of the Controller, as provided in these By-Laws. Any Assistant Treasurer shall have such
duties and powers as shall be prescribed from time to time by the Trustees or the Treasurer, and shall be responsible to and shall report
to the Treasurer. In the absence or disability of the Treasurer, the Assistant Treasurer or, if there shall be more than one, the Assistant
Treasurers in the order of their seniority or as otherwise designated by the Trustees or the Chairman, shall have the powers and duties
of the Treasurer.</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: justify; text-indent: 0.5in">Section&nbsp;3.8. Controller
and Assistant Controllers. If a Controller is elected, he shall be the chief accounting officer of the Trust and shall be in charge of
its books of account and accounting records and of its accounting procedures, and shall have such duties and powers as are commonly incident
to the office of a controller, and such other duties and powers as may be prescribed from time to time by the Trustees. The Controller
shall be responsible to and shall report to the Trustees, but in the ordinary conduct of the Trust&rsquo;s business, shall be under the
supervision of the Treasurer. Any Assistant Controller shall have such duties and powers as shall be prescribed from time to time by the
Trustees or the Controller, and shall be responsible to and shall report to the Controller. In the absence or disability of the Controller,
the Assistant Controller or, if there shall be more than one, the Assistant Controllers in the order of their seniority or as otherwise
designated by the Trustees, shall have the powers and duties of the Controller.</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: justify; text-indent: 0.5in">Section&nbsp;3.9. Secretary
and Assistant Secretaries. The Secretary shall, if and to the extent requested by the Trustees, attend all meetings of the Trustees, any
Committee of the Trustees and/or the Shareholders and record all votes and the minutes of proceedings in a book to be kept for that purpose,
shall give or cause to be given notice of all meetings of the Trustees, any Committee of the Trustees, and of the Shareholders and shall
perform such other duties as may be prescribed by the Trustees. The Secretary, or in his/her absence any Assistant Secretary, shall affix
any seal of the Trust adopted by the Trustees as provided in Section&nbsp;3.1 of the Declaration to any instrument requiring it, and when
so affixed, it shall be attested by the signature of the Secretary or an Assistant Secretary. The Secretary shall be the custodian of
the Share records and all other books, records and papers of the Trust (other than financial) and shall see that all books, reports, statements,
certificates and other documents and records required by law are properly kept and filed. In the absence or disability of the Secretary,
the Assistant Secretary or, if there shall be more than one, the Assistant Secretaries in the order of their seniority or as otherwise
designated by the Trustees, shall have the powers and duties of the Secretary.</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: justify; text-indent: 0.5in">Section&nbsp;3.10. Chief Compliance
Officer. The Chief Compliance Officer (&ldquo;CCO&rdquo;) of the Trust shall be responsible for administering the Trust&rsquo;s policies
and procedures adopted pursuant to Rule&nbsp;38a-1(a)&nbsp;under the 1940 Act, or any successor provision thereto. The CCO shall have
such other powers and duties as from time to time may prescribed by the Trustees.</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: justify; text-indent: 0.5in">Section&nbsp;3.11. Substitutions.
In case of the absence or disability of any officer of the Trust, or for any other reason that the Trustees may deem sufficient, the Trustees
may delegate, for the time being, the powers or duties, or any of them, of such officer to any other officer, or to any Trustee.</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: justify; text-indent: 0.5in">Section&nbsp;3.12. Execution
of Deeds,&nbsp;etc. Except as the Trustees may generally or in particular cases otherwise authorize or direct, all deeds, leases, transfers,
contracts, proposals, bonds, notes, checks, drafts and other obligations made, accepted or endorsed by the Trust shall be signed or endorsed
on behalf of the Trust by its properly authorized officers or agents.</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: justify; text-indent: 0.5in">Section&nbsp;3.13. Power to
Vote Securities. Unless otherwise ordered by the Trustees, the Treasurer shall have full power and authority on behalf of the Trust to
give proxies for, and/or to attend and to act and to vote at, any meeting of stockholders of any corporation (or any meeting of the owners
of any other type of entity owned or held by the Trust) in which the Trust may hold shares, and at any such meeting the Treasurer or his/her
proxy shall possess and may exercise any and all rights and powers incident to the ownership of such stock which, as the owner thereof,
the Trust might have possessed and exercised if present. The Trustees, by resolution from time to time, or, in the absence thereof, the
Treasurer, may confer like powers upon any other person or persons as attorneys and proxies of the Trust.</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>ARTICLE&nbsp;4</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: justify">COMMITTEES</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: justify; text-indent: 0.5in">Section&nbsp;4.1. Power of
Trustees to Designate Committees. The Trustees, by vote of a Majority of the Trustees, may elect from their number an Executive Committee
and any other Committees and may delegate thereto some or all of their powers except those which by law, by the Declaration or by these
By-Laws may not be delegated; provided, however, that an Executive Committee shall not be empowered to elect the President, the Treasurer
or the Secretary, to amend the By-Laws, to exercise the powers of the Trustees under this Section&nbsp;4.1 or under Section&nbsp;4.6 hereof,
or to perform any act for which the action of a Majority of the Trustees is required by law, by the Declaration or by these By-Laws. The
member(s)&nbsp;of any such Committee shall serve at the pleasure of the Trustees.</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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.2.
Audit Committee. The Trustees shall, by the affirmative vote of a Majority of the Trustees, appoint from its members an Audit Committee
composed of two or more Trustees who are not &ldquo;interested persons&rdquo; (as defined in the 1940 Act) of the Trust, as the Trustees
may from time to time determine. The Audit Committee shall (a)&nbsp;recommend an independent registered public accounting firm for selection
by the Trustees; (b)&nbsp;assist Trustee oversight of (i)&nbsp;the integrity of the Trust&rsquo;s financial statements; (ii)&nbsp;the
independent registered public accounting firm&rsquo;s qualifications and independence and (iii)&nbsp;the performance of the Trust&rsquo;s
independent registered public accounting firm; (c)&nbsp;serve to provide an open avenue of communication among the independent registered
public accounting firm, the Trust&rsquo;s officers and the Trustees; (d)&nbsp;</FONT>serve as the Qualified Legal Compliance Committee
(&ldquo;QLCC&rdquo;) for the Trust for the purpose of compliance with Rules&nbsp;205.2(k)&nbsp;and 205.3(c)&nbsp;of the Code of Federal
Regulations regarding alternative reporting procedures for attorneys retained or employed by an issuer who appear and practice before
the Commission on behalf of the issuer; and (e)&nbsp;perform any other activities required by applicable law or as delegated to it by
the Trustees.</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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.3.
Nominating and Governance Committee. The Trustees may, by the affirmative vote of a Majority of the Trustees, appoint from its members
a Nominating and Governance Committee composed of two or more Trustees. The Nominating and Governance Committee shall recommend to the
Trustees a slate of persons to be nominated for election as Trustees by the Shareholders at a meeting of the Shareholders and a person
to be elected to fill any vacancy occurring for any reason in the Board of Trustees. The Nominating and Governance Committee will also
consider nominees properly recommended by Shareholders. </FONT>Shareholders may recommend a nominee by sending nominations that include
biographical data and the qualifications of the proposed nominee, as well as any other information required by the Trust&rsquo;s Nominating
and Governance Committee, to the Trust&rsquo;s Secretary.</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: justify; text-indent: 0.5in">Section&nbsp;4.4. Compliance
with Fund Governance Standards. Notwithstanding anything in this Article&nbsp;4 to the contrary, if the Trust has in effect a plan pursuant
to Rule&nbsp;12b-1 under the 1940 Act: (a)&nbsp;the selection and nomination of those Trustees who are not &ldquo;interested persons&rdquo;
of the Trust shall be committed to the discretion of the current Trustees who are not &ldquo;interested persons&rdquo; of the Trust; (b)&nbsp;a
majority of those Trustees who are not &ldquo;interested persons&rdquo; of the Trust will determine if any person who acts as legal counsel
for the Trustees who are not &ldquo;interested persons&rdquo; of the Trust is an &ldquo;independent legal counsel&rdquo; (as defined in
the 1940 Act) in accordance with the provisions of the 1940 Act; (c)&nbsp;a Trustee who is not an &ldquo;interested person&rdquo; of the
Trust will serve as Chairman of the Board; (d)&nbsp;the Board of Trustees will evaluate at least once annually the performance of the
Trustees and the Committees of the Trustees; (e)&nbsp;the Trustees who are not &ldquo;interested persons&rdquo; of the Trust will meet
at least once quarterly in a session at which no Trustees who are &ldquo;interested persons&rdquo; of the Trust are present; and (f)&nbsp;the
Trustees who are not &ldquo;interested persons&rdquo; of the Trust are authorized to hire employees and to retain advisers and experts
necessary to carry out their duties.</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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    <!-- Field: /Page -->


<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: justify; text-indent: 0.5in">Section&nbsp;4.5. Rules&nbsp;for
Conduct of Committee Affairs. Except as otherwise provided by the Trustees, each Committee elected or appointed pursuant to this Article&nbsp;4
may adopt such standing rules&nbsp;and regulations for the conduct of its affairs as it may deem desirable, subject to review and approval
of such rules&nbsp;and regulations by the Trustees at the next succeeding meeting of the Trustees, but in the absence of any such action
or any contrary provisions by the Trustees, the business of each Committee shall be conducted, so far as practicable, in the same manner
as provided herein and in the Declaration.</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: justify; text-indent: 0.5in">Section&nbsp;4.6. Trustees
May&nbsp;Alter, Abolish,&nbsp;etc., Committees. Trustees may at any time alter or abolish any Committee, change membership of any Committee,
or revoke, rescind, waive or modify action of any Committee or the authority of any Committee with respect to any matter or class of matters;
provided, however, that no such action shall impair the rights of any third parties.</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: justify; text-indent: 0.5in">Section&nbsp;4.7. Minutes:
Review by Trustees. Any Committee to which the Trustees delegate any of their powers or duties shall keep records of its meetings and
shall report its actions to the Trustees.</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>ARTICLE&nbsp;5</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: justify">SEAL</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: justify; text-indent: 0.5in">The seal of the Trust, if
any, may be affixed to any instrument, and the seal and its attestation may be lithographed, engraved or otherwise printed on any document
with the same force and effect as if had been imprinted and affixed manually in the same manner and with the same force and effect as
if done by a Delaware corporation. Unless otherwise required by the Trustees, the seal shall not be necessary to be placed on, and its
absence shall not impair the validity of, any document, instrument or other paper executed and delivered by or on behalf of the Trust.</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>ARTICLE&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: justify">SHARES</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: justify; text-indent: 0.5in">Section&nbsp;6.1. Issuance
of Shares. The Trustees may issue an unlimited number of Classes of Shares of any or all Series&nbsp;either in certificated or uncertificated
form, they may issue certificates to the holders of a Class&nbsp;of Shares of a Series&nbsp;which was originally issued in uncertificated
form, and if they have issued Shares of any Series&nbsp;in certificated form, they may at any time discontinue the issuance of Share certificates
for such Series&nbsp;and may, by written notice to such Shareholders of such Series&nbsp;require the surrender of their Share certificates
to the Trust for cancellation, which surrender and cancellation shall not affect the ownership of Shares for such Series.</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: justify; text-indent: 0.5in">Section&nbsp;6.2. Uncertificated
Shares. For any Class&nbsp;of Shares for which the Trustees issue Shares without certificates, the Trust or the Transfer Agent may either
issue receipts therefore or may keep accounts upon the books of the Trust for the record holders of such Shares, who shall in either case
be deemed, for all purposes hereunder, to be the holders of such Shares as if they had received certificates therefore and shall be held
to have expressly assented and agreed to the terms hereof and of the Declaration.</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: justify; text-indent: 0.5in">Section&nbsp;6.3. Share Certificates.
For any Class&nbsp;of Shares for which the Trustees shall issue Share certificates, each Shareholder of such Class&nbsp;shall be entitled
to a certificate stating the number of Shares owned by him in such form as shall be prescribed from time to time by the Trustees. Such
certificate shall be signed by the President or a Vice President, and by the Treasurer or an Assistant Treasurer or the Secretary or an
Assistant Secretary of the Trust. Such signatures may be facsimiles if the certificate is countersigned by a Transfer Agent, or by a Registrar,
other than a Trustee, officer or employee of the Trust. In case any officer who has signed or whose facsimile signature has been placed
on such certificate shall cease to be such officer before such certificate is issued, it may be issued by the Trust with the same effect
as if he were such officer at the time of its issue.</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: justify; text-indent: 0.5in">Section&nbsp;6.4. Lost, Stolen,&nbsp;etc.,
Certificates. If any certificate for certificated Shares shall be lost, stolen, destroyed or mutilated, the Trustees may authorize the
issuance of a new certificate of the same tenor and for the same number of Shares in lieu thereof. The Trustees shall require the surrender
of any mutilated certificate with respect to which a new certificate is issued, and may, in their discretion, before the issuance of a
new certificate, require the owner of a lost, stolen or destroyed certificate, or the owner&rsquo;s legal representative, to make an affidavit
or affirmation setting forth such facts as to the loss, theft or destruction as they deem necessary, and to give the Trust a bond in such
reasonable sum as the Trustees direct, in order to indemnify the Trust.</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>ARTICLE&nbsp;7</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: justify">TRANSFER OF SHARES</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: justify; text-indent: 0.5in">Section&nbsp;7.1. Transfer
Agents, Registrars,&nbsp;etc. As approved in Section&nbsp;5.2(e)&nbsp;of the Declaration, the Trustees shall have the authority to employ
and compensate such transfer agents and registrars with respect to the Shares of the Trust as the Trustees shall deem necessary or desirable.
In addition, the Trustees shall have the power to employ and compensate such dividend disbursing agents, warrant agents and agents for
reinvestment of dividends as they shall deem necessary or desirable. Any of such agents shall have such power and authority as is delegated
to any of them by the Trustees.</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: justify; text-indent: 0.5in">Section&nbsp;7.2. Transfer
of Shares. The Shares of the Trust shall be transferable on the books of the Trust as provided in Section&nbsp;6.1(m)&nbsp;of the Declaration.
The Trust, or its transfer agents, shall be authorized to refuse any transfer unless and until presentation of such evidence as may be
reasonably required to show that the requested transfer is proper.</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: justify; text-indent: 0.5in">Section&nbsp;7.3. Registered
Shareholders. The Trust may deem and treat the holder of record of any Shares as the absolute owner thereof for all purposes and shall
not be required to take any notice of any right or claim of right of any other person.</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>ARTICLE&nbsp;8</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: justify">AMENDMENTS</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: justify; text-indent: 0.5in">Section&nbsp;8.1. By-Laws
Subject to Amendment. These By-Laws may be altered, amended or repealed, in whole or in part, at any time by vote of a Majority of the
Trustees, without the consent of any Shareholder.</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: justify; text-indent: 0.5in">Section&nbsp;8.2. Notice of
Proposal to Amend By-Laws Required. No proposal to amend or repeal these By-Laws or to adopt new By-Laws shall be acted upon at a meeting
unless either (i)&nbsp;such proposal is stated in the notice or in the waiver of notice, as the case may be, of the meeting of the Trustees
at which such action is taken, or (ii)&nbsp;all of the Trustees as the case may be, are present at such meeting and all agree to consider
such proposal without protesting the lack of notice.</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>ARTICLE&nbsp;9</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: justify"><B>Exclusive Delaware Jurisdiction</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: justify; text-indent: 0.5in">Section&nbsp;9.1 Each Trustee,
each officer, each Shareholder and each Person beneficially owning 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,
including Section&nbsp;3804(e)&nbsp;of the Statutory Trust Act:</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: justify; text-indent: 0.5in">(i)&nbsp;irrevocably agrees
that any claim, suits, actions or proceedings arising out of or relating in any way to the Trust or its business and affairs, the Statutory
Trust Act, this Declaration or the By-Laws or asserting a claim governed by the internal affairs (or similar) doctrine (including, without
limitations, any claims, suits, actions or proceedings to interpret, apply or enforce</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(A)&nbsp;the provisions
of this Declaration or the By-Laws, or</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(B)&nbsp;the duties
(including fiduciary duties), obligations or liabilities of the Trust to the Shareholders or the Trustees, or of officers of the Trustees
to the Trust, to the Shareholders or each other, or</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(C)&nbsp;the rights
or powers of, or restrictions on, the Trust, the officers, the Trustees or the Shareholders, or</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(D)&nbsp;any provisions
of the Statutory Trust Act or other laws of the State of Delaware pertaining to trusts made applicable to the Trust pursuant to Section&nbsp;3809
of the Statutory Trust Act, or</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(E)&nbsp;any other
instrument, document, agreement (including, without limitation, any investment management agreement) or certificate contemplated by any
provisions of the Statutory Trust Act, the Declaration or the By-Laws relating in any way to the Trust or</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 0pt 0.5in; text-align: justify; text-indent: 0.5in">(F)&nbsp;the federal
securities laws of the United States, including, without limitation, the 1940 Act, or the securities or antifraud laws of any international,
national, state, provincial, territorial, local or other governmental or regulatory authority,</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: justify; text-indent: 0.5in">including, in each case, the
applicable rules&nbsp;and regulations promulgated thereunder (regardless, in every case, of whether such claims, suits, actions or proceedings
(x)&nbsp;sound in contract, tort, fraud or otherwise, (y)&nbsp;are based on common law, statutory, equitable, legal or other grounds,
or (z)&nbsp;are derivative or direct claims)), shall be exclusively brought, unless the Trust in its sole discretion, consents in writing
to an alternative forum, in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction
thereof, any other court in the State of Delaware with subject matter jurisdiction,</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: justify; text-indent: 0.5in">(ii)&nbsp;irrevocably submits
to the exclusive jurisdiction of such courts in connection with any such claims, suit, action or proceeding,</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: justify; text-indent: 0.5in">(iii)&nbsp;irrevocably agrees
not to, and waives any right to, assert, in any such claim, suit, action or proceeding that (A)&nbsp;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)&nbsp;such claim, suit, action
or proceeding is brought in an inconvenient forum, or (C)&nbsp;the venue of such claim, suit, action or proceeding is improper,</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: justify; text-indent: 0.5in">(iv)&nbsp;consents to process
being served in any such claim, suit, action or proceedings 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 (iv)&nbsp;hereof shall affect or limit any right to serve process in any other manner
permitted by law; and</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: justify; text-indent: 0.5in">(v)&nbsp;irrevocably waives
any and all right to trial by jury in any such claim, suit, action or proceeding.</P>


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


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


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(G)
<SEQUENCE>5
<FILENAME>tm259254d2_ex99-g.htm
<DESCRIPTION>EXHIBIT 99.(G)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm259254d2_ex99-g.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm259254-2/tm259254-2_posexseq1/users" -->

<P STYLE="text-align: right; margin: 0"><B>Exhibit&nbsp;99.g</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; color: #0b0b0b"><B>INVESTMENT ADVISORY AGREEMENT</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: justify; text-indent: 0.25in; color: #0b0b0b">AGREEMENT,
dated December&nbsp;31, 2024, between SOURCE CAPITAL, a Delaware statutory trust (hereinafter called &ldquo;Source&rdquo;), and FIRST
PACIFIC ADVISORS, LP, a Delaware limited partnership (hereinafter called the &ldquo;Adviser&rdquo;).</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: justify; text-indent: 0.25in; color: #0b0b0b">WITNESSETH:</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: justify; text-indent: 0.25in; color: #0b0b0b">WHEREAS,
Source and the Adviser wish to enter into an agreement setting forth the terms on which the Adviser will perform certain investment advisory
and management services for Source.</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: justify; text-indent: 0.25in; color: #0b0b0b">NOW, THEREFORE,
in consideration of the premises and covenants hereinafter contained, Source and the Adviser agree as follows:</P>


<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; color: #0b0b0b; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">1.</TD><TD>EMPLOYMENT OF ADVISER</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; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #0b0b0b">Source
hereby employs the Adviser to manage the investment and reinvestment of the assets of Source and to administer its affairs, to the extent
described herein, subject to the supervision of the Board of Trustees of Source, for the </FONT><FONT STYLE="color: #2a2a2a">period </FONT><FONT STYLE="color: #0b0b0b">and
on the terms set forth in this Agreement. The Adviser hereby accepts such employment and agrees during such period to render the services
and to assume the obligations herein set forth. The Adviser agrees to use its best efforts and judgment in the performance of its obligations
hereunder. The Adviser shall, for all purposes herein, be deemed an independent contractor and shall, unless otherwise expressly provided
or authorized, have no authority to act for or represent Source in any way, or otherwise be deemed an agent of Source.</FONT></P>


<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; color: #0b0b0b; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">2.</TD><TD>ADVISORY SERVICES</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; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #0b0b0b">Subject
to any general directions furnished by the Board of Trustees of Source, the Adviser agrees to formulate and implement a continuing program
for the management of the assets of source and </FONT><FONT STYLE="color: #2a2a2a">to </FONT><FONT STYLE="color: #0b0b0b">determine from
time to time what securities or other property shall be purchased or sold by Source, </FONT><FONT STYLE="color: #2a2a2a">and </FONT><FONT STYLE="color: #0b0b0b">the
portion of its assets to be held in cash or cash equivalents, giving due consideration to, among other things, the policies of Source
as expressed in Source's Certificate of Incorporation, By-Laws, Registration Statement under the Investment Company Act of 1940, as amended
(the &ldquo;1940 Act&rdquo;), Registration Statement under the Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;), and reports
under the Securities Exchange Act of 1934 (the &ldquo;1934 Act&rdquo;), as well as to the factors affecting Source's status as a regulated
investment company under the Internal Revenue Code of 1954, as amended. The Adviser shall obtain and evaluate such statistical, financial,
and other information relating to the economy, industries, businesses, securities markets, and securities as it may deem necessary or
useful in the performance of its obligations hereunder.</FONT></P>


<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; color: #0b0b0b; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">3.</TD><TD>OTHER SERVICES AND EXPENSES OF ADVISER</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 0pt 0.5in; color: #090909">The Adviser, at its own expense, shall furnish
to Source:</P>


<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; color: #090909; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify">Office space, furniture, equipment and supplies, which may
be the same as occupied or used by the Adviser.</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; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #090909">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #090909">Qualified personnel for administering
the affairs, managing the investments, and preparing and maintaining the books of account, records, </FONT><FONT STYLE="color: #1f1f1f">reports
</FONT><FONT STYLE="color: #090909">and tax returns of Source, except as specified in Section&nbsp;</FONT><FONT STYLE="color: #1f1f1f">4
</FONT><FONT STYLE="color: #090909">hereof.</FONT></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; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #090909">Adequate facilities and qualified
personnel for the placement with broker-dealers of orders for the purchase and sale of portfolio securities for Source.</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"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<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; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #090909">Members of the Adviser&rsquo;s
organization to serve without compensation from Source as officers or agents of Source, if desired by Source.</FONT></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; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #090909">Daily determination </FONT><FONT STYLE="color: #1f1f1f">of
total </FONT><FONT STYLE="color: #090909">net assets.</FONT></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; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #090909">General purpose </FONT><FONT STYLE="color: #1f1f1f">accounting
</FONT><FONT STYLE="color: #090909">forms, supplies, stationery and postage and telephones and utilities relating to the obligations
of </FONT><FONT STYLE="color: #1f1f1f">the </FONT><FONT STYLE="color: #090909">Adviser hereunder.</FONT></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; color: #0b0b0b; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #090909">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #090909">EXPENSES
</FONT><FONT STYLE="color: #1f1f1f">OF </FONT><FONT STYLE="color: #090909">SOURCE</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; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #090909">Except
to the extent expressly assumed by the Adviser herein, Source will pay all costs and expenses in connection with its operations. Without
limiting the generality of the foregoing, Source </FONT><FONT STYLE="color: #1f1f1f">shall </FONT><FONT STYLE="color: #090909">pay the
following costs and expenses:</FONT></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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #090909">Fees and charges of independent accountants, custodian and depository and
legal counsel for Source.</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #090909">Fees and charges </FONT><FONT STYLE="color: #1f1f1f">of </FONT><FONT STYLE="color: #090909">Source's
transfer agent, including the costs of maintaining Source&rsquo;s shareholder account books and records, dividend disbursing agent and
registrar, if any.</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD><FONT STYLE="color: #090909">Costs of designing, printing, engraving and issuing certificates representing </FONT><FONT STYLE="color: #1f1f1f">shares
</FONT><FONT STYLE="color: #090909">of Source.</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #090909">Expenses, including fees and disbursements of counsel, in connection with
litigation by or against Source.</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #1f1f1f">Taxes, </FONT><FONT STYLE="color: #090909">including franchise, income, issue,
transfer, business license and other corporate fees payable by Source to Federal, State or other governmental agencies.</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #090909">Premiums for the </FONT><FONT STYLE="color: #1f1f1f">fidelity </FONT><FONT STYLE="color: #090909">bond
maintained by Source pursuant to Section&nbsp;17 of the 1940 Act and for any errors and </FONT><FONT STYLE="color: #1f1f1f">omissions
</FONT><FONT STYLE="color: #090909">insurance policy maintained by Source.</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(g)</FONT></TD><TD><FONT STYLE="color: #090909">Dues for Source's membership in trade organizations.</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(h)</FONT></TD><TD><FONT STYLE="color: #090909">Interest on indebtedness, if any, incurred by Source.</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #090909">Costs of designing, printing and mailing periodic and other reports to shareholders,
proxy </FONT><FONT STYLE="color: #1f1f1f">statements, </FONT><FONT STYLE="color: #090909">dividend notice and other communications to
Source's shareholders.</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(j)</FONT></TD><TD><FONT STYLE="color: #090909">Expenses of meeting of shareholders and trustees.</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #090909">Brokers&rsquo; commissions, issue and transfer taxes, and other costs chargeable
to Source in connection with security transactions to which Source is a party or with securities owned by Source.</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; color: #090909"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Fees and expenses in connection with maintaining registration of Source and complying with the requirements
of the Securities and Exchange Commission under the 1940 Act, the 1933 Act, the&middot;1934 Act.</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(l)</FONT></TD><TD><FONT STYLE="color: #090909">Advertising and public relations expenses.</FONT></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; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">(m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #090909">The advisory fee payable hereunder
has been negotiated on the understanding, and the parties hereto agree, that the Adviser bas received, </FONT><FONT STYLE="color: #2a2a2a">and
</FONT><FONT STYLE="color: #090909">shall continue to receive, supplementary research and other information from broker-dealers which
execute portfolio transactions for Source.</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"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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; color: #0b0b0b; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">5.</TD><TD STYLE="text-align: justify">COMPENSATION OF ADVISER</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; text-align: justify; text-indent: 0.25in; color: #090909">For the services
to be rendered and the charges and expenses assumed by the Adviser herein, Source shall pay to the Adviser, in monthly installments, payable
as soon as practicable and within five (5)&nbsp;days following the end of each month, a percentage of the total net assets of Source on
the last business day of such month, computed as follows:</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #2a2a2a">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #090909">The monthly fee shall be 1/12th of the annualized percentage indicated below.
The annualized percentage shall be determined by the total net assets of Source determined on the last business day of such month in accordance
with the following table.</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 0pt 0.75in; color: #090909">FEE SCHEDULE - ANNUALIZED PERCENTAGE</P>


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


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in; color: #090909">0.725% for the first
$100 million of total net assets of Source;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.25in; color: #090909">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in; color: #090909">0.700% for the next $100 million of total net assets of Source; and</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in; color: #090909">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in; color: #090909">0.675% for total net assets
of Source over $200 million.</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #090909">For the purpose of this Section&nbsp;5, &ldquo;total net assets&rdquo; shall be determined at the close
of business of the New York Stock Exchange on the last business </FONT><FONT STYLE="color: #2a2a2a">day </FONT><FONT STYLE="color: #090909">of
each month.</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #090909">The advisory fee shall be payable for the period commencing on the date hereof
and ending on the date of termination hereof. If the Agreement is terminated, the fee shall be prorated for </FONT><FONT STYLE="color: #2a2a2a">any
</FONT><FONT STYLE="color: #090909">fraction of a month at termination.</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; text-align: justify; text-indent: 0.25in; color: #090909">The advisory
fee payable hereunder shall be reduced by.an amount which is equivalent to any solicitation fees received by the Adviser, or any affiliated
person of the Adviser, in connection with a tender of portfolio securities of Source in acceptance of an exchange or tender offer. The
Adviser shall use its best efforts to recapture any available solicitation fees.</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: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #090909">The
Adviser also agrees to reduce the fee payable hereunder by the amount by which certain operating expenses of Source (after the exclusions
described below and after reflecting any advisory fee reduction provided for in the preceding paragraph) for any fiscal year shall exceed
1 1/2% of the first $30,000,000 of average total net assets, and 1% of the remaining average total net assets, of Source as determined
monthly on the last business day of each month. For purposes of </FONT><FONT STYLE="color: #2a2a2a">this </FONT><FONT STYLE="color: #090909">expense
limitation provision, the following expenses shall be excluded from total operating expenses in computing &quot;certain operating expenses&quot;:
(i)&nbsp;interest, (ii)&nbsp;taxes, (iii)&nbsp;any expenditures pursuant to Section&nbsp;6 hereof for brokerage and research services,
and (iv)&nbsp;any uncapitalized legal expenses of Source relating to specific portfolio securities or to any proposed acquisition or disposition
thereof, and (v)&nbsp;any extraordinary expenses, such as those of litigation, merger, reorganization, or recapitalization. All expenditures,
including costs incurred in connection with the purchase, holding, or sale of portfolio securities, -which are capitalized in accordance
with generally accepted accounting principles applicable to investment companies, shall be accounted for as capital items and not as expenses.
Any accrued advisory. fee reduction under this expense limitation provision shall be withheld by source from the fees paid hereunder.
Any additional reduction computed at the end. of the fiscal year shall be paid to Source </FONT><FONT STYLE="color: #222222">within </FONT><FONT STYLE="color: #090909">five
days of the computations as a reduction of advisory fees paid during the fiscal year.</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"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<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; color: #0b0b0b; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">6.</TD><TD STYLE="text-align: justify">BROKERAGE AND RESEARCH SERVICES</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; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #090909">The
advisory fee payable hereunder has been negotiated on the understanding, and the parties hereto agree, that the Adviser has received,
and shall continue to receive, supplementary research and other information from brokers and dealers which execute portfolio transactions
for source, The Adviser may employ, retain, or otherwise avail itself of the services or facilities of other persons or organizations
for the purpose of providing the Adviser or Source with such statistical and </FONT><FONT STYLE="color: #3e3e3e">.</FONT><FONT STYLE="color: #090909">other
factual information, such advice regarding economic factors and trends, such advice as to occasional transactions in specific securities
or such other information, advice or assistance as the Adviser may deem necessary, appropriate or convenient for the discharge of its
obligations hereunder or otherwise helpful to Source, or in the discharge of Adviser</FONT><FONT STYLE="color: #3e3e3e">&rsquo;</FONT><FONT STYLE="color: #090909">s
overall responsibilities with respect to any other accounts which it might serve as investment adviser. The Adviser and any person performing
executive, </FONT><FONT STYLE="color: #222222">administrative </FONT><FONT STYLE="color: #090909">or trading functions for Source, whose
services were made available to Source by the Adviser, are specifically authorized to allocate brokerage and principal business to firms
that provide such services or facilities and to cause Source to pay a member of a securities exchange, or any other securities broker
or dealer, an amount of commission for effecting a securities transaction in excess of the amount of commission </FONT><FONT STYLE="color: #222222">another
</FONT><FONT STYLE="color: #090909">member </FONT><FONT STYLE="color: #222222">of </FONT><FONT STYLE="color: #090909">an exchange, broker
or dealer would have charged for effecting that transaction, if the Adviser or such person </FONT><FONT STYLE="color: #222222">determines
</FONT><FONT STYLE="color: #090909">in good faith that </FONT><FONT STYLE="color: #222222">such </FONT><FONT STYLE="color: #090909">amount
</FONT><FONT STYLE="color: #222222">of </FONT><FONT STYLE="color: #090909">commission is reasonable in relation to the value of the brokerage
</FONT><FONT STYLE="color: #222222">and </FONT><FONT STYLE="color: #090909">research services (as. such </FONT><FONT STYLE="color: #222222">services
are </FONT><FONT STYLE="color: #090909">defined in Section&nbsp;2B(e)&nbsp;of the Securities Exchange Act of 1934) provided by such member,
broker or dealer, viewed in terms of either that particular transaction or the overall responsibilities of the Adviser with </FONT><FONT STYLE="color: #222222">respect
</FONT><FONT STYLE="color: #090909">to the accounts as to which Adviser exercises investment discretion (as </FONT><FONT STYLE="color: #222222">that
</FONT><FONT STYLE="color: #090909">term is defined in Section&nbsp;3(a)(35) of the Securities Exchange Act of 1934).</FONT></P>


<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; color: #0b0b0b; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left">7.</TD><TD STYLE="text-align: justify">OTHER ACTIVITIES</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; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #090909">The
Adviser may perform investment advisory, management or distribution services for other investment companies and other persons or companies,
and affiliates of the Adviser may engage in other related or unrelated businesses. Except as otherwise required by the Investment Company
Act of 1940, any of the shareholders, trustees, officers </FONT><FONT STYLE="color: #222222">and </FONT><FONT STYLE="color: #090909">employees
of Source may be a shareholder, </FONT>trustee, officer or employee of, or be otherwise interested in, the Adviser, and in any person
controlled by or under common control with the Adviser, and the Adviser, and any person controlled by or under common control with the
Adviser, may have an interest in Source.</P>


<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; color: #0b0b0b; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT></TD><TD STYLE="text-align: justify">LIABILITY OF ADVISER</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; text-align: justify; text-indent: 0.25in">Neither the Adviser nor any
of its officers, trustees or employees, nor any person performing executive, administrative or trading functions for Source whose services
were made available to Source by the Adviser, shall be liable for any error of judgment or mistake of law or for any loss suffered by
Source in connection with the matters to which this Agreement relates, except for loss resulting from willful misfeasance, bad faith or
negligence in the performance of its or his duties, on behalf of Source or from reckless disregard by the Adviser or any such person of
the duties of the Adviser under this Agreement.</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: justify; text-indent: 0.25in">Without limiting the generality
of the foregoing, neither the Adviser nor any such person shall be deemed to have acted unlawfully or to have breached any duty to Source
under state or Federal law in effect at the date of the enactment of Section&nbsp;28(e)&nbsp;of the Securities Exchange Act of 1934 solely
by reason of having caused Source to pay a member of any securities exchange or any other securities broker or dealer, an amount of commission
for effecting a securities &middot;transaction in excess of the commission another member of a securities exchange or another securities
broker or dealer would have charged for effecting that transaction if the Adviser or such person determined in good faith that such amount
of commission was reasonable in relation to the value of the brokerage and research services provided by such member, broker or dealer,
viewed in terms of either that particular transaction or the overall responsibilities of the Adviser with respect to the account as to
which the Adviser exercises investment discretion.</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>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; color: #0b0b0b; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.</FONT></TD><TD STYLE="text-align: justify">TERM OF AGREEMENT</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; text-align: justify; text-indent: 0.25in">This Agreement shall have
an initial term of two years from the date hereof. It may be continued in effect thereafter by mutual consent, provided that such continuance
shall be specifically approved at least annually by (i)&nbsp;the Board of Trustees of Source, or by the vote of a majority (as defined
in the 1940 Act) of the outstanding voting securities of Source, and (ii)&nbsp;by a majority of Trustees who are not parties to this Agreement
or interested persons (as defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on
such approval.</P>


<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; color: #0b0b0b; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.</FONT></TD><TD STYLE="text-align: justify">TERMINATION OF AGREEMENT</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; text-align: justify; text-indent: 0.25in">This Agreement may be terminated
at any time, without payment of any penalty, by the Board of Trustees of Source or by the vote of a majority (as defined in the 1940 Act)
of the outstanding voting securities of source, on sixty (60) days&rsquo; written notice to the Adviser, or by the Adviser on like notice
to Source. This Agreements all automatically terminate in the event of its assignment (as defined in the 1940 Act).</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: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #070707">IN
WITNESS WHEREOF, the parties hereto have caused this </FONT><FONT STYLE="color: #1d1d1d">Agreement </FONT><FONT STYLE="color: #070707">to
be executed by their officers thereunto duly authorized as of the day of year first above written.</FONT></P>


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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #070707"><B>SOURCE CAPITAL</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Rita Dam</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rita Dam</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Treasurer</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #070707"><B>FIRST PACIFIC ADVISORS, LP</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #070707">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #070707">/s/ J. Richard Atwood</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #070707">Name:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">J. Richard Atwood</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #070707">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director of FPA GP,&nbsp;Inc., General Partner</FONT></TD></TR>
  </TABLE>


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


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


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(J)
<SEQUENCE>6
<FILENAME>tm259254d2_ex99-j.htm
<DESCRIPTION>EXHIBIT 99.(J)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm259254d2_ex99-j.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm259254-2/tm259254-2_posexseq1/users" -->

<P STYLE="text-align: left; margin: 0"></P>


<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.j</B></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Certain identified information
has been excluded from the exhibit because it is both not material and the type that the Registrant treats as private or confidential.</B></P>


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


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


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


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


<P STYLE="text-align: left; 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; text-align: center"><B>Dated July&nbsp;28, 2023
Between</B></P>


<P STYLE="text-align: left; 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; text-align: center"><B>UMB BANK, N.A.</B></P>


<P STYLE="text-align: left; 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; text-align: center"><B>and</B></P>


<P STYLE="text-align: left; 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; text-align: center"><B>SOURCE CAPITAL,&nbsp;INC.</B></P>


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


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


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


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


<P STYLE="text-align: left; 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: left; text-indent: 0.5in">This agreement made as of the
date first set forth above between UMB Bank, n.a., a national banking association with its principal place of business located in Kansas
City, Missouri (hereinafter &quot;Custodian&quot;), and Source Capital,&nbsp;Inc. (the &ldquo;Fund&rdquo;).</P>


<P STYLE="text-align: left; 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: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WITNESSETH</B></FONT>:</P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS,
</B></FONT>the Fund is registered as an closed-end management investment company under the Investment Company Act of 1940, as amended
(&ldquo;the 1940 Act&rdquo;); and</P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
the Fund desires to appoint Custodian as its custodian for the custody of Assets (as hereinafter defined) owned by the Fund, which Assets
are to be held in such accounts as the Fund may establish from time to time; and</P>


<P STYLE="text-align: left; 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: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>WHEREAS</B></FONT>,
Custodian is willing to accept such appointment on the terms and conditions hereof.</P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NOW,
THEREFORE</B></FONT>, in consideration of the mutual promises contained herein, the parties hereto, intending to be legally bound, mutually
covenant and agree as follows:</P>


<P STYLE="text-align: left; 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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in">1.</TD><TD STYLE="text-align: left"><B><U>APPOINTMENT
                                            OF CUSTODIAN</U></B>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Fund hereby constitutes
and appoints the Custodian as custodian of Assets belonging to the Fund which have been or may be from time to time delivered to and
accepted by the Custodian. Custodian accepts such appointment as a custodian and agrees to perform the duties and responsibilities of
Custodian as set forth herein on the conditions set forth herein. For purposes of this Agreement, the term &ldquo;Assets&rdquo; shall
include Securities, Underlying Interests, monies, and other property held by the Custodian for the benefit of the Fund. &ldquo;Security&rdquo;
or &ldquo;Securities&rdquo; shall mean stocks, bonds, rights, warrants, certificates, instruments, obligations and all other negotiable
or non-negotiable paper commonly known as Securities which have been or may from time to time be delivered to and accepted by the Custodian.
The term &ldquo;Securities&rdquo;, as used in this Agreement, shall not include Underlying Interests. &ldquo;Underlying Interests&rdquo;
shall mean uncertificated shares of, or other interests in, other investment funds, accounts or vehicles, including, but not limited
to, mutual funds.</P>


<P STYLE="text-align: left; 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="text-align: left; width: 3pt"></TD><TD STYLE="text-align: left; width: 16.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: left"><B><U>INSTRUCTIONS</U></B>.</TD></TR></TABLE>


<P STYLE="text-align: left; 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: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">An
 &ldquo;Instruction,&rdquo; as used herein, shall mean a request, direction, instruction or certification initiated by the Fund and conforming
to the terms of this paragraph. An Instruction may be transmitted to the Custodian by any of the following means:</FONT></P>


<P STYLE="text-align: left; 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: left; text-indent: 0.75in">(i) &#8239;&#8239;&#8239;&#8239;&#8239;a
writing manually signed on behalf of the Fund by an Authorized Person;</P>






<P STYLE="text-align: left; 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: left; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
telephonic or other oral communication from a person the Custodian reasonably believes to be an Authorized Person;</FONT></P>


<P STYLE="text-align: left; 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: left; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
facsimile transmission that the Custodian reasonably believes has been signed or otherwise originated by an Authorized Person;</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: left; text-indent: 0.75in">(iv) &#8239;&#8239;&#8239;a
communication effected through the internet or web-based functionality (including without limitation, emails, data files and other communications)
on behalf of the Fund (&ldquo;Electronic Communication&rdquo;); or</P>






<P STYLE="text-align: left; 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: left"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.75in">(v) &#8239;&#8239;&#8239;other
means reasonably acceptable to both parties.</P>






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




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


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Instructions in the form of oral communications
shall be confirmed by the Fund by either a writing (as set forth in (i)&nbsp;above), a facsimile (as set forth in (iii)&nbsp;above),
or an Electronic Communication (as set forth in (iv)&nbsp;above), but the lack of such confirmation shall in no way affect any action
taken by the Custodian in reliance upon such oral Instructions prior to the Custodian&rsquo;s receipt of such confirmation. The Fund
authorizes the Custodian to record any and all telephonic or other oral Instructions communicated to the Custodian. The parties acknowledge
and agree that, with respect to Instructions transmitted by facsimile, the Custodian cannot verify that the signature of an Authorized
Person has been properly affixed and, with respect to Instructions transmitted by an Electronic Communication, the Custodian cannot verify
that the Electronic Communication has been initiated by an Authorized Person; accordingly, the Custodian shall have no liability as a
result of actions taken in reliance on unauthorized facsimile or Electronic Communication Instructions. The Custodian recommends that
any Instructions transmitted by the Fund via email be done so through a secure system or process.</P>


<P STYLE="text-align: left; 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: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;Special
Instructions,&rdquo; as used herein, shall mean Instructions countersigned or confirmed in writing by the Treasurer or any other officer
of the Fund , which countersignature or confirmation shall be on the same instrument containing the Instructions or on a separate instrument
relating thereto.</FONT></P>


<P STYLE="text-align: left; 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: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Instructions
and Special Instructions shall be delivered to the Custodian at the address and/or telephone, facsimile transmission or email address
agreed upon from time to time by the Custodian and the Fund.</FONT></P>


<P STYLE="text-align: left; 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: left; text-indent: 0.5in">(d) &#8239;&#8239;&#8239;&#8239;Where
appropriate,&nbsp;Instructions and Special Instructions shall be continuing Instructions.</P>






<P STYLE="text-align: left; 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: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">An
Authorized Person shall be responsible for assuring the accuracy and completeness of Instructions. If the Custodian reasonably determines
that an Instruction is unclear or incomplete, the Custodian may notify the Fund of such determination, in which case the Fund shall be
responsible for delivering to the Custodian an amended Instruction. The Custodian shall have no obligation to take any action until the
Fund re-delivers to the Custodian an Instruction that is clear and complete.</FONT></P>


<P STYLE="text-align: left; 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: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Fund shall be responsible for delivering to the Custodian Instructions or Special Instructions in a timely manner, after considering
such factors as the involvement of subcustodians, brokers or agents in a transaction, time zone differences, reasonable industry standards,&nbsp;etc.
The Custodian shall have no liability if the Fund delivers Instructions or Special Instructions to the Custodian after any deadline previously
established by the Custodian and provided to the Fund.</FONT></P>


<P STYLE="text-align: left; 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: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">By
providing Instructions to acquire or hold Foreign Assets (as defined in Rule&nbsp;17f-5(a)(2)&nbsp;under the 1940 Act), the Fund shall
be deemed to have confirmed to the Custodian that the Fund has (i)&nbsp;considered and accepted responsibility for all Sovereign Risks
and Country Risks (as hereinafter defined) associated with investing in a particular country or jurisdiction, and (ii)&nbsp;made all
determinations and provided to shareholders and other investors all disclosures required of registered investment companies by the 1940
Act.</FONT></P>


<P STYLE="text-align: left; 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: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Fund acknowledges that where Instructions or Special Instructions require the Custodian to prepare and submit forms, letters or other
writings to third parties on behalf of the Fund, including but not limited to subscription agreements (or any document, however titled,
that performs the same function as a subscription agreement, which shall be defined herein as a &ldquo;Subscription Agreement&rdquo;),
redemption requests, stock transfers and exchanges of cash for Underlying Interests (&ldquo;Writings&rdquo;), the Custodian will prepare
but not submit such Writings unless and until all required information necessary to complete a Writing has been submitted by an Authorized
Person. The Fund agrees to make available Authorized Persons during normal business hours to work with the Custodian and its affiliates
to complete such Writings. The Fund acknowledges that the Custodian shall not be liable for its obligations with respect to Writings
if such failure results from any delay, error, unavailability or inaccuracy in an Instruction or Special Instruction provided by such
Fund or an Authorized Person.</FONT></P>


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


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


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Without limiting the foregoing,
the parties agree that the accuracy and completeness of all information provided in a Subscription Agreement, investor questionnaire
or other similar document for an Underlying Share is the sole responsibility of the applicable Fund, and not the Custodian or its affiliates,
regardless of whether the Custodian or its affiliates assist in the completion of the Subscription Agreement, investor questionnaire
or similar document. In the event that the investment fund rejects a Subscription Agreement, the applicable Fund will be solely responsible
for completing a new Subscription Agreement for the Underlying Share.</P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">By providing an Instruction
or Special Instruction to complete a Subscription Agreement or other such Writing, such Fund certifies that it has read and approved
the relevant offering documents and the Subscription Agreement or other Writing required to be submitted to invest in the foregoing investment.
The Fund takes full responsibility for any representations in Subscription Agreements or to any other person or entity regarding the
Fund&rsquo;s qualifications to invest in underlying funds, the Fund&rsquo;s status under any anti-money laundering or similar statutes,
the Fund&rsquo;s financial status or condition, or any other information relating to the Fund and hereby represents that any such representations
are accurate and complete. Representations regarding such matters in any Subscription Agreement or similar document are representations
of the applicable Fund and not of the Custodian.</P>


<P STYLE="text-align: left; 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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in">3.</TD><TD STYLE="text-align: left"><B><U>DELIVERY
                                            OF CORPORATE AND OTHER DOCUMENTS</U></B>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each of the parties to this
Agreement represents that its execution does not violate any of the provisions of its respective charter, articles of incorporation,
partnership agreement, declaration of trust, articles of association or bylaws, that all required corporate or organizational action
to authorize the execution and delivery of this Agreement has been taken, and that the person signing this Agreement is authorized to
bind such party.</P>


<P STYLE="text-align: left; 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: left; text-indent: 0.5in">The Fund agrees to provide the
Custodian, upon request, documentation regarding the Fund, including, by way of example: certificates of incorporation or trust, by-laws,
resolutions, registration statements, W-9s and other tax-related documentation, compliance policies and procedures and other compliance
documents,&nbsp;etc.</P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the Fund has delivered
or will promptly deliver to the Custodian, copies of the Resolution(s)&nbsp;of its Board of Directors or Trustees and all amendments
or supplements thereto, properly certified or authenticated, designating certain officers or employees of the Fund who will have continuing
authority to certify to the Custodian: (a)&nbsp;the names, titles, signatures and scope of authority of all persons authorized to give
Instructions or any other notice, request, direction, instruction, certificate or instrument on behalf of the Fund, and (b)&nbsp;the
names, titles and signatures of those persons authorized to countersign or confirm Special Instructions on behalf of the Fund (in both
cases collectively, the &quot;Authorized Persons&quot; and individually, an &quot;Authorized Person&quot;). Such Resolutions and certificates
may be accepted and relied upon by the Custodian as conclusive evidence of the facts set forth therein and shall be considered to be
in full force and effect until delivery to the Custodian of a similar Resolution or certificate to the contrary; provided, however, that
the Custodian may rely upon any written designation furnished by the Treasurer or other officer of the Fund designating persons authorized
to countersign or confirm Special Instructions (as provided in Section&nbsp;2(b)). Upon delivery of a certificate which deletes or does
not include the name(s)&nbsp;of a person previously authorized to give Instructions or to countersign or confirm Special Instructions,
such person shall no longer be considered an Authorized Person authorized to give Instructions or to countersign or confirm Special Instructions.
Unless the certificate specifically requires that the approval of anyone else will first have been obtained, the Custodian will be under
no obligation to inquire into the right of the person giving such Instructions or Special Instructions to do so. Notwithstanding any
of the foregoing, no Instructions or Special Instructions received by the Custodian from the Fund will be deemed to authorize or permit
any director, trustee, officer, employee, or agent of such Fund to withdraw any of the Assets of such Fund upon the mere receipt of such
authorization, Special Instructions or Instructions from such director, trustee, officer, employee or agent.</P>


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


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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in">4.</TD><TD STYLE="text-align: left"><B><U>POWERS
                                            AND DUTIES OF CUSTODIAN AND DOMESTIC SUBCUSTODIAN</U></B>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except for Assets held by any
Foreign Subcustodian, Special Subcustodian or Eligible Securities Depository appointed pursuant to Sections 5(b), (c), or (f)&nbsp;of
this Agreement, the Custodian shall have and perform the powers and duties hereinafter set forth in this Section&nbsp;4. For purposes
of this Section&nbsp;4 all references to powers and duties of the &quot;Custodian&quot; shall also refer to any Domestic Subcustodian
appointed pursuant to Section&nbsp;5(a).</P>


<P STYLE="text-align: left; 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="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.25in">(a)</TD><TD STYLE="text-align: left"><U>Safekeeping</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Custodian will keep safely
the Assets of the Fund which are delivered to and accepted by it from time to time. The Custodian shall notify the Fund if it is unwilling
or unable to accept custody of any asset of such Fund. The Custodian shall not be responsible for any property of the Fund held by the
Fund and not delivered to the Custodian or for any pre-existing faults or defects in Assets that are delivered to the Custodian.</P>


<P STYLE="text-align: left; 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="text-align: left; width: 0.5in"></TD><TD STYLE="text-align: left; width: 0.25in">(b)</TD><TD STYLE="text-align: left"><U>Manner
                                            of Holding Securities</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Custodian shall at all times hold Securities of the Fund either: (i)&nbsp;by physical possession of the share certificates, completed
Subscription Agreements, or other instruments representing such Securities, in registered or bearer form; in the vault of the Custodian,
Domestic Subcustodian, a Special Custodian, depository or agent of the Custodian; or in an account maintained by the Custodian or agent
at a Securities System (as hereinafter defined); or (ii)&nbsp;in book-entry form by a Securities System in accordance with the provisions
of sub-paragraph (3)&nbsp;below.</FONT></P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Custodian may hold registrable portfolio Securities which have been delivered to it in physical form, by registering the same in the
name of the Fund or its nominee, or in the name of the Custodian or its nominee, for whose actions the Fund and Custodian, respectively,
shall be fully responsible. Upon the receipt of Instructions, the Custodian shall hold such Securities in street certificate form, so
called, with or without any indication of representative capacity. However, unless it receives Instructions to the contrary, the Custodian
will register all such portfolio Securities in the name of the Custodian's authorized nominee. All such Securities shall be held in an
account of the Custodian containing only assets of the Fund or only assets held by the Custodian for the benefit of customers, provided
that the records of the Custodian shall indicate at all times the Fund or other customer for which such Securities are held in such accounts
and the respective interests therein.</FONT></P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Custodian may deposit and/or maintain domestic Securities owned by the Fund in, and the Fund hereby approves use of: (a)&nbsp;The Depository
Trust&nbsp;&amp; Clearing Corporation; (b)&nbsp;any other clearing agency registered with the Securities and Exchange Commission (&ldquo;SEC&rdquo;)
under section 17A of the Securities Exchange Act of 1934, which acts as a securities depository; and (c)&nbsp;a Federal Reserve Bank
or other entity authorized to operate the federal book-entry system described in the regulations of the Department of the Treasury or
book-entry systems operated pursuant to comparable regulations of other federal agencies. Upon the receipt of Special Instructions, the
Custodian may deposit and/or maintain domestic Securities owned by the Fund in any other domestic clearing agency that may otherwise
be authorized by the SEC to serve in the capacity of depository or clearing agent for the Securities or other assets of investment companies
and that acts as a Securities depository. Each of the foregoing shall be referred to in this Agreement as a &quot;Securities System&quot;,
and all such Securities Systems shall be listed on the attached Appendix A. Use of a Securities System shall be in accordance with applicable
Federal Reserve Board and SEC rules&nbsp;and regulations, if any, and subject to the following provisions:</FONT></P>


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


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


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Custodian may deposit the Securities directly or through one or more agents or Subcustodians which are also qualified to act as custodians
for investment companies.</FONT></P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Securities
held in a Securities System shall be subject to any agreements or rules&nbsp;effective between the Securities System and the Custodian
or a Subcustodian, as the case may be.</FONT></P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Any
Securities deposited or maintained in a Securities System shall be held in an account (&quot;Account&quot;) of the Custodian or a Subcustodian
in the Securities System that includes only assets held by the Custodian or a Subcustodian as a custodian or otherwise for customers.</FONT></P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
books and records of the Custodian shall at all times identify those Securities belonging to the Fund which are maintained in a Securities
System.</FONT></P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Custodian shall pay for Securities purchased for the account of the Fund only upon (a)&nbsp;receipt of advice from the Securities System
that such Securities have been transferred to the Account of the Custodian in accordance with the rules&nbsp;of the Securities System,
and (b)&nbsp;the making of an entry on the records of the Custodian to reflect such payment and transfer for the account of such Fund.
The Custodian shall transfer Securities sold for the account of the Fund only upon (a)&nbsp;receipt of advice from the Securities System
that payment for such Securities has been transferred to the Account of the Custodian in accordance with the rules&nbsp;of the Securities
System, and (b)&nbsp;the making of an entry on the records of the Custodian to reflect such transfer and payment for the account of such
Fund. Copies of all advices from the Securities System relating to transfers of Securities for the account of the Fund shall be maintained
for such Fund by the Custodian. Such copies may be maintained by the Custodian in electronic form. The Custodian shall make available
to the Fund or its agent on the next business day, by Electronic Communication, facsimile, or other means reasonably acceptable to both
parties, daily transaction activity that shall include each day&rsquo;s transactions for the account of such Fund.</FONT></P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT>&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Custodian shall, if requested by the Fund pursuant to Instructions, provide such Fund with reports obtained by the Custodian or any Subcustodian
with respect to a Securities System's accounting system, internal accounting control and procedures for safeguarding Securities deposited
in the Securities System.</FONT></P>


<P STYLE="text-align: left; 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="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(c)</TD><TD STYLE="text-align: left"><U>Underlying
                                            Interests.</U></TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
provisions of this Section&nbsp;4(c)&nbsp;shall govern the custody of the Underlying Interests and, to the extent there is a conflict
between such provisions and the provisions of any other section of this Agreement with respect to Underlying Interests, the terms of
this Section&nbsp;4(c)&nbsp;shall control.</FONT></P>


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


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


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Underlying Interests are beneficially owned by the applicable Fund and not the Custodian and shall be deposited and/or held in an account
or accounts maintained by a transfer agent, registrar, recordkeeper, general partner, corporate secretary or other relevant third party
(each a &ldquo;Transfer Agent&rdquo;) pursuant to Instructions to the Custodian. The Custodian has no liability for the payment for any
obligations or liabilities related to the Underlying Interests. The Fund and the Custodian agree that the Custodian&rsquo;s only responsibilities
in connection with Underlying Interests shall be limited to the following:</FONT></P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Upon
receipt of a confirmation or statement from a Transfer Agent that such Transfer Agent is holding or maintaining Underlying Interests
in the name of the Custodian (or a nominee of the Custodian) for the benefit of the Fund, the Custodian shall (A)&nbsp;mark such holdings
on its books and records and (B)&nbsp;identify by book-entry that the relevant Underlying Interests are being held by the Custodian as
custodian for the benefit of the applicable Fund;</FONT></P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
accordance with Instructions, the Custodian shall (A)&nbsp;pay out monies from Fund Assets for the purchase of Underlying Interests for
the account of the Fund and (B)&nbsp;record such purchase on the books and records of the Custodian;</FONT></P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
accordance with Instructions, the Custodian shall (A)&nbsp;transfer Underlying Interests redeemed for the account of the applicable Fund
in accordance with such Instructions and (B)&nbsp;record such transfer on the books and records of the Custodian and, upon receipt of
related proceeds, record the related payment for the account of the Fund on said books and records; and</FONT></P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Custodian
will not be deemed to have received any distribution or other asset of the applicable Fund until that distribution or other asset of
the Fund has in fact been received by the Custodian at the address and in the manner directed in the applicable Subscription Agreement.</FONT></P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(d)</TD><TD STYLE="text-align: left"><U>Free
                                            Delivery of Assets</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding any other provision
of this Agreement and except as provided in Section&nbsp;3 hereof, the Custodian, upon receipt of Special Instructions, will undertake
to make free delivery of Assets, provided such Assets are on hand and available, in connection with the Fund's transactions and to transfer
such Assets to such broker, dealer, Subcustodian, bank, agent, Securities System or otherwise as specified in such Special Instructions.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(e)</TD><TD STYLE="text-align: left"><U>Exchange
                                            of Securities</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon receipt of Instructions,
the Custodian will exchange Securities held by it for the Fund for other Securities or cash paid in connection with any reorganization,
recapitalization, merger, consolidation, conversion, or similar event, and will deposit any such Securities in accordance with the terms
of any reorganization or protective plan.</P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless otherwise directed by
Instructions, the Custodian is authorized to exchange Securities held by it in temporary form for Securities in definitive form, to surrender
Securities for transfer into a name or nominee name as permitted in Section&nbsp;4(b)(2), to effect an exchange of shares in a stock
split or when the par value of the stock is changed, to sell any fractional shares, and, upon receiving payment therefor, to surrender
bonds or other Securities held by it at maturity or call.</P>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(f)</TD><TD STYLE="text-align: left"><U>Purchases
                                            of Assets</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Securities
Purchases</U>. In accordance with Instructions, the Custodian shall, with respect to a purchase of Securities, pay for such Securities
out of monies held for the Fund's account for which the purchase was made, but only insofar as monies are available therein for such
purpose, and receive the Securities so purchased. Unless the Custodian has received Special Instructions to the contrary, such payment
will be made only upon delivery of such Securities to the Custodian, a clearing corporation of a national securities exchange of which
the Custodian is a member, or a Securities System in accordance with the provisions of Section&nbsp;4(b)(3)&nbsp;hereof. Notwithstanding
the foregoing, (i)&nbsp;in connection with a repurchase agreement, the Custodian may release funds to a Securities System prior to the
receipt of advice from the Securities System that the Securities underlying such repurchase agreement have been transferred by book-entry
into the Account maintained with such Securities System by the Custodian, provided that the Custodian's instructions to the Securities
System require that the Securities System may make payment of such funds to the other party to the repurchase agreement only upon transfer
by book-entry of the Securities underlying the repurchase agreement into such Account; (ii)&nbsp;in the case of options,&nbsp;Interest
Bearing Deposits, currency deposits and other deposits, and foreign exchange transactions, pursuant to Sections 4(h), 4(l), and 4(m)&nbsp;hereof,
the Custodian may make payment therefor before receipt of an advice of transaction; and (iii)&nbsp;the Custodian may make payment for
Securities or other Assets prior to delivery thereof in accordance with Instructions, applicable laws, generally accepted trade practices,
or the terms of the instrument representing such Security or other Asset, including, but not limited to, Securities and other Assets
as to which payment for the Security and receipt of the instrument evidencing the Security are under generally accepted trade practices
or the terms of the instrument representing the Security expected to take place in different locations or through separate parties.</FONT></P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Other
Assets Purchased</U>. Upon receipt of Instructions and except as otherwise provided herein, the Custodian shall pay for and receive other
Assets for the account of the Fund as provided in Instructions.</FONT></P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(g)</TD><TD STYLE="text-align: left"><U>Sales
                                            of Assets</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Securities
Sold</U>. In accordance with Instructions, the Custodian shall, with respect to a sale, deliver or cause to be delivered the Securities
thus designated as sold to the broker or other person specified in the Instructions relating to such sale. Unless the Custodian has received
Special Instructions to the contrary, such delivery shall be made only upon receipt of payment therefor in the form of: (a)&nbsp;cash,
certified check, bank cashier's check, bank credit, or bank wire transfer; (b)&nbsp;credit to the account of the Custodian with a clearing
corporation of a national securities exchange of which the Custodian is a member; or (c)&nbsp;credit to the Account of the Custodian
with a Securities System, in accordance with the provisions of Section&nbsp;4(b)(3)&nbsp;hereof. Notwithstanding the foregoing, the Custodian
may deliver Securities and other Assets prior to receipt of payment for such Securities in accordance with Instructions, applicable laws,
generally accepted trade practices, or the terms of the instrument representing such Security or other Asset. For example, Securities
held in physical form may be delivered and paid for in accordance with &quot;street delivery custom&quot; to a broker or its clearing
agent, against delivery to the Custodian of a receipt for such Securities, provided that the Custodian shall have taken reasonable steps
to ensure prompt collection of the payment for, or return of, such Securities by the broker or its clearing agent, and provided further
that the Custodian shall not be responsible for the selection of or the failure or inability to perform of such broker or its clearing
agent or for any related loss arising from delivery or custody of such Securities prior to receiving payment therefor.</FONT></P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Other
Assets Sold</U>. Upon receipt of Instructions and except as otherwise provided herein, the Custodian shall receive payment for and deliver
other Assets for the account of the Fund as provided in Instructions.</FONT></P>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(h)</TD><TD STYLE="text-align: left"><U>Options</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Upon
receipt of Instructions relating to the purchase of an option or sale of a covered call option, the Custodian shall: (a)&nbsp;receive
and retain Instructions or other documents, to the extent they are provided to the Custodian, evidencing the purchase or writing of the
option by the Fund; (b)&nbsp;if the transaction involves the sale of a covered call option, deposit and maintain in a segregated account
the Securities (either physically or by book-entry in a Securities System) subject to the covered call option written on behalf of such
Fund; and (c)&nbsp;pay, release and/or transfer such Securities, cash or other Assets in accordance with any notices or other communications
evidencing the expiration, termination or exercise of such options which are furnished to the Custodian by the Options Clearing Corporation
(the &quot;OCC&quot;), the securities or options exchanges on which such options were traded, or such other organization as may be responsible
for handling such option transactions.</FONT></P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Upon
receipt of Instructions relating to the sale of a naked option (including stock index and commodity options), the Custodian, the Fund
and the broker-dealer shall enter into an agreement to comply with the rules&nbsp;of the OCC or of any registered national securities
exchange or similar organizations(s). Pursuant to that agreement and such Fund's Instructions, the Custodian shall: (a)&nbsp;receive
and retain Instructions or other documents, if any, evidencing the writing of the option; (b)&nbsp;deposit and maintain in a segregated
account, Securities (either physically or by book-entry in a Securities System), cash and/or other Assets; and (c)&nbsp;pay, release
and/or transfer such Securities, cash or other Assets in accordance with any such agreement and with any notices or other communications
evidencing the expiration, termination or exercise of such option which are furnished to the Custodian by the OCC, the securities or
options exchanges on which such options were traded, or such other organization as may be responsible for handling such option transactions.
The Fund and the broker-dealer shall be responsible for determining the quality and quantity of assets held in any segregated account
established in compliance with applicable margin maintenance requirements and the performance of other terms of any option contract.</FONT></P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(i)</TD><TD STYLE="text-align: left"><U>Segregated
                                            Accounts</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon receipt of Instructions,
the Custodian shall establish and maintain on its books a segregated account or accounts for and on behalf of the Fund, into which account
or accounts may be transferred Assets of such Fund, including Securities maintained by the Custodian in a Securities System pursuant
to Paragraph (b)(3)&nbsp;of this Section&nbsp;4, said account or accounts to be maintained (i)&nbsp;for the purposes set forth in Sections
4(h)&nbsp;and 4(n)&nbsp;and (ii)&nbsp;for the purpose of compliance by such Fund with the procedures required by SEC Investment Company
Act Release Number 10666 or any subsequent release or releases relating to the maintenance of segregated accounts by registered investment
companies, or (iii)&nbsp;for such other purposes as may be set forth, from time to time, in Special Instructions. The Custodian shall
not be responsible for the determination of the type or amount of Assets to be held in any segregated account referred to in this paragraph,
or for compliance by the Fund with required procedures noted in (ii)&nbsp;above.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(j)</TD><TD STYLE="text-align: left"><U>Depositary
                                            Receipts</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon receipt of Instructions,
the Custodian shall surrender or cause to be surrendered Securities to the depository used for such Securities by an issuer of American
Depositary Receipts or International Depositary Receipts (hereinafter referred to, collectively, as &quot;ADRs&quot;), against a written
receipt therefor adequately describing such Securities and written evidence satisfactory to the organization surrendering the same that
the depository has acknowledged receipt of instructions to issue ADRs with respect to such Securities in the name of the Custodian or
a nominee of the Custodian, for delivery in accordance with such instructions.</P>


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


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


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon receipt of Instructions,
the Custodian shall surrender or cause to be surrendered ADRs to the issuer thereof, against a written receipt therefor adequately describing
the ADRs surrendered and written evidence satisfactory to the organization surrendering the same that the issuer of the ADRs has acknowledged
receipt of instructions to cause its depository to deliver the Securities underlying such ADRs in accordance with such instructions.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(k)</TD><TD STYLE="text-align: left"><U>Corporate
                                            Actions, Put Bonds, Called Bonds, Etc.</U></TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon receipt of Instructions,
the Custodian shall: (a)&nbsp;deliver warrants, puts, calls, rights or similar Securities to the issuer or trustee thereof (or to the
agent of such issuer or trustee) for the purpose of exercise or sale, provided that the new Securities, cash or other Assets, if any,
acquired as a result of such actions are to be delivered to the Custodian; and (b)&nbsp;deposit Securities upon invitations for tenders
thereof, provided that the consideration for such Securities is to be paid or delivered to the Custodian, or the tendered Securities
are to be returned to the Custodian.</P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Unless otherwise directed to
the contrary in Instructions, the Custodian shall comply with the terms of all mandatory or compulsory exchanges, calls, tenders, redemptions,
or similar rights of security ownership of which the Custodian receives notice through data services or publications to which it normally
subscribes, and shall promptly notify the Fund of such action.</P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund agrees that if it
gives an Instruction for the performance of an act on the last permissible date of a period established by the Custodian or any optional
offer or on the last permissible date for the performance of such act, the Fund shall hold the Custodian harmless from any adverse consequences
in connection with acting upon or failing to act upon such Instructions.</P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the Fund wishes to receive
periodic corporate action notices of exchanges, calls, tenders, redemptions and other similar notices pertaining to Securities and to
provide Instructions with respect to such Securities via the internet, the Custodian and such Fund may enter into a Supplement to this
Agreement whereby such Fund will be able to participate in the Custodian&rsquo;s Electronic Corporate Action Notification Service.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(l)</TD><TD STYLE="text-align: left"><U>Interest
                                            Bearing Deposits.</U></TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon receipt of Instructions
directing the Custodian to purchase interest bearing fixed-term certificates of deposit or call deposits (hereinafter referred to, collectively,
as &quot;Interest Bearing Deposits&quot;) for the account of the Fund, the Custodian shall purchase such Interest Bearing Deposits with
such banks or trust companies, including the Custodian, any Subcustodian or any subsidiary or affiliate of the Custodian (hereinafter
referred to as &quot;Banking Institutions&quot;), and in such amounts as such Fund may direct pursuant to Instructions. Such Interest
Bearing Deposits shall be denominated in U.S. dollars. Interest Bearing Deposits issued by the Custodian shall be in the name of the
Fund. Interest Bearing Deposits issued by another Banking Institution may be in the name of the Fund or the Custodian or in the name
of the Custodian for its customers generally. The responsibilities of the Custodian to the Fund for Interest Bearing Deposits issued
by the Custodian shall be that of a U.S. bank for a similar deposit. With respect to Interest Bearing Deposits issued by any other Banking
Institution, (a)&nbsp;the Custodian shall be responsible for the collection of income and the transmission of cash to and from such accounts;
and (b)&nbsp;the Custodian shall have no duty with respect to the selection of the Banking Institution or for the failure of such Banking
Institution to pay upon demand.</P>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(m)</TD><TD STYLE="text-align: left"><U>Foreign
                                            Exchange Transactions</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Fund may appoint the Custodian as its agent in the execution of all currency exchange transactions. If requested, the Custodian agrees
to provide exchange rate and U.S. Dollar information, in writing, or by other means agreeable to both parties, to the Fund.</P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Upon
receipt of Instructions, the Custodian shall settle foreign exchange contracts or options to purchase and sell foreign currencies for
spot and future delivery on behalf of and for the account of the Fund with such currency brokers or Banking Institutions as such Fund
may determine and direct pursuant to Instructions. If, in its Instructions, the Fund does not direct the Custodian to utilize a particular
currency broker or Banking Institution, the Custodian is authorized to select such currency broker or Banking Institution as it deems
appropriate to execute the Fund's foreign currency transaction. It is understood that all such transactions shall be undertaken by the
Custodian as agent for the Fund.</FONT></P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Fund accepts full responsibility for its use of third party foreign exchange brokers and for execution of said foreign exchange contracts
and understands that the Fund shall be responsible for any and all costs and interest charges which may be incurred as a result of the
failure or delay of its third party broker to deliver foreign exchange. The Custodian shall have no responsibility or liability with
respect to the selection of the currency brokers or Banking Institutions with which the Fund deals or the performance or non-performance
of such brokers or Banking Institutions.</FONT></P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary contained herein, upon receipt of Instructions the Custodian may, in connection with a foreign exchange contract,
make free outgoing payments of cash in the form of U.S. Dollars or foreign currency prior to receipt of confirmation of such foreign
exchange contract or confirmation that the countervalue currency completing such contract has been delivered or received.</FONT></P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(n)</TD><TD STYLE="text-align: left"><U>Pledges
                                            or Loans of Securities</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Upon
receipt of Instructions from the Fund, the Custodian will release or cause to be released Securities held in custody to the pledgees
designated in such Instructions by way of pledge or hypothecation to secure loans incurred by such Fund with various lenders including
but not limited to UMB Bank, n.a.; provided, however, that the Securities shall be released only upon payment to the Custodian of the
monies borrowed, except that in cases where additional collateral is required to secure existing borrowings, further Securities may be
released or delivered, or caused to be released or delivered for that purpose upon receipt of Instructions. Upon receipt of Instructions,
the Custodian will pay, but only from funds available for such purpose, any such loan upon re-delivery to it of the Securities pledged
or hypothecated therefor and upon surrender of the note or notes evidencing such loan. In lieu of delivering collateral to a pledgee,
the Custodian, on the receipt of Instructions, shall transfer the pledged Securities to a segregated account for the benefit of the pledgee.</FONT></P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Upon
receipt of Instructions, the Custodian will release securities to a securities lending agent appointed by the Fund and designated in
such Instructions. The Custodian shall act upon Instructions from the Fund and/or such agent in order to effect securities lending transactions
on behalf of the Fund. For its services in facilitating the Fund&rsquo;s securities lending activities through such agent, the Custodian
may receive from the agent a portion of the agent&rsquo;s securities lending revenue or a fee directly from such Fund. The Custodian
shall have no responsibility or liability for any losses arising in connection with the agent&rsquo;s actions or omissions, including
but not limited to the delivery of Securities prior to the receipt of collateral, in the absence of negligence or willful misconduct
on the part of the Custodian.</FONT></P>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(o)</TD><TD STYLE="text-align: left"><U>Stock
                                            Dividends, Rights, Etc.</U></TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Custodian shall receive
and collect all stock dividends, rights, and other items of like nature and, upon receipt of Instructions, take action with respect to
the same as directed in such Instructions.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(p)</TD><TD STYLE="text-align: left"><U>Routine
                                            Dealings</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Custodian will, in general,
attend to all routine and operational matters in accordance with industry standards in connection with the sale, exchange, substitution,
purchase, transfer, or other dealings with Securities or other property of the Fund, except as may be otherwise provided in this Agreement
or directed from time to time by Instructions from any particular Fund. The Custodian may also make payments to itself or others from
the Assets for disbursements and out-of-pocket expenses incidental to handling Securities or other similar items relating to its duties
under this Agreement, provided that all such payments shall be accounted for to the Fund.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(q)</TD><TD STYLE="text-align: left"><U>Collections</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Custodian shall (a)&nbsp;collect
amounts due and payable to the Fund with respect to Securities and other Assets; (b)&nbsp;promptly credit to the account of the Fund
all income and other payments relating to Securities and other Assets held by the Custodian hereunder upon Custodian's receipt of such
income or payments or as otherwise agreed in writing by the Custodian and any particular Fund; (c)&nbsp;promptly endorse and deliver
any instruments required to effect such collection; and (d)&nbsp;promptly execute ownership and other certificates, affidavits and other
documents for all federal, state, local and foreign tax purposes in connection with receipt of income or other payments with respect
to Securities and other Assets, or in connection with the transfer of such Securities or other Assets; provided, however, that with respect
to Securities registered in so-called street name, or physical Securities with variable interest rates, the Custodian shall use its best
efforts to collect amounts due and payable to any such Fund. The Custodian shall not be responsible for the collection of amounts due
and payable with respect to Securities or other Assets that are in default.</P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any advance credit of cash
or Securities expected to be received shall be subject to actual collection and may, when the Custodian determines collection unlikely,
be reversed by the Custodian.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(r)</TD><TD STYLE="text-align: left"><U>Dividends,
                                            Distributions and Redemptions</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To enable the Fund to pay dividends
or other distributions to shareholders of the Fund and to make payment to shareholders who have requested repurchase or redemption of
their shares of the Fund (collectively, the &quot;Shares&quot;), the Custodian shall release cash or Securities insofar as available.
In the case of cash, the Custodian shall, upon the receipt of Instructions, transfer such funds by check or wire transfer to any account
at any bank or trust company designated by the Fund in such Instructions. In the case of Securities, the Custodian shall, upon the receipt
of Special Instructions, make such transfer to any entity or account designated by the Fund in such Special Instructions.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(s)</TD><TD STYLE="text-align: left"><U>Proceeds
                                            from Shares Sold</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Custodian shall receive
funds representing cash payments received for shares issued or sold from time to time by the Fund, and shall credit such funds to the
account of the Fund. The Custodian shall notify the Fund of Custodian's receipt of cash in payment for shares issued by the Fund by facsimile
transmission or in such other manner as the Fund and the Custodian shall agree. Upon receipt of Instructions, the Custodian shall: (a)&nbsp;deliver
all federal funds received by the Custodian in payment for shares as may be set forth in such Instructions and at a time agreed upon
between the Custodian and such Fund; and (b)&nbsp;make federal funds available to the Fund as of specified times agreed upon from time
to time by such Fund and the Custodian, in the amount of checks received in payment for shares which are deposited to the accounts of
such Fund.</P>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(t)</TD><TD STYLE="text-align: left"><U>Proxies
                                            and Notices; Compliance with the Shareholders Communication Act of 1985</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Custodian shall deliver
or cause to be delivered to the Fund, or its designated agent or proxy service provider, all forms of proxies, all notices of meetings,
and any other notices or announcements affecting or relating to Securities or Underlying Interests owned by such Fund that are received
by the Custodian and, upon receipt of Instructions, the Custodian shall execute and deliver, or cause a Subcustodian or nominee to execute
and deliver such proxies or other authorizations as may be required. Except as directed pursuant to Instructions, the Custodian shall
not vote upon any such Securities or Underlying Interests, or execute any proxy to vote thereon, or give any consent or take any other
action with respect thereto.</P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Custodian will not release
the identity of any Fund to an issuer which requests such information pursuant to the Shareholder Communications Act of 1985 for the
specific purpose of direct communications between such issuer and any such Fund unless a particular Fund directs the Custodian otherwise
pursuant to Instructions.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(u)</TD><TD STYLE="text-align: left"><U>Books
                                            and Records</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Custodian shall maintain
such records relating to its activities under this Agreement as are required to be maintained by Rule&nbsp;31a-1 under the 1940 Act and
to preserve them for the periods prescribed in Rule&nbsp;31a-2 under the 1940 Act. These records shall be open for inspection by duly
authorized officers, employees or agents (including independent public accountants) of the Fund during normal business hours of the Custodian.</P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Custodian shall provide
accountings relating to its activities under this Agreement as shall be agreed upon by the Fund and the Custodian.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(v)</TD><TD STYLE="text-align: left"><U>Opinion
                                            of Fund's Independent Certified Public Accountants</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Custodian shall take all
reasonable action as the Fund may request to obtain from year to year favorable opinions from the Fund's independent certified public
accountants with respect to the Custodian's activities hereunder and in connection with the preparation of the Fund's periodic reports
to the SEC and with respect to any other requirements of the SEC.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(w)</TD><TD STYLE="text-align: left"><U>Reports
                                            by Independent Certified Public Accountants</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">At the request of the Fund,
the Custodian shall deliver to such Fund a written report, which may be in electronic form, prepared by the Custodian's independent certified
public accountants with respect to the services provided by the Custodian under this Agreement, including, without limitation, the Custodian's
accounting system, internal accounting control, financial strength and procedures for safeguarding cash, Securities and other Assets,
including cash, Securities and other Assets deposited and/or maintained in a Securities System or with a Subcustodian. Such report shall
be of sufficient scope and in sufficient detail as may reasonably be required by such Fund and as may reasonably be obtained by the Custodian.</P>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(x)</TD><TD STYLE="text-align: left"><U>Bills
                                            and Other Disbursements</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon receipt of Instructions,
the Custodian shall pay, or cause to be paid, all bills, statements, or other obligations of the Fund.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(y)</TD><TD STYLE="text-align: left"><U>Precious
                                            Metals</U></TD></TR></TABLE>


<P STYLE="text-align: left; 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: left; text-indent: 0.25in">The Fund may, upon Special
Instructions, direct the Custodian to appoint, or instruct the Domestic Subcustodian to appoint, a depository for the safekeeping and
storage of gold, silver, platinum and other precious metals (&ldquo;Precious Metals&rdquo;) on behalf of such Fund.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(z)</TD><TD STYLE="text-align: left"><U>Sweep
                                            or Automated Cash Management.</U></TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon receipt of Instructions,
the Custodian shall invest any otherwise uninvested cash of any Fund held by the Custodian in a money market mutual fund, a cash deposit
product, or other cash investment vehicle made available by the Custodian from time to time (each, a &ldquo;Sweep Vehicle&rdquo;), in
accordance with the directions contained in such Instructions. If no such Instruction has been received by the Custodian, the Custodian
shall invest uninvested cash of the Fund in the Sweep Vehicle(s)&nbsp;previously chosen by the applicable Fund. If no Sweep Vehicle has
been selected by the Fund, the Custodian, at its discretion, shall invest some or all of the balance in various Sweep Vehicles. A fee
may be charged or a spread may be received by the Custodian for investing the Fund&rsquo;s otherwise uninvested cash in the available
Sweep Vehicles.</P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Custodian shall have no
responsibility to determine whether any purchases of a Sweep Vehicle by or on behalf of the Fund under the terms of this section will
cause any Fund to exceed the limitations contained in the 1940 Act on ownership of shares of another registered investment company or
any other asset or portfolio restrictions or limitations contained in applicable laws or regulations or the Fund&rsquo;s prospectus.
The Fund agrees to indemnify and hold harmless the Custodian from all losses, damages and expenses (including attorney&rsquo;s fees)
suffered or incurred by the Custodian as a result of a violation by the Fund of the limitations on ownership of shares of another registered
investment company or any other Sweep Vehicle.</P>


<P STYLE="text-align: left; 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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in">5.</TD><TD STYLE="text-align: left"><B><U>SUBCUSTODIANS</U></B>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">From time to time, in accordance
with the relevant provisions of this Agreement, (i)&nbsp;the Custodian may appoint one or more Domestic Subcustodians, Foreign Subcustodians,
Special Subcustodians or Interim Subcustodians (each as hereinafter defined) to act on behalf of the Fund; and (ii)&nbsp;the Custodian
may be directed, pursuant to an agreement between the Fund and the Custodian (&ldquo;Delegation Agreement&rdquo;), to appoint a Domestic
Subcustodian to perform the duties of the Foreign Custody Manager (as such term is defined in Rule&nbsp;17f-5 under the 1940 Act) (&ldquo;Approved
Foreign Custody Manager&rdquo;) for the Fund so long as such Domestic Subcustodian is so eligible under the 1940 Act. Such Delegation
Agreement shall provide that the appointment of any Domestic Subcustodian as the Approved Foreign Custody Manager must be governed by
a written agreement between the Custodian and the Domestic Subcustodian, which provides for compliance with Rule&nbsp;17f-5. The Approved
Foreign Custody Manager may then appoint a Foreign Subcustodian or Interim Subcustodian in accordance with this Section&nbsp;5. For purposes
of this Agreement, all Domestic Subcustodians, Special Subcustodians, Foreign Subcustodians and Interim Subcustodians shall be referred
to collectively as &ldquo;Subcustodians.&rdquo;</P>


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


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 18pt">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 17.65pt">(<FONT STYLE="font-size: 10pt">a)</FONT></TD>
    <TD STYLE="text-align: left">Domestic Subcustodians.</TD></TR>
  </TABLE>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The Custodian may, at any time
and from time to time, appoint any bank as defined in Section&nbsp;2(a)(5)&nbsp;of the 1940 Act or any trust company or other entity,
any of which meets the requirements of a custodian under Section&nbsp;17(f)&nbsp;of the 1940 Act and the rules&nbsp;and regulations thereunder,
to act for the Custodian on behalf of the Fund as a subcustodian for purposes of holding Assets of the Fund and performing other functions
of the Custodian within the United States (a &quot;Domestic Subcustodian&quot;). The Fund shall approve in writing the appointment of
the proposed Domestic Subcustodian; and the Custodian's appointment of any such Domestic Subcustodian shall not be effective without
such prior written approval of the Fund. Each such duly approved Domestic Subcustodian shall be reflected on Appendix A hereto.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(b)</TD><TD STYLE="text-align: left"><U>Foreign
                                            Subcustodians</U>.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.65pt; text-align: left"></TD><TD STYLE="text-align: left">(1)&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Foreign
                                            Subcustodians. The Approved Foreign Custody Manager may appoint any entity meeting the requirements
                                            of an Eligible Foreign Custodian, as such term is defined in Rule&nbsp;17f-5(a)(1)&nbsp;under
                                            the 1940 Act, and which term shall also include a bank that qualifies to serve as a custodian
                                            of assets of investment companies under Section&nbsp;17(f)&nbsp;of the 1940 Act or by SEC
                                            order is exempt therefrom (each a &ldquo;Foreign Subcustodian&rdquo; in the context of either
                                            a subcustodian or a sub-subcustodian), provided that the Approved Foreign Custody Manager&rsquo;s
                                            appointments of such Foreign Subcustodians shall at all times be governed by an agreement
                                            that complies with Rule&nbsp;17f-5.</FONT></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.65pt; text-align: left"></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
                                            the foregoing, in the event that the Approved Foreign Custody Manager determines that it
                                            will not provide delegation services (i)&nbsp;in a country in which the Fund has directed
                                            that the Fund invest in a security or other Asset or (ii)&nbsp;with respect to a specific
                                            Foreign Subcustodian which the Fund has directed be used, the Custodian shall, or shall cause
                                            the Approved Foreign Custody Manager to, promptly notify the Fund in writing by facsimile
                                            transmission, Electronic Communication, or otherwise of the unavailability of the Approved
                                            Foreign Custody Manager&rsquo;s delegation services in such country. The Custodian and the
                                            Approved Foreign Custody Manager (or Domestic Subcustodian) as applicable, shall be entitled
                                            to rely on and shall have no liability or responsibility for following such direction from
                                            the Fund as a Special Instruction and shall have no duties or liabilities under this Agreement
                                            save those that it may undertake specifically in writing with respect to each particular
                                            instance. Upon the receipt of such Special Instructions, the Custodian may, in it absolute
                                            discretion, designate, or cause the Approved Foreign Custody Manager to designate, an entity
                                            (defined herein as &ldquo;Interim Subcustodian&rdquo;) designated by the Fund in such Special
                                            Instructions, to hold such security or other Asset. In such event, the Fund represents and
                                            warrants that it has made a determination that the arrangement with such Interim Subcustodian
                                            satisfies the requirements of the 1940 Act and the rules&nbsp;and regulations thereunder
                                            (including Rule&nbsp;17f- 5, if applicable). It is further understood that where the Approved
                                            Foreign Custody Manager and the Custodian do not agree to provide fully to the Fund the services
                                            under this Agreement and the Delegation Agreement with respect to a particular country or
                                            specific Foreign Subcustodian, the Fund may delegate such services to another delegate pursuant
                                            to Rule&nbsp;17f-5.</FONT></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(c)</TD><TD STYLE="text-align: left"><U>Special
                                            Subcustodians</U>.</TD></TR></TABLE>


<P STYLE="text-align: left; 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: left; text-indent: 0.25in">Upon receipt of Special Instructions,
the Custodian shall, on behalf of the Fund, appoint one or more banks, trust companies or other entities designated in such Special Instructions
to act for the Custodian on behalf of such Fund as a subcustodian for purposes of: (i)&nbsp;effecting third-party repurchase transactions
with banks, brokers, dealers or other entities through the use of a common custodian or subcustodian; (ii)&nbsp;providing depository
and clearing agency services with respect to certain variable rate demand note Securities, (iii)&nbsp;providing depository and clearing
agency services with respect to dollar denominated Securities; and (iv)&nbsp;effecting any other transactions designated by such Fund
in such Special Instructions. Each such designated subcustodian (hereinafter referred to as a &quot;Special Subcustodian&quot;) shall
be listed on Appendix A attached hereto, as it may be amended from time to time. In connection with the appointment of any Special Subcustodian,
the Custodian may enter into a subcustodian agreement with the Special Subcustodian.</P>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(d)</TD><TD STYLE="text-align: left"><U>Termination
                                            of a Subcustodian</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Custodian may, at any time
in its discretion upon notification to the Fund, terminate any Subcustodian of the Fund in accordance with the termination provisions
under the applicable subcustodian agreement, and upon the receipt of Special Instructions, the Custodian shall terminate any Subcustodian
in accordance with the termination provisions under the applicable subcustodian agreement.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(e)</TD><TD STYLE="text-align: left"><U>Information
                                            Regarding Foreign Subcustodians</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon request of the Fund, the
Custodian shall deliver, or cause any Approved Foreign Custody Manager to deliver, to the Fund a letter or list stating: (i)&nbsp;the
identity of each Foreign Subcustodian then acting on behalf of the Custodian; (ii)&nbsp;the Eligible Securities Depositories (as defined
in Section&nbsp;5(f)) in each foreign market through which each Foreign Subcustodian is then holding cash, securities and other Assets
of the Fund; and (iii)&nbsp;such other information as may be requested by the Fund to ensure compliance with rules&nbsp;and regulations
under the 1940 Act.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(f)</TD><TD STYLE="text-align: left"><U>Eligible
                                            Securities Depositories</U>.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.65pt; text-align: left"></TD><TD STYLE="text-align: left">(1)&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
                                            Custodian or the Domestic Subcustodian may place and maintain the Fund&rsquo;s Foreign Assets
                                            with an Eligible Securities Depository (as defined in Rule&nbsp;17f-7, which term shall include
                                            any other securities depository for which the SEC by exemptive order has permitted registered
                                            investment companies to maintain their assets).</FONT></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.65pt; text-align: left"></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)&#8239;&#8239;&#8239;&#8239;&#8239;Upon
                                            the request of the Fund, the Custodian shall direct the Domestic Subcustodian to provide
                                            to the Fund (including the Fund&rsquo;s board of directors or trustees) and/or the Fund&rsquo;s
                                            adviser or other agent an analysis of the custody risks associated with maintaining the Fund&rsquo;s
                                            Foreign Assets with such Eligible Securities Depository utilized directly or indirectly by
                                            the Custodian or the Domestic Subcustodian as of the date hereof (or, in the case of an Eligible
                                            Securities Depository not so utilized as of the date hereof, prior to the placement of the
                                            Fund&rsquo;s Foreign Assets at such depository) and at which any Foreign Assets of the Fund
                                            are held or are expected to be held. The Custodian shall direct the Domestic Subcustodian
                                            to monitor the custody risks associated with maintaining the Fund&rsquo;s Foreign Assets
                                            at each such Eligible Securities Depository on a continuing basis and shall promptly notify
                                            the Fund or its adviser of any material changes in such risks through the Approved Foreign
                                            Custody Manager&rsquo;s letter, market alerts or other periodic correspondence.</FONT></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.65pt; text-align: left"></TD><TD STYLE="text-align: left">(3)&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
                                            Custodian shall direct the Domestic Subcustodian to determine the eligibility under Rule&nbsp;17f-7
                                            of each foreign securities depository before maintaining the Fund&rsquo;s Foreign Assets
                                            therewith and shall promptly advise the Fund if any Eligible Securities Depository ceases
                                            to be so eligible. Notwithstanding Subsection 17(c)&nbsp;hereof, Eligible Securities Depositories
                                            may, subject to Rule&nbsp;17f- 7, be added to or deleted from such list from time to time.</FONT></TD>
</TR></TABLE>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.65pt; text-align: left"></TD><TD STYLE="text-align: left">&#8239;(4)&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Withdrawal
                                            of Assets. If an arrangement with an Eligible Securities Depository no longer meets the requirements
                                            of Rule&nbsp;17f-7, the Custodian shall direct the Domestic Subcustodian to withdraw the
                                            Fund&rsquo;s Foreign Assets from such depository as soon as reasonably practicable.</FONT></TD>
</TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.65pt; text-align: left"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)&#8239;&#8239;&#8239;&#8239;&#8239;Standard
                                            of Care. In fulfilling its responsibilities under this Section&nbsp;5(f), the Custodian will
                                            exercise reasonable care, prudence and diligence.</FONT></TD>
</TR></TABLE>


<P STYLE="text-align: left; 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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in">6.</TD><TD STYLE="text-align: left"><B><U>STANDARD
                                            OF CARE</U></B>.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(a)</TD><TD STYLE="text-align: left"><U>General
                                            Standard of Care</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Custodian shall exercise
due care in accordance with reasonable commercial standards in discharging its duties hereunder. The Custodian shall be liable to the
Fund for all losses, damages and reasonable costs and expenses suffered or incurred by such Fund resulting from the negligence or willful
misconduct of the Custodian; provided, however, in no event shall the Custodian be liable for attorneys&rsquo; fees or for special, indirect,
consequential or punitive damages arising under or in connection with this Agreement.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(b)</TD><TD STYLE="text-align: left"><U>Actions
                                            Prohibited by Applicable Law, Etc.</U></TD></TR></TABLE>


<P STYLE="text-align: left; 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: left; text-indent: 0.5in">In no event shall the Custodian
incur liability hereunder if the Custodian or any Subcustodian or Securities System, or any Subcustodian, Eligible Securities Depository
utilized by any such Subcustodian, or any nominee of the Custodian or any Subcustodian (individually, a &ldquo;Person&rdquo;) is prevented,
forbidden or delayed from performing, or omits to perform, any act or thing which this Agreement provides shall be performed or omitted
to be performed, by reason of: (i)&nbsp;any provision of any present or future law or regulation or order of the United States of America,
or any state thereof, or of any foreign country, or political subdivision thereof or of any court of competent jurisdiction (and neither
the Custodian nor any other Person shall be obligated to take any action contrary thereto); or (ii)&nbsp;any &ldquo;Force Majeure,&rdquo;
which for purposes of this Agreement, shall mean any circumstance or event which is beyond the reasonable control of the Custodian, a
Subcustodian or any agent of the Custodian or a Subcustodian and which adversely affects the performance by the Custodian of its obligations
hereunder, by the Subcustodian of its obligations under its subcustodian agreement or by any other agent of the Custodian or the Subcustodian,
unless in each case, such delay or nonperformance is caused by the negligence or willful misconduct of the Custodian. Such Force Majeure
events may include any event caused by, arising out of or involving (a)&nbsp;an act of God, (b)&nbsp;accident, fire, water damage or
explosion, (c)&nbsp;any computer, system outage or downtime or other equipment failure or malfunction caused by any computer virus or
any other reason or the malfunction or failure of any communications medium, (d)&nbsp;any interruption of the power supply or other utility
service, (e)&nbsp;any strike or other work stoppage, whether partial or total, (f)&nbsp;any delay or disruption resulting from or reflecting
the occurrence of any Sovereign Risk (as defined below), (g)&nbsp;any disruption of, or suspension of trading in, the securities, commodities
or foreign exchange markets, whether or not resulting from or reflecting the occurrence of any Sovereign Risk, (h)&nbsp;any encumbrance
on the transferability of cash, currency or a currency position on the actual settlement date of a foreign exchange transaction, whether
or not resulting from or reflecting the occurrence of any Sovereign Risk, or (i)&nbsp;any other cause similarly beyond the reasonable
control of the Custodian.</P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Subject to the Custodian&rsquo;s
general standard of care set forth in Subsection 6(a)&nbsp;hereof and the requirements of Section&nbsp;17(f)&nbsp;of the 1940 Act and
Rules&nbsp;17f-5 and 17f-7 thereunder, the Custodian shall not incur liability hereunder if any Person is prevented, forbidden or delayed
from performing, or omits to perform, any act or thing which this Agreement provides shall be performed or omitted to be performed by
reason of any (i)&nbsp;&ldquo;Sovereign Risk,&rdquo; which for the purpose of this Agreement shall mean, in respect of any jurisdiction,
including but not limited to the United States of America, where investments are acquired or held under this Agreement, (a)&nbsp;any
act of war, terrorism, riot, insurrection or civil commotion, (b)&nbsp;the imposition of any investment, repatriation or exchange control
restrictions by any governmental authority, (c)&nbsp;the confiscation, expropriation or nationalization of any investments by any governmental
authority, whether de facto or de jure, (d)&nbsp;any devaluation or revaluation of the currency, (e)&nbsp;the imposition of taxes, levies
or other charges affecting investments, (f)&nbsp;any change in the applicable law, or (g)&nbsp;any other economic, systemic or political
risk incurred or experienced that is not directly related to the economic or financial conditions of the Eligible Foreign Custodian,
except as otherwise provided in this Agreement or the Delegation Agreement, or (ii)&nbsp;&ldquo;Country Risk,&rdquo; which for the purpose
of this Agreement shall mean, with respect to the acquisition, ownership, settlement or custody of investments in a jurisdiction, all
risks relating to, or arising in consequence of, systemic and markets factors affecting the acquisition, payment for or ownership of
investments, including (a)&nbsp;the prevalence of crime and corruption in such jurisdiction, (b)&nbsp;the inaccuracy or unreliability
of business and financial information (unrelated to the Approved Foreign Custody Manager&rsquo;s duties imposed by Rule&nbsp;17f-5(c)&nbsp;under
the 1940 Act or to the duties imposed on the Custodian by Rule&nbsp;17f-7 under the 1940 Act), (c)&nbsp;the instability or volatility
of banking and financial systems, or the absence or inadequacy of an infrastructure to support such systems, (d)&nbsp;custody and settlement
infrastructure of the market in which such investments are transacted and held, (e)&nbsp;the acts, omissions and operation of any Eligible
Securities Depository, it being understood that this provision shall not excuse the Custodian&rsquo;s performance under the express terms
of this Agreement, (f)&nbsp;the risk of the bankruptcy or insolvency of banking agents, counterparties to cash and securities transactions,
registrars or transfer agents, (g)&nbsp;the existence of market conditions which prevent the orderly execution or settlement of transactions
or which affect the value of assets, and (h)&nbsp;the laws relating to the safekeeping and recovery of the Fund&rsquo;s Foreign Assets
held in custody pursuant to the terms of this Agreement; provided, however, that, in compliance with Rule&nbsp;17f-5, neither Sovereign
Risk nor Country Risk shall include the custody risk of a particular Eligible Foreign Custodian of the Fund&rsquo;s Foreign Assets.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(c)</TD><TD STYLE="text-align: left"><U>Liability
                                            for Past Records</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Neither the Custodian nor any
Domestic Subcustodian shall have any liability in respect of any loss, damage or expense suffered by the Fund, insofar as such loss,
damage or expense arises from the performance of the Custodian or any Domestic Subcustodian in reliance upon records that were maintained
for such Fund by entities other than the Custodian or any Domestic Subcustodian prior to the Custodian's employment hereunder.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(d)</TD><TD STYLE="text-align: left"><U>Advice
                                            of Counsel</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Custodian and all Domestic
Subcustodians shall be entitled to receive and act upon advice of counsel of its own choosing on all matters. The Custodian and all Domestic
Subcustodians shall be without liability for any actions taken or omitted in good faith pursuant to the advice of counsel.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(e)</TD><TD STYLE="text-align: left"><U>Advice
                                            of the Fund and Others</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Custodian and any Domestic
Subcustodian may rely upon the advice of any Fund and upon statements of such Fund's accountants and other persons believed by it in
good faith to be expert in matters upon which they are consulted, and neither the Custodian nor any Domestic Subcustodian shall be liable
for any actions taken or omitted, in good faith, pursuant to such advice or statements.</P>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(f)</TD><TD STYLE="text-align: left"><U>Information
                                            Services.</U></TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Custodian may rely upon
information received from issuers of Securities or agents of such issuers, information received from Subcustodians or depositories, information
from data reporting services that provide detail on corporate actions and other securities information, and other commercially reasonable
industry sources; and, provided the Custodian has acted in accordance with the standard of care set forth in Section&nbsp;6 (a), the
Custodian shall have no liability as a result of relying upon such information sources, including but not limited to errors in any such
information.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(g)</TD><TD STYLE="text-align: left"><U>Instructions
                                            Appearing to be Genuine</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Custodian and all Domestic
Subcustodians shall be fully protected and indemnified in acting as a custodian hereunder upon any Resolutions of the Board of Directors
or Trustees,&nbsp;Instructions, Special Instructions, advice, notice, request, consent, certificate, instrument or paper appearing to
it to be genuine and to have been properly executed and shall, unless otherwise specifically provided herein, be entitled to receive
as conclusive proof of any fact or matter required to be ascertained from any Fund hereunder a certificate signed by any officer of such
Fund authorized to countersign or confirm Special Instructions. The Custodian shall be entitled to rely upon any Instructions or Special
Instructions from an Authorized Person (or from a person reasonably believed by the Custodian to be an Authorized Person). The Custodian
shall be further entitled to assume that any Instructions or Special Instructions are not in any way inconsistent with the provisions
of the Fund&rsquo;s Organizational Documents, Offering Memorandum or any other agreement governing the Fund&rsquo;s operations. The Custodian
shall have no duty to inquire into or investigate the validity, accuracy or content of any Instruction or Special Instruction. The Custodian
shall have no liability for any losses, damages or expenses incurred by the Fund arising from the use of a non-secure form of email or
other non-secure electronic system or process.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(h)</TD><TD STYLE="text-align: left"><U>No
                                            Investment Advice.</U></TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Custodian shall have no
duty to assess the risks inherent in Securities or other Assets or to provide investment advice, accounting or other valuation services
regarding any such Securities or other Assets.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(i)</TD><TD STYLE="text-align: left"><U>Exceptions
                                            from Liability</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Without limiting the generality
of any other provisions hereof, neither the Custodian nor any Domestic Subcustodian shall be under any duty or obligation to inquire
into, nor be liable for:</P>


<P STYLE="text-align: left; 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: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;
 &#8239;&#8239;<FONT STYLE="font-size: 10pt">the validity of the issue of any Securities purchased by or for any Fund, the legality of
the purchase thereof or evidence of ownership required to be received by any such Fund, or the propriety of the decision to purchase
or amount paid therefor;</FONT></P>


<P STYLE="text-align: left; 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: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
legality of the sale, transfer or movement of any Securities by or for any Fund, or the propriety of the amount for which the same were
sold; or</FONT></P>


<P STYLE="text-align: left; 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: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
other expenditures, encumbrances of Securities, borrowings or similar actions with respect to any Fund's Assets;</FONT></P>


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


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


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">and may, until notified to the contrary, presume
that all Instructions or Special Instructions received by it are not in conflict with or in any way contrary to any provisions of any
such Fund's Declaration of Trust, Partnership Agreement, Articles of Incorporation or By-Laws or votes or proceedings of the shareholders,
trustees, partners or directors of any such Fund, or any such Fund's currently effective Registration Statement on file with the SEC.</P>


<P STYLE="text-align: left; 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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in">7.</TD><TD STYLE="text-align: left"><B><U>LIABILITY
                                            OF THE CUSTODIAN FOR ACTIONS OF OTHERS</U></B>.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(a)</TD><TD STYLE="text-align: left"><U>Domestic
                                            Subcustodians</U></TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Except as provided in Section&nbsp;7(d),
the Custodian shall be liable for the acts or omissions of any Domestic Subcustodian to the same extent as if such actions or omissions
were performed by the Custodian itself.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(b)</TD><TD STYLE="text-align: left"><U>Liability
                                            for Acts and Omissions of Foreign Subcustodians</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Custodian shall be liable
to the Fund for any loss or damage to such Fund caused by or resulting from the acts or omissions of any Foreign Subcustodian to the
extent that, under the terms set forth in the subcustodian agreement between the Custodian or a Domestic Subcustodian and such Foreign
Subcustodian, the Foreign Subcustodian has failed to perform in accordance with the standard of conduct imposed under such subcustodian
agreement and the Custodian or Domestic Subcustodian recovers from the Foreign Subcustodian under the applicable subcustodian agreement.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 17.65pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify">&#8239;<FONT STYLE="font-size: 10pt"><U>Securities
                                            Systems,&nbsp;Interim Subcustodians, Special Subcustodians, Eligible Securities Depositories.</U></FONT></TD>
</TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Custodian shall not be
liable to any Fund for any loss, damage or expense suffered or incurred by such Fund resulting from or occasioned by the actions or omissions
of a Securities System,&nbsp;Interim Subcustodian, Special Subcustodian, or Eligible Securities Depository unless such loss, damage or
expense is caused by, or results from, the negligence or willful misconduct of the Custodian.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(d)</TD><TD STYLE="text-align: left"><U>Failure
                                            of Third Parties.</U></TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Custodian shall not be
liable for any loss, damage or expense suffered or incurred by any Fund resulting from or occasioned by the actions, omissions, neglects,
defaults<FONT STYLE="color: red">, </FONT>insolvency or other failure of any (i)&nbsp;issuer of any Securities or Underlying Interests
or of any agent of such issuer; (ii)&nbsp;any counterparty with respect to any Security or other Asset, including any issuer of any option,
futures, derivatives or commodities contract; (iii)&nbsp;investment adviser or other agent of the Fund; or (iv)&nbsp;any broker, bank,
trust company or any other person with whom the Custodian may deal (other than any of such entities acting as a Subcustodian, Securities
System or Eligible Securities Depository, for whose actions the liability of the Custodian is set out elsewhere in this Agreement); or
(v)&nbsp;any agent or depository (including but not limited to a securities lending agent or precious metals depository) with whom the
Custodian may deal at the direction of, and behalf of, the Fund; unless such loss, damage or expense is caused by, or results from, the
negligence or willful misconduct of the Custodian or the Custodian&rsquo;s breach of the terms of any contract between the Fund and the
Custodian.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(e)</TD><TD STYLE="text-align: left"><U>Transfer
                                            Agents</U>.</TD></TR></TABLE>


<P STYLE="text-align: left; 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: left; text-indent: 0.25in">The Custodian shall not be
liable to the Fund for any loss or damage to the Fund resulting from the maintenance of Underlying Interests with a Transfer Agent except
for losses resulting directly from the negligence or willful misconduct of the Custodian.</P>


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


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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in">8.</TD><TD STYLE="text-align: left"><B><U>INDEMNIFICATION</U></B>.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(a)</TD><TD STYLE="text-align: left"><U>Indemnification
                                            by Fund</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the limitations
set forth in this Agreement, the Fund agrees to indemnify and hold harmless the Custodian and its nominees from all losses, damages and
expenses (including attorneys' fees) suffered or incurred by the Custodian or its nominee caused by or arising from actions taken by
the Custodian, its employees or agents in the performance of its duties and obligations under this Agreement, including, but not limited
to, any indemnification obligations undertaken by the Custodian under any relevant subcustodian agreement; provided, however, that such
indemnity shall not apply to the extent the Custodian is liable under Sections 6 or 7 hereof.</P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If the Fund requires the Custodian
to take any action with respect to Securities, Underlying Interests or other Assets, which action involves the payment of money or which
may, in the opinion of the Custodian, result in the Custodian or its nominee assigned to such Fund being liable for the payment of money
or incurring liability of some other form, such Fund, as a prerequisite to requiring the Custodian to take such action, shall provide
indemnity to the Custodian in an amount and form satisfactory to it.</P>


<P STYLE="text-align: left; 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: left; text-indent: 0.25in">The Fund agrees to indemnify
and hold harmless the Custodian for any action the Custodian takes or does not take in reliance upon directions,&nbsp;Instructions or
Special Instructions, including but not limited to Instructions or Special Instructions to prepare, sign and submit Subscription Agreements
or other Writings on behalf of the Fund, except for such action or inaction resulting from the Custodian&rsquo;s negligence or willful
misconduct or if the Custodian follows an Instruction or Written Instruction expressly forbidden by this Agreement. The Fund agrees to
indemnify and hold harmless the Custodian for any claim against the Custodian arising out of the investment by the Fund in an underlying
fund for which Subscription Agreements are prepared, signed or submitted by Custodian.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 18pt"></TD><TD STYLE="text-align: left; width: 17.65pt">(b)</TD><TD STYLE="text-align: left"><U>Indemnification
                                            by Custodian</U>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to the limitations
set forth in this Agreement, the Custodian agrees to indemnify and hold harmless the Fund from all losses, damages and expenses (with
the exception of those damages and expenses referenced in Section&nbsp;6(a)) suffered or incurred by the Fund caused by the negligence
or willful misconduct of the Custodian.</P>


<P STYLE="text-align: left; 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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in">9.</TD><TD STYLE="text-align: left"><B><U>ADVANCES</U>.</B></TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event that the Custodian
or any Subcustodian, Securities System, or Eligible Securities Depository acting either directly or indirectly under agreement with the
Custodian (each of which for purposes of this Section&nbsp;9 shall be referred to as &quot;Custodian&quot;), makes any payment or transfer
of funds on behalf of any Fund as to which there would be, at the close of business on the date of such payment or transfer, insufficient
funds held by the Custodian on behalf of any such Fund, the Custodian may, in its discretion without further Instructions, provide an
advance (&quot;Advance&quot;) to any such Fund in an amount sufficient to allow the completion of the transaction by reason of which
such payment or transfer of funds is to be made. In addition, in the event the Custodian is directed by Instructions to make any payment
or transfer of funds on behalf of any Fund as to which it is subsequently determined that such Fund has overdrawn its cash account with
the Custodian as of the close of business on the date of such payment or transfer, said overdraft shall constitute an Advance. Any Advance
shall be payable by the Fund on behalf of which the Advance was made on demand by Custodian, unless otherwise agreed by such Fund and
the Custodian, and shall accrue interest from the date of the Advance to the date of payment by such Fund to the Custodian at a rate
determined from time to time by the Custodian. It is understood that any transaction in respect of which the Custodian shall have made
an Advance, including but not limited to a foreign exchange contract or transaction in respect of which the Custodian is not acting as
a principal, is for the account of and at the risk of the Fund on behalf of which the Advance was made, and not, by reason of such Advance,
deemed to be a transaction undertaken by the Custodian for its own account and risk. The Custodian and the Fund acknowledge that the
purpose of Advances is to finance temporarily the purchase or sale of Securities for prompt delivery in accordance with the settlement
terms of such transactions or to meet emergency expenses not reasonably foreseeable by the Fund. The Custodian shall promptly notify
the Fund of any Advance. Such notification may be communicated by telephone, Electronic Communication or facsimile transmission or in
such other manner as the Custodian may choose Nothing herein shall be deemed to create an obligation on the part of the Custodian to
advance monies to the Fund.</P>


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


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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in">10.</TD><TD STYLE="text-align: left"><B><U>SECURITY
                                            INTEREST</U>.</B></TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">To secure the due and prompt
payment of all Advances, together with any taxes, charges, fees, expenses, assessments, obligations, claims or liabilities incurred by
the Custodian in connection with its or their performance of any duties under this Agreement (collectively, &ldquo;Liabilities&rdquo;),
except for any Liabilities arising from or the Custodian&rsquo;s negligence or willful misconduct, the Fund grants to the Custodian a
security interest in all of the Fund&rsquo;s Securities and other Assets now or hereafter in the possession of the Custodian and all
proceeds thereof (collectively, the &ldquo;Collateral&rdquo;). The Fund shall promptly reimburse the Custodian for any and all such Liabilities.
In the event that the Fund fails to satisfy any of the Liabilities as and when due and payable, the Custodian shall have in respect of
the Collateral, in addition to all other rights and remedies arising hereunder or under local law, the rights and remedies of a secured
party under the Uniform Commercial Code. Without prejudice to the Custodian&rsquo;s rights under applicable law, the Custodian shall
be entitled, without notice to the Fund, to withhold delivery of any Collateral, sell, set-off, or otherwise realize upon or dispose
of any such Collateral and to apply the money or other proceeds and any other monies credited to the Fund in satisfaction of the Liabilities.
This includes, but is not limited to, any interest on any such unpaid Liability as the Custodian deems reasonable, and all costs and
expenses (including reasonable attorney&rsquo;s fees) incurred by the Custodian in connection with the sale, set-off or other disposition
of such Collateral.</P>


<P STYLE="text-align: left; 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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in">11.</TD><TD STYLE="text-align: left"><B><U>COMPENSATION</U></B>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund will pay to the Custodian
such compensation as is set forth on Schedule A hereto, or as otherwise agreed to in writing by the Custodian and the Fund from time
to time. In addition, the Fund shall reimburse the Custodian for all out-of-pocket expenses incurred by the Custodian in connection with
this Agreement, but excluding salaries and usual overhead expenses. Such compensation, and expenses shall be billed to the Fund and paid
in cash to the Custodian.</P>


<P STYLE="text-align: left; 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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in">12.</TD><TD STYLE="text-align: left"><B><U>POWERS
                                            OF ATTORNEY</U></B>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon request, the Fund shall
deliver to the Custodian such proxies, powers of attorney or other instruments as may be reasonable and necessary or desirable in connection
with the performance by the Custodian or any Subcustodian of their respective obligations under this Agreement or any applicable subcustodian
agreement.</P>


<P STYLE="text-align: left; 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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in">13.</TD><TD STYLE="text-align: left"><B><U>TAX
                                            LAWS</U>.</B></TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Custodian shall have no responsibility or liability
for any obligations now or hereafter imposed on the Fund or on the Custodian as custodian for such Fund by the tax law of any country
or of any state or political subdivision thereof. The Fund agrees to indemnify the Custodian for and against any such obligations including
taxes, tax reclaims, withholding and reporting requirements, claims for exemption or refund, additions for late payment, interest, penalties
and other expenses (including legal expenses) that may be assessed against the Fund or the Custodian as custodian of the Fund.</P>


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


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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in">14.</TD><TD STYLE="text-align: left"><B><U>TERM
                                            AND ASSIGNMENT</U></B>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Agreement shall continue
in effect with respect to the Fund for a two-year period beginning on the date of this Agreement (the &ldquo;Initial Term&rdquo;). Thereafter,
if not terminated as provided herein, the Agreement shall continue automatically in effect as to the Fund for successive annual periods
(each a &ldquo;Renewal Term&rdquo;).</P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In the event this Agreement
is terminated by the Fund prior to the end of the Initial Term of any subsequent Renewal Term, the Fund shall be obligated to pay the
Custodian the remaining balance of the fees payable to the Custodian under this Agreement through the end of the Initial Term or Renewal
Term, as applicable. Either party may terminate this Agreement at the end of the Initial Term or at the end of any successive Renewal
Term (the &ldquo;Termination Date&rdquo;) by giving the other party a written notice not less than ninety (90) days&rsquo; prior to the
end of the respective term. Upon termination of this Agreement, the Fund shall pay to the Custodian such fees as may be due the Custodian
hereunder as well as its reimbursable disbursements, costs and expenses paid or incurred. Upon termination of this Agreement, the Custodian
shall deliver, at the terminating party's expense, all Assets held by it hereunder to a successor custodian designated by the Fund or,
if a successor custodian is not designated, then to the Fund or as otherwise designated by such Fund by Special Instructions. Upon such
delivery, the Custodian shall have no further obligations or liabilities under this Agreement except as to the final resolution of matters
relating to activity occurring prior to the effective date of termination. In the event that for any reason Securities or other Assets
remain in the possession of the Custodian after the date such termination shall take effect, the Custodian shall be entitled to compensation
at the same rates as agreed to by the Custodian and the Fund during the term of this Agreement as set forth in Section&nbsp;11.</P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Agreement may not be assigned
by the Custodian or any Fund without the respective consent of the other.</P>


<P STYLE="text-align: left; 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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in">15.</TD><TD STYLE="text-align: left"><B><U>ADDITIONAL
                                            FUNDS</U></B>.</TD></TR></TABLE>


<P STYLE="text-align: left; 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: left; text-indent: 0.25in">RESERVED.</P>


<P STYLE="text-align: left; 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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in">16.</TD><TD STYLE="text-align: left"><B><U>NOTICES</U></B>.</TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As to the Fund, notices, requests,
instructions and other writings delivered to SOURCE CAPITAL,&nbsp;INC., 235 West Galena Street, Milwaukee, Wisconsin, 53212, Attention:
President, with a copy to Morgan, Lewis&nbsp;&amp; Bockius LLP, 600 Anton Boulevard, Suite&nbsp;1800, Costa Mesa, CA 92626-7653, Attention:
Laurie Anne Dee,, postage prepaid, or to such other address as any particular Fund may have designated to the Custodian in writing, shall
be deemed to have been properly delivered or given to the Fund.</P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notices, requests, instructions
and other writings delivered to the Custodian at its office at 928 Grand Blvd., 10th Floor, Attn: Amy Small, Kansas City, Missouri 64106,
postage prepaid, or to such other addresses as the Custodian may have designated to the Fund in writing, shall be deemed to have been
properly delivered or given to the Custodian hereunder; provided, however, that procedures for the delivery of Instructions and Special
Instructions shall be governed by Section&nbsp;2(c)&nbsp;hereof.</P>


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


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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><B>17.</B></TD><TD STYLE="text-align: left"><B><U>CONFIDENTIALITY.</U></B></TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The parties agree that all
Information, books and records provided by the Custodian or the Fund to each other in connection with this Agreement, and all information
provided by either party pertaining to its business or operations, is &ldquo;Confidential Information.&rdquo; All Confidential Information
shall be used by the party receiving such information only for the purpose of providing or obtaining services under this Agreement and,
except as may be required to carry out the terms of this Agreement, shall not be disclosed to any other party without the express consent
of the party providing such Confidential Information. The foregoing limitations shall not apply to any information that is available
to the general public other than as a result of a breach of this Agreement, or that is required to be disclosed by or to any entity having
regulatory authority over a party hereto or any auditor of a party hereto or that is required to be disclosed as a result of a subpoena
or other judicial process, or otherwise by applicable laws.</P>


<P STYLE="text-align: left; 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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in"><B>18.</B></TD><TD STYLE="text-align: left"><B><U>ANTI-MONEY
                                            LAUNDERING COMPLIANCE.</U></B></TD></TR></TABLE>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Fund represents and warrants
that it has established and maintains policies and procedures designed to meet the requirements imposed by the USA PATRIOT Act, including
policies and procedures designed to detect and prevent money laundering, including those required by the USA PATRIOT Act. The Fund agrees
to provide to the Custodian, from time to time upon the request of the Custodian, certifications regarding its compliance with the USA
PATRIOT Act and other anti-money laundering laws. The Fund acknowledges that, because the Custodian will not have information regarding
the shareholders of the Fund, the Fund will assume responsibility for customer identification and verification and other CIP requirements
in regard to such shareholders.</P>


<P STYLE="text-align: left; 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="text-align: left; width: 0"></TD><TD STYLE="text-align: left; width: 0.25in">19.</TD><TD STYLE="text-align: left"><B><U>MISCELLANEOUS</U></B>.</TD></TR></TABLE>


<P STYLE="text-align: left; 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: left; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">This
Agreement is executed and delivered in the State of Missouri and shall be governed by the laws of such state.</FONT></P>


<P STYLE="text-align: left; 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: left; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">All
of the terms and provisions of this Agreement shall be binding upon, and inure to the benefit of, and be enforceable by the respective
successors and assigns of the parties hereto.</FONT></P>


<P STYLE="text-align: left; 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: left; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">No
provisions of this Agreement may be amended, modified or waived in any manner except in writing, properly executed by both parties hereto;
provided, however, Appendix A may be amended from time to time as Domestic Subcustodians, Securities Systems, and Special Subcustodians
are approved or terminated according to the terms of this Agreement.</FONT></P>


<P STYLE="text-align: left; 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: left; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
captions in this Agreement are included for convenience of reference only, and in no way define or delimit any of the provisions hereof
or otherwise affect their construction or effect.</FONT></P>


<P STYLE="text-align: left; 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: left; text-indent: 0.25in">(e) &#8239;&#8239;&#8239;&#8239;&#8239;This
Agreement shall be effective as of the date of execution hereof.</P>






<P STYLE="text-align: left; 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: left; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">This
Agreement may be executed simultaneously in two or more counterparts, each of which will be deemed an original, but all of which together
will constitute one and the same instrument.</FONT></P>


<P STYLE="text-align: left; 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: left; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
any part, term or provision of this Agreement is held to be illegal, in conflict with any law or otherwise invalid by any court of competent
jurisdiction, the remaining portion or portions shall be considered severable and shall not be affected, and the rights and obligations
of the parties shall be construed and enforced as if this Agreement did not contain the particular part, term or provision held to be
illegal or invalid.</FONT></P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Entire
Agreement. This Agreement and the Delegation Agreement (if applicable), as amended from time to time, constitute the entire understanding
and agreement of the parties thereto with respect to the subject matter therein and accordingly, supersedes as of the effective date
of this Agreement any custodian agreement heretofore in effect between the Fund and the Custodian.</FONT></P>


<P STYLE="text-align: left; 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: left; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
rights and obligations contained in Sections 6, 7, 8, 9, 10, 11 and 17 of this Agreement shall continue, notwithstanding the termination
of this Agreement, in order to fulfill the intention of the parties as described in such Sections.</FONT></P>


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>IN
WITNESS WHEREOF</B></FONT>, the parties hereto have caused this Custody Agreement to be executed by their respective duly authorized
officers.</P>


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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SOURCE
    CAPITAL,&nbsp;INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left; width: 45%"><FONT STYLE="font-size: 10pt">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif">J.
    Richard Atwood</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.
    Richard Atwood</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">07-28-2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt"><B>UMB BANK, N.A.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">/s/ Amy Small</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amy
    Small</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Vice President</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">7/28/2023</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Schedule A<BR>
to the<BR>
Custody Agreement <BR>
by and between<BR>
SOURCE CAPITAL,&nbsp;INC.</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>and<BR>
UMB Bank, N.A.</B></P>


<P STYLE="text-align: left; 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; text-align: center"><B><U>Fees</U></B></P>


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


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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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


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


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


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


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


<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following Subcustodians and Securities Systems are approved for use in connection with the Custody Agreement dated </FONT><FONT STYLE="font-size: 10pt"><U>July&nbsp;28,
2023</U>.</FONT></P>


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">  Depository Trust Company</P>






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






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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Brown Brothers Harriman&nbsp;&amp; Co. <FONT STYLE="font-size: 10pt">(Foreign
Securities Only)</FONT></P>






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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SOURCE CAPITAL,&nbsp;INC.</B></FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>UMB BANK, N.A.</B></P>
    <P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    J. Richard Atwood</FONT></TD>
    <TD STYLE="text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left; width: 42%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Amy Small</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">J.
    Richard Atwood</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amy
    Small</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Vice President</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">07-28-2023</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">7/28/2023</TD></TR>
  </TABLE>
<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="text-align: left; margin: 0"></P>


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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(K)(1)
<SEQUENCE>7
<FILENAME>tm259254d2_ex99-kd1.htm
<DESCRIPTION>EXHIBIT 99.(K)(1)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm259254d2_ex99-kd1.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm259254-2/tm259254-2_posexseq1/users" -->

<P STYLE="text-align: right; margin: 0"><FONT STYLE="text-transform: none"><B>Exhibit&nbsp;k.1</B></FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Certain identified information has been excluded
from the exhibit because it is both not material and the type that the Registrant treats as private or confidential.</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>CO-ADMINISTRATION AGREEMENT</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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THIS
CO-ADMINISTRATION AGREEMENT </B></FONT>(the &ldquo;Agreement&rdquo;) is made as of this 28th day of July, 2023, by and between Source
Capital Inc., a Delaware statutory trust (the &ldquo;Trust&rdquo;), UMB Fund Services,&nbsp;Inc., a Wisconsin corporation (&ldquo;UMBFS&rdquo;),
and Mutual Fund Administration, LLC, a California corporation (&ldquo;MFAC&rdquo;). UMBFS and MFAC are collectively referred to herein
as the &ldquo;Co- Administrators,&rdquo; in singular or plural usage, as required by context.</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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS,
</B></FONT>the Fund Fund is a closed-end management investment company registered under the Investment Company Act of 1940, as amended
(the &ldquo;1940 Act&rdquo;) and is authorized to issue shares of beneficial interests (the &ldquo;Shares&rdquo;); and</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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WHEREAS,
</B></FONT>the Fund and the Co-Administrators desire to enter into an agreement pursuant to which the Co-Administrators shall provide
administration services to the Fund.</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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOW,
THEREFORE, </B></FONT>in consideration of the mutual promises and agreements herein contained and other good and valuable consideration,
the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: .5in"><B>1.</B></TD><TD><B><U>Appointment</U></B></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; text-align: justify; text-indent: 0.5in">The Fund hereby appoints the
Co-Administrators as administrators of the Fund for the period and on the terms set forth in this Agreement. The Co-Administrators accept
such appointment and agree to render the Services (as defined in Section&nbsp;2) herein set forth, for the compensation herein provided.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: .5in"><B>2.</B></TD><TD><B><U>Services as Co-Administrators</U></B></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; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Subject
to the direction and control of the Fund&rsquo;s Board of Trustees (the &ldquo;Board of Trustees&rdquo;) and utilizing information provided
by the Fund and its current and prior agents and service providers, the Co-Administrators will provide the administration services listed
on Schedule B hereto and any additional administration services the Fund and the Co-Administrators may agree upon and include on Schedule
B, as such Schedule may be amended from time to time (the &ldquo;Services&rdquo;). The duties of the Co-Administrators shall be confined
to those expressly set forth herein, and no implied duties are assumed by or may be asserted against the Co-Administrators hereunder.</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: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Fund, under the supervision of its Board of Trustees, shall cause its officers, investment adviser(s), legal counsel, independent
accountants, transfer agent, fund accountant, custodian and other service providers and agents for the Fund to cooperate with the
Co-Administrators and to provide the Co-Administrators with such information, documents and communications relating to the Fund as
necessary and/or appropriate or as requested by the Co-Administrators, in order to enable the Co- Administrators to perform their
duties hereunder. The Fund shall use its best efforts to cause any of its former officers, investment adviser(s)&nbsp;and
sub-advisers, legal counsel, independent accountants, custodian or other service providers to provide
the Co-Administrators with such information, documents and communications as necessary and/or appropriate to enable the Co-Administrators
to perform their duties hereunder. In connection with their duties hereunder, each Co-Administrator shall (without investigation or verification)
be reasonably entitled and is hereby instructed to, rely upon any and all instructions, communications, information or documents provided
to the Co-Administrator by an authorized officer, representative agent of the Fund, the other Co-Administrator or by any of the aforementioned
persons. A Co-Administrator shall be entitled to rely on any document that it reasonably believes to be genuine and to have been signed
or presented by the proper party. Fees charged by such persons shall be an expense of the Fund. The Co-Administrators shall not be held
to have notice of any change of authority of any officer, agent, representative or employee of the Fund, investment adviser(s)&nbsp;or
service provider until receipt of written notice thereof from the Fund. As used in this Agreement, the term &ldquo;investment adviser&rdquo;
shall mean a Fund&rsquo;s investment adviser(s), all sub- adviser(s)&nbsp;or persons performing similar services.</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
the extent required by Rule&nbsp;31a-3 under the 1940 Act, the Co-Administrators hereby agree that all records which they maintain for
the Fund pursuant to their duties hereunder are the property of the Fund and further agree to surrender promptly to the Fund any of such
records upon the Fund&rsquo;s request. Subject to the terms of Section&nbsp;6, and where applicable, the Co-Administrators further agree
to preserve for the periods prescribed by Rule&nbsp;31a-2 under the 1940 Act the records described in Schedule B which are maintained
by the Co-Administrators for the Fund.</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: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Fund&rsquo;s investment advisers have and retain primary responsibility for compliance matters relating to the Funds under the 1940 Act,
the Internal Revenue Code of 1986, as amended, and the policies and limitations of the Fund , relating to the portfolio investments as
set forth in the current prospectus and statement of additional information with respect to the Fund (including any applicable supplement)
(the &ldquo;Prospectus&rdquo;). The Co-Administrators&rsquo; monitoring and other functions hereunder shall not relieve the investment
adviser(s)&nbsp;of their primary day-to-day responsibility for assuring such compliance.</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: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Fund hereby certifies that Shares of the Fund are lawfully eligible for sale in each jurisdiction indicated for the Fund on the list furnished
to the Co-Administrators as of the date of this Agreement.</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: justify; text-indent: 0.5in">(f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Co-Administrators shall maintain disaster recovery and business continuity plans and adequate and reliable computer and other equipment
necessary and appropriate to carry out their obligations under this Agreement. Upon the Fund&rsquo;s reasonable request, the Co-Administrators
shall provide supplemental information concerning the aspects of their disaster recovery and business continuity plans that are relevant
to the Services provided hereunder.</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: justify; text-indent: 0.5in">(g)(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each Co-Administrator
has provided to the Fund a copy of the Co-Administrator&rsquo;s written compliance policies and procedures as required by Rule&nbsp;38a-1
under the 1940 Act (&ldquo;Rule&nbsp;38a-1 Policies and Procedures&rdquo;) for approval by the Fund&rsquo;s Board of Trustees. With respect
to the Services each Co- Administrator provides to the Fund hereunder, each such Co-Administrator certifies that its Rule&nbsp;38a-1 Policies
and Procedures are reasonably designed to prevent violations of the Federal Securities Laws by such Co-Administrator. For purposes of
this section, Federal Securities Laws shall have the meaning set forth in Rule&nbsp;38a-1 under the 1940 Act.</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<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: justify; text-indent: 0.5in">(g)(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each Co-Administrator
shall provide to the Fund&rsquo;s Chief Compliance Officer promptly any material changes to its Rule&nbsp;38a-1 Policies and Procedures.
Each Co-Administrator shall cooperate with the Fund in its annual review of the Rule&nbsp;38a-1 Policies and Procedures (the &ldquo;Annual
Review&rdquo;), such Annual Review to be conducted by the Fund&rsquo;s Chief Compliance Officer to determine the adequacy of the Rule&nbsp;38a-1
Policies and Procedures and the effectiveness of their implementation. Each Co-Administrator shall cooperate with the Fund in any interim
reviews of its Rule&nbsp;38a-1 Policies and Procedures to determine their adequacy and the effectiveness of their implementation in response
to significant compliance events, changes in business arrangements, and/or regulatory developments (&ldquo;Interim Review&rdquo;). Such
cooperation includes, without limitation, furnishing such certifications, sub- certifications, and documentation with respect to the Co-Administrator&rsquo;s
functions and responsibilities as the Fund&rsquo;s Chief Compliance Officer shall reasonably request from time to time and implementing
changes to the Rule&nbsp;38a-1 Policies and Procedures satisfactory to both the Fund&rsquo;s Chief Compliance Officer and the Co-Administrator.</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: justify; text-indent: 0.5in">(g)(iii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each Co-Administrator
shall provide the Fund with quarterly and annual certifications (on a calendar basis) with respect to the design and operational effectiveness
of its Rule&nbsp;38a-1 Policies and Procedures. Each Co-Administrator shall also provide the Fund with ongoing, direct, and prompt access
to its compliance personnel and cooperate with the Fund&rsquo;s Chief Compliance Officer in order to provide assistance to the Fund in
carrying out its obligations under Rule&nbsp;38a-1.</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: justify; text-indent: 0.5in">(g)(iv)&#8239;&#8239;&#8239;&#8239;&#8239;A Co-Administrator
shall notify the Fund promptly in the event that a Material Compliance Matter, as defined under Rule&nbsp;38a-1, occurs with respect to
its Rule&nbsp;38a-1 Policies and Procedures and will cooperate with the Fund in providing the Fund with periodic and special reports in
the event any Material Compliance Matter occurs. A &ldquo;Material Compliance Matter&rdquo; has the same meaning as the term is defined
in Rule&nbsp;38a-1, and includes any compliance matters that involve: (1)&nbsp;a violation of the Federal Securities Laws by the Co-Administrator
(or its officer, directors, employees, or agents); (2)&nbsp;a violation of its Rule&nbsp;38a-1 Policies and Procedures; or (3)&nbsp;a
weakness in the design or implementation of its Rule&nbsp;38a-1 Policies and Procedures.</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: justify; text-indent: 0.5in">(g)(v)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each Co-Administrator
(and anyone acting under the direction of the Co-Administrator) shall refrain from, directly or indirectly, taking any action to coerce,
manipulate, mislead, or fraudulently influence the Fund&rsquo;s Chief Compliance Officer in the performance of her or his responsibilities
under Rule&nbsp;38a-1.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: .5in"><B>3.</B></TD><TD><B><U>Fees; Delegation; Expenses</U></B></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; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
consideration of the Services rendered pursuant to this Agreement, the Fund will pay the Co-Administrators a fee, computed daily and
payable monthly, plus out-of-pocket expenses, each as provided in Schedule C hereto. In addition, to the extent that the
Co-Administrators correct, verify or address any prior actions or inactions by the Fund or by any prior service provider, the Co-
Administrators shall be entitled to additional fees as provided in Schedule C. Fees shall be earned and paid monthly in an amount
equal to at least 1/12<SUP>th </SUP>of the applicable annual fee. Fees shall be adjusted in accordance with Schedule C or as
otherwise agreed to by the parties from time to time. The parties may amend this Agreement to include fees for any additional
services requested by the Fund, enhancements to current Services, or to add Funds for which the Co-Administrators have been
retained.</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
the purpose of determining fees payable to the Co-Administrators, net asset value shall be computed in accordance with the Fund&rsquo;s
Prospectus and resolutions of the Board of Trustees. The fee for the period from the day of the month this Agreement is entered into until
the end of that month shall be pro-rated according to the proportion that such period bears to the full monthly period. Upon any termination
of this Agreement before the end of any month, the fee for such part of a month shall be pro- rated according to the proportion which
such period bears to the full monthly period and shall be payable upon the date of termination of this Agreement. Should the Fund be liquidated,
merged with or acquired by another fund or investment company, any accrued fees shall be immediately payable.</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: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Co-Administrators will bear all expenses incurred by them in connection with the performance of their Services under Section&nbsp;2, except
as otherwise provided herein. The Co- Administrators shall not be required to pay or finance any costs and expenses incurred in the operation
of the Funds, including, but not limited to: taxes; interest; brokerage fees and commissions; salaries, fees and expenses of officers
and Trustees; Securities and Exchange Commission (the &ldquo;Commission&rdquo;) fees and state Blue Sky fees; advisory fees; charges of
custodians, transfer agents, fund accountants, dividend disbursing and accounting services agents and other service providers; security
pricing services; insurance premiums; outside auditing and legal expenses; costs of organization and maintenance of corporate existence;
taxes and fees payable to federal, state and other governmental agencies; preparation, typesetting, printing, proofing and mailing of
Prospectuses, notices, forms and applications and proxy materials for regulatory purposes and for distribution to current shareholders;
preparation, typesetting, printing, proofing and mailing and other costs of shareholder reports; expenses in connection with the electronic
transmission of documents and information including electronic filings with the Commission and the states; research and statistical data
services; expenses incidental to holding meetings of the Fund&rsquo;s shareholders and Trustees; fees and expenses associated with internet,
e-mail and other related activities; and extraordinary expenses. Expenses incurred for distribution of Shares, including the typesetting,
printing, proofing and mailing of Prospectuses for persons who are not shareholders of a Fund, will be borne by the Fund&rsquo;s investment
adviser(s), except for such expenses permitted to be paid by the Fund under a distribution plan adopted for the Fund in accordance with
applicable laws. The Co-Administrators shall not be required to pay any Blue Sky fees or take any related Blue Sky actions unless and
until they have received the amount of such fees from the Fund.</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: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Except
as otherwise specified, fees payable hereunder shall be calculated in arrears and billed on a monthly basis. The Fund agrees to pay all
fees within thirty (30) days of receipt of each invoice.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: .5in"><B>4.</B></TD><TD><B><U>Proprietary and Confidential Information</U></B></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; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
Co-Administrator agrees on behalf of itself and its employees to treat confidentially and as proprietary information of the Fund all
records relative to the Fund&rsquo;s Investors, not to use such records and information for any purpose other than performance of
the Services, and not to disclose such information except where a Co-Administrator may be exposed to civil or criminal proceedings
for failure to comply, when requested to divulge such information by duly constituted authorities or court process, when subject to
governmental or regulatory audit or investigation, or when so requested by the Fund. In case of any requests or demands for
inspection of the records of the Funds, the Co- Administrators will endeavor to notify the Fund promptly and to secure instructions
from a representative of the Fund as to such inspection, unless prohibited by law from making such notification. Records and
information which have become known to the public through no wrongful act of the Co- Administrators or any of their employees,
agents or representatives, and information which was already in the possession of the Co-Administrator prior to the date hereof,
shall not be subject to this Section.</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<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: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
connection with Co-Administrators&rsquo; provision of the Services, the Fund may have access to and become acquainted with confidential
proprietary information of the Co-Administrators, including, but not limited to (a)&nbsp;client identities and relationships, compilations
of information, records and specifications; (b)&nbsp;data or information that is competitively sensitive material, and not generally by
the public; (c)&nbsp;confidential or proprietary concepts, documentation, reports, or data; (d)&nbsp;information regarding Co-Administrators&rsquo;
information security programs; and (e)&nbsp;anything designated as confidential (collectively, &ldquo;Co-Administrator Confidential Information&rdquo;).
Neither the Fund, the Funds, related investment advisors, nor any of their officers, employees or agents (collectively, the &ldquo;Fund
Recipients&rdquo;) shall disclose any of the Co-Administrator Confidential Information, directly or indirectly, or use the Co-Administrator
Confidential Information in any way, for its own benefit or for the benefit of others, either during the term of this Agreement or at
any time thereafter, except as required in the course of performing the duties of each party under this Agreement. The term &ldquo;Co-Administrator
Confidential Information&rdquo; does not include information that (a)&nbsp;becomes or has been generally available to the public other
than as a result of disclosure by a Fund Recipient; was available to the Fund Recipients on a non-confidential basis prior to its disclosure
by the Administrator or any of its affiliates; or (c)&nbsp;independently developed or becomes available to the Fund Recipients on a non-confidential
basis from a source other than a Co-Administrator or its affiliates. The Fund represents and warrants that it shall take and maintain
adequate physical, electronic and procedural safeguards in connection with any use, storage, transmission, duplication or other process
involving or derived from the Co-Administrator Confidential Information whether such storage, transmission, duplication or other process
is by physical or electronic medium (including use of the Internet).</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: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
provisions of this Section&nbsp;4 will survive termination of this Agreement and will inure to the benefit of the parties and their successors
and assigns.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: .5in"><B>5.</B></TD><TD><B><U>Limitation of Liability</U></B></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; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
Co-Administrator shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund in connection with
the matters to which this Agreement relates, except for a loss resulting from such Co-Administrator&rsquo;s willful misfeasance, bad faith
or negligence in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement. Furthermore,
each Co-Administrator shall not be liable for (i)&nbsp;any action taken or omitted to be taken in accordance with or in reasonable reliance
upon written or oral instructions, communications, data, documents or information (without investigation or verification) received by
either of the Co-Administrators from an authorized officer, representative or agent of the Fund, or (ii)&nbsp;any action taken or omission
by the Fund, investment advisers or any past or current service provider.</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>


<!-- Field: Page; Sequence: 5; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Co-Administrators assume no responsibility hereunder, and shall not be liable, for any default, damage, loss of data or documents, errors,
delay or any other loss whatsoever caused by events beyond their reasonable control. The Co-Administrators will, however, take all reasonable
steps to minimize service interruptions for any period that such interruption continues beyond their control.</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: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Fund agrees to indemnify and hold harmless each Co-Administrator, its employees, agents, officers, directors, affiliates and nominees
(collectively, the &ldquo;Indemnified Parties&rdquo;) from and against any and all claims, demands, actions and suits, and from and against
any and all judgments, liabilities, losses, damages, costs, charges, reasonable counsel fees and other expenses of every nature and character
which may be asserted against or incurred by any Indemnified Party or for which any Indemnified Party may be held liable (a &ldquo;Claim&rdquo;)
arising out of or in any way relating to (i)&nbsp;each Co- Administrator&rsquo;s actions or omissions except to the extent a Claim against
a Co-Administrator resulted from such Co-Administrator&rsquo;s willful misfeasance, bad faith, or negligence in the performance of its
duties hereunder or from reckless disregard by it of its obligations and duties hereunder; (ii)&nbsp;each Co- Administrator&rsquo;s reasonable
reliance on, implementation of or use of (without investigation or verification) communications, instructions, requests, directions, information,
data, records and documents received by either Co-Administrator from an authorized officer, representative or agent of the Fund, or (iii)&nbsp;any
action taken or omission by the Fund, investment adviser(s)&nbsp;or any past or current service provider.</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: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
no event and under no circumstances shall either Co-Administrator, its affiliates or any of its officers, directors, members, agents or
employees be liable to anyone, including, without limitation, the other parties to this Agreement, under any theory of tort, contract,
strict liability or other legal or equitable theory for lost profits, exemplary, punitive, special, indirect or consequential damages
for any act or failure to act under any provision of this Agreement regardless of whether such damages were foreseeable and even if advised
of the possibility thereof. The indemnity and defense provisions set forth in this Section&nbsp;5 shall indefinitely survive the termination
and/or assignment of this Agreement.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: .5in"><B>6.</B></TD><TD><B><U>Term</U></B></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; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This
Agreement shall become effective with respect to the Fund as of the date this Agreement is executed (the &ldquo;Effective Date&rdquo;).
This Agreement shall continue for a two-year period beginning on the Effective Date (the &ldquo;Initial Term&rdquo;). Thereafter, if not
terminated as provided herein, the Agreement shall continue automatically in effect as to the Fund for successive one-year periods (each
a &ldquo;Renewal Term&rdquo;).</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: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
the event this Agreement is terminated by the Fund prior to the end of the Initial Term of any subsequent Renewal Term, the Fund
shall be obligated to pay the Co-Administrators the remaining balance of the fees payable to the Co-Administrators under this
Agreement through the end of the Initial Term or Renewal Term, as applicable. Any party may terminate this Agreement at the end of
the Initial Term or at the end of any Renewal Term (the &ldquo;Termination Date&rdquo;) by giving the other parties a written notice
not less than ninety (90) days prior to the end of the respective term. Notwithstanding anything herein to the contrary, upon the
termination of the Agreement as provided herein or the liquidation of a Fund or the Fund, the Co-Administrators shall deliver the
records of the Fund to the Fund or its successor administrator in a form that is consistent with the Co-Administrators&rsquo;
applicable license agreements at the expense of the Fund, and thereafter the Fund or its designee shall be solely responsible for
preserving the records for the periods required by all applicable laws, rules&nbsp;and regulations. The Fund shall be responsible
for all expenses associated with the movement (or duplication) of records and materials and conversion thereof to a successor
administrative services agent, including all reasonable trailing expenses incurred by the Co-Administrators. In addition, in the
event of termination of this Agreement, or the proposed liquidation or merger of the Fund, and the Fund&rsquo;s request that the Co-
Administrators provide additional services in connection therewith, the Co-Administrators shall provide such services and be
entitled to such compensation as the parties may mutually agree. The Co- Administrators shall not reduce the level of service
provided to the Fund prior to termination following notice of termination by the Fund.</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: .5in"><B>7.</B></TD><TD><B><U>Non-Exclusivity</U></B></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; text-align: justify; text-indent: 0.5in">The Services of the Co-Administrators
rendered to the Fund are not deemed to be exclusive. The Co-Administrators may render administration services and any other services to
others, including other investment companies. The Fund recognizes that from time to time directors, officers and employees of the Co-Administrators
may serve as trustees, directors, officers and employees of other entities (including other investment companies), and that the Co-Administrators
or their affiliates may enter into other agreements with such other entities.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: .5in"><B>8.</B></TD><TD><B><U>Governing Law; Invalidity</U></B></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; text-align: justify; text-indent: 0.5in">This Agreement shall be governed
by Wisconsin law, excluding the laws on conflicts of laws. To the extent that the applicable laws of the State of Wisconsin, or any of
the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be
construed in a manner inconsistent with the 1940 Act or any rule&nbsp;or order of the Commission thereunder. Any provision of this Agreement
which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such
case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: .5in"><B>9.</B></TD><TD><B><U>Notices</U></B></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; text-align: justify; text-indent: 0.5in">Any notice required or permitted
to be given by either party to the other shall be in writing and shall be deemed to have been given when sent by registered or certified
mail, postage prepaid, return receipt requested, as follows:</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&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; background-color: White">
    <TD STYLE="text-indent: 0.5in; width: 18%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UMBFS:</FONT></TD>
    <TD STYLE="width: 82%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">UMB Fund Services,&nbsp;Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">235 West Galena Street<BR>
Milwaukee, WI 53122<BR>
Attention: Legal Department</FONT></TD></TR>
</TABLE>


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


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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 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; background-color: White">
    <TD STYLE="text-indent: 0.5in; font-size: 10pt; width: 18%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MFAC:</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 82%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mutual Fund Administration, LLC</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2220 East Route 66, Suite&nbsp;226</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Glendora, CA 91741<BR>
Attention: Eric Banhazl</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 0.5in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund:</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Source Capital Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">235 West Galena Street<BR>
Milwaukee, WI 53122<BR>
Attention: Legal Department</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With a copy to:</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0.5in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Laurie Anne Dee</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0.5in; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Morgan, Lewis&nbsp;&amp; Bockius LLP <BR>
600 Anton Boulevard, Suite&nbsp;1800 <BR>
Costa Mesa, CA 92626-7653</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: .5in"><B>10.</B></TD><TD><B><U>Entire Agreement</U></B></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; text-indent: 0.5in">This Agreement, together with the Schedules attached
hereto, constitutes the entire agreement of the parties hereto.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: .5in"><B>11.</B></TD><TD><B><U>Fund Limitations</U></B></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; text-align: justify; text-indent: 0.5in">This Agreement is executed
by the Fund with respect to the Fund and the obligations hereunder are not binding upon any of the Trustees, officers or shareholders
of the Fund individually but are binding only upon the Fund and the assets and property of the Fund.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 34.95pt"><B>12.</B></TD><TD><B><U>Miscellaneous</U></B></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; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;This
Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original agreement but such counterparts
shall together constitute but one and the same instrument. The facsimile signature of any party to this Agreement shall constitute the
valid and binding execution hereof by such party.</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: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
terms of this Agreement shall not be waived, altered, modified, amended or supplemented in any manner whatsoever except by a written instrument
signed by the Co-Administrators and the Fund.</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: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Fund hereby grants to UMBFS the limited power of attorney on behalf of the Fund to sign Blue Sky forms and related documents in connection
with the performance of its obligations under this Agreement.</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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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: 0pt 0; text-align: center"><B>[SIGNATURE PAGE FOLLOWS]</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"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<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-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF</B></FONT>, the parties hereto have caused this Agreement to be executed by a duly authorized officer as of the day and
year first above written.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&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>SOURCE CAPITAL,&nbsp;INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Trust&rdquo;)</FONT></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="border-bottom: Black 1pt solid; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;/s/ J. Richard Atwood&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">J. Richard Atwood</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</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>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UMB FUND SERVICES,&nbsp;INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(&ldquo;UMBFS&rdquo;)</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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Maureen Quill</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maureen Quill</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice President</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>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MUTUAL FUND ADMINISTRATION, LLC</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(&ldquo;MFAC&rdquo;)</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><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Joy Ausili&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;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joy Ausili</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-CEO</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"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<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>Schedule A<BR>
to the</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Co-Administration Agreement<BR>
by and between</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Source Capital Inc.<BR>
and</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UMB Fund Services,&nbsp;Inc.<BR>
and</B></P>


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


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


<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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><U>[Reserved]</U></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"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<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>Schedule B<BR>
to the</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Co-Administration Agreement<BR>
by and between<BR>
Source Capital Inc.<BR>
and</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UMB Fund Services,&nbsp;Inc.<BR>
and</B></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SERVICES</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">Subject to the direction and control of the Board of Trustees and utilizing
information provided by the Fund and its agents, the Co-Administrators will:</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 STYLE="border-bottom: Black 1pt solid; width: 75%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>General
    Fund Management</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-family: Wingdings 2; border-bottom: Black 1pt solid; width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MFAC</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UMBFS</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 19.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Act as liaison among all Fund service providers.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Wingdings 2; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings 2; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 19.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supply corporate secretarial services.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Wingdings 2; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Wingdings 2">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 19.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provide office facilities.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Wingdings 2; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 19.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supply non-investment related statistical and research data as needed.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Wingdings 2; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Wingdings 2">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 19.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coordinate the Fund&rsquo;s Board of Trustees&rsquo; (the &ldquo;Board of Trustees&rdquo; or the &ldquo;Trustees&rdquo;) communication:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Wingdings 2; vertical-align: bottom"><FONT STYLE="font-family: Wingdings 2">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Wingdings 2">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 37.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Establish meeting agendas.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Wingdings 2; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Wingdings 2">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 37.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compile Board of Trustee Meeting materials.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Wingdings 2; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Wingdings 2">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 37.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepare reports for the Trustees based on financial and administrative data.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Wingdings 2; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Wingdings 2">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 37.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evaluate independent auditor.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Wingdings 2; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Wingdings 2">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 37.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secure and monitor fidelity bond and Direct and Officer liability coverage, and make the necessary Securities and Exchange Commission (the &ldquo;SEC&rdquo;) filings relating thereto.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Wingdings 2; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Wingdings 2">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 37.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepare minutes of meetings of the Board of Trustees and Fund shareholders.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Wingdings 2; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Wingdings 2">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 37.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provide personnel to serve as officers of the Fund if so elected by the Board of Trustees, attend Board of Trustees meetings and present materials for Trustees&rsquo; review at such meetings.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Wingdings 2; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Wingdings 2; vertical-align: bottom"><FONT STYLE="font-family: Wingdings 2">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Wingdings 2">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 19.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>SEC Exams:</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Wingdings 2; vertical-align: bottom"><FONT STYLE="font-family: Wingdings 2">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Wingdings 2">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 19.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facilitate audit process.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Wingdings 2; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 19.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provide information to the SEC, as requested.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Wingdings 2; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>

<TR>
    <TD STYLE="vertical-align: top; padding-left: 19.15pt; width: 75%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assist in overall operations of the Fund.</FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="font-family: Wingdings 2; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center; width: 10%"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 10%"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 75%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Compliance</B></FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Regulatory Compliance:</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 19.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monitor compliance with the 1940 Act requirements, including:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 41.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Review results of asset diversification tests for diversified funds</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 41.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintenance of books and records under Rule&nbsp;31a-3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 41.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Code of Ethics for the Trustees and Officers of the Fund.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 38.05pt; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monitor Fund's compliance with the policies and investment limitations of the Fund as set forth in its current prospectus (the &ldquo;Prospectus&rdquo;) and statement of additional information (the &ldquo;SAI&rdquo;).</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 19.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monitor affiliated transactions under exemptive rules&nbsp;(17a-7, 17e-1,&nbsp;etc.)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 38.05pt; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maintain awareness of applicable regulatory, reporting and operational service issues and recommend dispositions.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  </TABLE>
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  <TR>
    <TD STYLE="vertical-align: top; width: 75%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Blue Sky Compliance:</U></FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 19.15pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepare and file with the appropriate state securities&rsquo; authorities any and all required compliance filings relating to the registration of the securities of the Fund so as to enable the Fund to make a continuous offering of its shares in all states.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 19.15pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monitor status and maintain registrations in each state.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 19.15pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provide information regarding material developments in state securities regulation.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  </TABLE>
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<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: 75%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>SEC Registration and Reporting:</U></FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 19.15pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assist Fund counsel in updating the Prospectus and SAI and in preparing proxy statements.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 19.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">File Form&nbsp;N2.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-left: 19.15pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On an annual basis, compile and review data required to complete Form&nbsp;N-CEN and provide a draft of the report to the advisor for approval prior to filing</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 19.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">File Form&nbsp;N-CEN with the SEC by the required deadline.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 19.15pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On a monthly basis, extract the required N-PORT data from UMBFS&rsquo;s fund accounting system and import into the financial reporting system.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 19.15pt; text-indent: -0.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Incorporate security reference and risk data into Form&nbsp;N-PORT, as necessary, from advisor or third-party provider approved by the advisor.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 19.15pt; text-indent: -0.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Review all N-PORT data and provide a draft of the report to the advisor for approval prior to filing.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 19.15pt; text-indent: -0.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On a monthly basis file Form&nbsp;N-PORT with the SEC, within the 30- day filing requirement.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 19.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coordinate EDGAR processing of financials, including proofing.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 19.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Complete and file Form&nbsp;N-CSR.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 19.1pt; font-size: 10pt; width: 75%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepare Schedules of Investments for Form&nbsp;N-Q or Part&nbsp;F: Exhibits to Form&nbsp;N-PORT.</FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; width: 10%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 19.1pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">File Form&nbsp;N-Q or Part&nbsp;F: Exhibits to Form&nbsp;N-PORT.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 19.15pt; font-size: 10pt; text-indent: -0.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coordinate the printing, filing and mailing of publicly disseminated Prospectuses and shareholder reports.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 19.1pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">File fidelity bond under Rule&nbsp;17g-1.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 19.1pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepare and file Rule&nbsp;24f-2 notices.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 19.1pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assist in coordination of filing proxy voting on Form&nbsp;N-PX.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 2.5pt; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>IRS Compliance:</U></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 19.1pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monitor the Fund 's status as a regulated investment company under Subchapter M, including without limitation, review of the following:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 40.15pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asset diversification requirements</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 40.15pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">90% gross income test under Subchapter M</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 40.3pt; font-size: 10pt; text-indent: -0.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution requirements pursuant to Subchapter M and applicable excise tax laws.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 20.6pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculate year end and excise tax distribution.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Financial
Reporting</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 14.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provide financial data required by the Fund&rsquo;s Prospectus and SAI.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 14.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compute the yield and total return of each class of the Fund .</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 14.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compute the Fund 's portfolio turnover rate and expense ratio.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 38.05pt; font-size: 10pt; text-indent: -22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monitor the expense accruals and notify the Advisor's management (and fund accountants) of any proposed adjustments.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 38.05pt; font-size: 10pt; text-indent: -22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepare Financial Statements (i.e., Statements of Assets&nbsp;&amp; Liabilities, Statements of Operations, Statements of Changes in Net Assets, Statements of Cash Flow (if required), Schedules of Investments including graphical presentation of holdings, and Financial Highlights), including footnotes and Expense Example. Provide support to audit team with respect to these financial statements.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 15.55pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Review Financial Statements, including footnotes, prepared by UMBFS and provide comments.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 38.05pt; font-size: 10pt; text-indent: -22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepare information supplemental to Financial Statements necessary for annual and semi-annual reports including Board of Trustees information/table, disclosure regarding approval of advisory agreements and Management&rsquo;s Discussion of Fund Performance including the line graph comparing account value of the fund against the benchmark index.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 15.55pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coordinate printing process, including proofing.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 14.5pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Process payment of Fund expenses.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 16.75pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorize payments under Rule&nbsp;12b-1 or similar plans.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 16.75pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year-end book to tax adjustments.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>

<TR>
    <TD STYLE="vertical-align: top; padding-left: 38.05pt; font-size: 10pt; text-indent: -22.5pt; width: 75%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepare quarterly broker security transaction summaries.</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 10%"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 10%">&nbsp;</TD></TR>
</TABLE>
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<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: 75%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tax Services and Reporting</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 3%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 10%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 38.05pt; font-size: 10pt; text-indent: -22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Work with independent auditors to file, on a timely basis, the appropriate federal and state tax returns as prepared by the Fund's auditors, including without limitation, Forms 1120/8613.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 38.05pt; font-size: 10pt; text-indent: -22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepare state income breakdowns where relevant.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 38.05pt; font-size: 10pt; text-indent: -22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provide the data to UMB to complete Form&nbsp;1099 Miscellaneous for payments to Trustees and other service providers.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 38.05pt; font-size: 10pt; text-indent: -22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generate, file and mail Form&nbsp;1099 Miscellaneous for payments to Trustees and other service providers.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 38.05pt; font-size: 10pt; text-indent: -22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Monitor wash sale losses, PFICs and other applicable book to tax basis adjustments.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 38.05pt; font-size: 10pt; text-indent: -22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculate eligible dividend income for corporate shareholders.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 38.05pt; font-size: 10pt; text-indent: -22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimate income through calendar year-end for year-end dividend calculation.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 38.05pt; font-size: 10pt; text-indent: -22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Submit dividend declarations and distributions to the Board of Trustees, prepare and distribute to appropriate parties notices announcing declaration of dividends and other distributions to shareholders.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 38.05pt; font-size: 10pt; text-indent: -22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculate monthly/quarterly dividends.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 38.05pt; font-size: 10pt; text-indent: -22.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Review monthly/quarterly dividends.</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Wingdings">&uuml;</FONT></TD></TR>
  </TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The duties of the Co-Administrators shall be confined
to those expressly set forth herein, and no implied duties are assumed by or may be asserted against any of the Co-Administrators hereunder.
These Services do not include correcting, verifying or addressing any prior actions or inactions by the Fund or by any prior service provider.
To the extent the Co-Administrators agree to take such actions, those actions taken shall be deemed part of this Schedule B.</P>


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<DOCUMENT>
<TYPE>EX-99.(R)
<SEQUENCE>8
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<DESCRIPTION>EXHIBIT 99.(R)
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<P STYLE="margin: 0; text-align: right"><B>Exhibit&nbsp;99.r</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>INVESTMENT MANAGERS SERIES TRUST III AND SERIES
CAPITAL,&nbsp;INC.</B></P>


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


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


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 16.05pt"><B>1.</B></TD><TD><B>BACKGROUND</B></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; text-align: justify">Rule&nbsp;17j-1 (the &ldquo;Rule&rdquo;) under
the Investment Company Act of 1940, as amended (the &ldquo;Investment Company Act&rdquo;), requires Investment Managers Series&nbsp;Trust
III (the &ldquo;Trust&rdquo;), a registered investment company, to adopt a written Code of Ethics. The Rule&nbsp;also requires investment
advisors, sub-advisors, principal underwriters, co- administrators, custodian, distributor, and transfer agent of the Trust (as applicable)
(each, a &ldquo;Service Provider&rdquo;) of the Trust to adopt a written Code of Ethics and to report to the Board of Trustees of the
Trust (the &ldquo;Board&rdquo;) any material compliance violations. The Board may only approve a Code of Ethics after it has determined
that the Code of Ethics contains provisions designed to prevent &ldquo;access persons&rdquo; (summarized below and further defined in
<U>Exhibit&nbsp;1</U>) from engaging in fraud. In addition, certain key &ldquo;investment personnel&rdquo; (summarized below and defined
in <U>Exhibit&nbsp;1</U>) of a Service Provider are subject to further pre-clearance procedures with respect to their investment in securities
offered through an initial public offering (an &ldquo;IPO&rdquo;) or private placement (a &ldquo;Limited Offering&rdquo;).</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: justify"><B>Advisors and Sub-Advisors of the Trust who
have adopted a Code of Ethics that has been approved by the Trust&rsquo;s Chief Compliance Officer and the Board are not required to
follow this Code of Ethics. However, they must adhere to the attached &ldquo;Undertaking Regarding Code of Ethics.&rdquo;</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: 0.25in"><B>2.</B></TD><TD><B>KEY DEFINITIONS</B></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; text-align: justify">For other definitions, see <B>Exhibit&nbsp;1</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: justify">The term &ldquo;Access Person&rdquo; is defined
to include: (i)&nbsp;any Trustee, officer, general partner, or key investment personnel of the Trust or an investment advisor to the
Trust; (ii)&nbsp;any supervised person of an investment advisor to the Trust who has access to nonpublic information regarding the portfolio
holdings of any series of the Trust (each, a &ldquo;Fund&rdquo;), or who is involved in making securities recommendations for a Fund
and (iii)&nbsp;any Trustee, officer, or general partner of a principal underwriter who has knowledge of the investment activities of
a series of the Trust. The Trust&rsquo;s Compliance Officer (defined below) will notify an employee if that person fits the above definition
and maintain a list of all Access Persons (see <B>Exhibit&nbsp;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: justify">The
term &ldquo;Investment Personnel&rdquo; is defined to include (i)&nbsp;any employee of the Trust or of an investment advisor to the Trust
who regularly participates in making recommendations regarding the purchase or sale of securities of a Fund and (ii)&nbsp;any natural
person who controls the Trust or an investment advisor to the Trust who obtains information concerning recommendations made to a Fund
regarding the purchase or sale of securities by a Fund. The Fund Compliance Officer (defined below) will notify an employee if that person
fits the above definition and maintain a list of all Investment Personnel (see <B>Exhibit&nbsp;2</B>). Investment Personnel are also
Access Persons.</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: justify">The term &ldquo;Reportable Fund&rdquo; for a
particular Access Person means any mutual fund for which the investment advisor with whom the Access Person is associated, if any (the
 &ldquo;Associated Advisor&rdquo;), serves as an investment advisor (including any sub-advisor) or any mutual fund whose investment advisor
or principal underwriter controls the Associated Advisor, is controlled by the Associated Advisor or is under common control with the
Associated Advisor.</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>


<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: 0.25in"><B>3.</B></TD><TD><B>GENERAL PROHIBITIONS UNDER THE RULE</B></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; text-align: justify">The Rule&nbsp;prohibits fraudulent activities
by affiliated persons of Trust or Service Provider. Specifically, it is unlawful for any of these persons to:</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: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>employ any device, scheme, or artifice to defraud a Fund;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">make any untrue statement of a material
                                            fact to a Fund or omit to state a material fact necessary in order to make the statements
                                            made to a Fund, in light of the circumstances under which they are made, not misleading;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">to engage in any act, practice, or course
                                            of business that operates or would operate as a fraud or deceit on a Fund; or</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>to engage in any manipulative practice with respect to a Fund.</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: 0"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD><B>COMPLIANCE OFFICERS</B></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; text-align: justify">In order to meet the requirements of the Rule,
the Code of Ethics includes a procedure for detecting and preventing material trading abuses and requires all Access Persons to report
personal securities transactions on an initial, quarterly, and annual basis (the &ldquo;Reports&rdquo;). The Board of Trustees appoints
and approves a compliance officer for the Trust to receive and review Reports in accordance with Section&nbsp;<I>5 </I>below. In turn,
the officers of the Trust will report to the Board any material violations of the Code of Ethics in accordance with Section&nbsp;7 below.</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: 0.25in"><B>5.</B></TD><TD><B>ACCESS PERSON REPORTS</B></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; text-align: justify">All Access Persons are required to submit the
following reports to the Trust Compliance Officer for themselves and any immediate family member residing at the same address. In lieu
of providing the Reports, an Access Person may submit brokerage statements or transaction confirmations that contain duplicate information.
The Access Person should arrange to have brokerage statements and transaction confirmations sent directly to the Trust Compliance Officer
(see <U>Exhibit&nbsp;3</U> for the form of an Authorization Letter):</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><I>Initial Holdings Report. </I>Within
                                            ten days of becoming an Access Person (and the information must be current as of no more
                                            than 45 days prior to becoming an Access Person), each Access Person must report the following
                                            information:</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: 0.75in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">The title and type of security, and,
                                            as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal
                                            amount of each Covered Security and/or Reportable Fund in which the Access Person had any
                                            direct or indirect beneficial ownership when the person became an Access Person;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">The name of any broker, dealer, or bank
                                            with whom the Access Person maintained an account in which any securities were held for the
                                            direct or indirect benefit of the Access Person; and</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>The date the Access Person submits the report.</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">A form of the <I>Initial Holdings Report </I>is attached as <B>Exhibit&nbsp;4</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"></P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><I>Quarterly Transaction Reports. </I>Within
                                            thirty days of the end of each calendar quarter, each Access Person must report the following
                                            information</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">With respect to any transaction during
                                            the quarter in a Covered Security and/or Reportable Fund in which the Access Person had any
                                            direct or indirect beneficial ownership:</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: 72pt"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">The date of the transaction, the title,
                                            and, as applicable, the exchange ticker symbol or CUSIP number, the interest rate and maturity
                                            date, the number of shares, and the principal amount of each Covered Security and/or Reportable
                                            Fund involved;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>The nature of the transaction (<I>i.e., </I>purchase, sale);</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="text-align: justify">The price of the Covered Security and/or
                                            Reportable Fund at which the transaction was effected;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD STYLE="text-align: justify">The name of the broker, dealer, or bank
                                            with or through which the transaction was effected; and</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 0.25in">(v)</TD><TD>The date that the Access Person submits the report.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">With respect to any account established
                                            by the Access Person in which any securities were held during the quarter for the direct
                                            or indirect benefit of the Access Person:</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">The name of the broker, dealer, or bank
                                            with whom the Access Person established the account;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>The date the account was established; and</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD>the date that the Access Person submits the report.</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">A form of the <I>Quarterly Transaction Report </I>is attached as <B>Exhibit&nbsp;5</B>.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify"><I>Annual Holdings Reports. </I>Each
                                            year, the Access Person must report the following information within 30 days of the end of
                                            the calendar year (and the information must be current as of no more than 45 days prior to
                                            the date of the report):</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">The date of the transaction, the title,
                                            and, as applicable, the exchange ticker symbol or CUSIP number, the interest rate and maturity
                                            date, the number of shares, and the principal amount of each Covered Security and/or Reportable
                                            Fund in which the Access Person had any direct or indirect beneficial ownership;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">The name of any broker, dealer, or bank
                                            with whom the Access Person maintains an account in which any securities were held for the
                                            direct or indirect benefit of the Access Person; and</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>The date the Access Person submits the report.</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">A form of the <I>Annual Holdings Report </I>is attached as <B>Exhibit&nbsp;4</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"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&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: 0.25in"><B>6.</B></TD><TD><B>EXCEPTIONS TO REPORTING REQUIREMENTS</B></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify"><I>Principal Underwriter. </I>An Access
                                            Person of a Fund&rsquo;s principal underwriter is not required to make any Reports under
                                            Section&nbsp;<I>5 </I>above if the principal underwriter:</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>is not an affiliated person of the Trust or any investment advisor
                                            to a Fund.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">has
                                            no officer, director</FONT>, or general partner who serves as an officer, director, <FONT STYLE="font-size: 10pt">or
                                            general partner of the Trust or of any investment advisor to a Fund.</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify"><I>Independent Trustee. </I>A trustee
                                            of the Trust who is not an &lsquo;interested person&rdquo; of the Trust within the meaning
                                            of Section&nbsp;2(a)(19) of the Investment Company Act (an &ldquo;Independent Trustee&rdquo;)
                                            is not required to:</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>file an <I>Initial Holdings Report </I>or <I>Annual Holdings Report;
                                            </I>and</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">file <I>a Quarterly Transaction Report,
                                            </I>unless the Independent Trustee knew, or, in the ordinary course of fulfilling their official
                                            duties as a trustee, should have known that during a 15-day period immediately before or
                                            after his or her transaction in a Covered Security, that a Fund purchased or sold the Covered
                                            Security, or a Fund or its investment advisor considered purchasing or selling the Covered
                                            Security.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">No person shall be required to make any
                                            Reports under Section&nbsp;5 with respect to transactions effected for any account over which
                                            such person does not have any direct or indirect influence or control.</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: 0"></TD><TD STYLE="width: 0.25in"><B>7.</B></TD><TD><B>ADMINISTRATION OF THE CODE OF ETHICS--REPORTING VIOLATIONS AND
                                            CERTIFYING COMPLIANCE</B></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">The Service Provider must use reasonable
                                            diligence and institute policies and procedures reasonably necessary to prevent its Access
                                            Persons from violating this Code of Ethics;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">The Trust&rsquo;s Compliance Officer
                                            shall circulate the Code of Ethics and receive an acknowledgment from each Access Person
                                            that the Code of Ethics has been read and understood;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">The Trust&rsquo;s Compliance Officer
                                            shall compare all Reports with completed and contemplated portfolio transactions of a Fund
                                            to determine whether a possible violation of the Code of Ethics and/or other applicable trading
                                            policies and procedures may have occurred.</TD></TR></TABLE>


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


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No Access Person shall review their Report(s). The Trust&rsquo;s Compliance
Officer shall appoint an alternate to review his or her own Reports if the Fund Compliance Officer is also an Access Person.</P>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD STYLE="text-align: justify">On an annual basis, the Trust&rsquo;s
                                            Compliance Officer shall submit for review a written report describing any issues arising
                                            under the Code of Ethics or procedures, including information about any material violations
                                            of the Code of Ethics or its underlying procedures and any sanctions imposed due to such
                                            violations; and</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD STYLE="text-align: justify">On an annual basis, the Service Provider
                                            shall certify to the Board of Trustees that it has adopted procedures reasonably necessary
                                            to prevent its Access Persons from violating the Code of Ethics.</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>


<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: 0.25in"><B>8.</B></TD><TD><B>COMPLIANCE WITH OTHER SECURITIES LAWS</B></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; text-align: justify">This Code of Ethics is not intended to cover
all possible areas of potential liability under the Investment Company Act or under the federal securities laws in general. For example,
other provisions of Section&nbsp;17 of the Investment Company Act prohibit various transactions between a registered investment company
and affiliated persons, including the knowing sale or purchase of property to or from a registered investment company on a principal
basis and joint transactions (<I>i.e., </I>combining to achieve a substantial position in a security or commingling of funds) between
an investment company and an affiliated person. Access Persons covered by this Code of Ethics are advised to seek advice before engaging
in any transactions involving securities held or under consideration for purchase or sale by a Fund or if a transaction directly or indirectly
involves themselves and the Trust other than the purchase or redemption of shares of a Fund or the performance of their normal business
duties.</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: justify">In addition, the Securities Exchange Act of 1934
may impose fiduciary obligations and trading restrictions on access persons and others in certain situations. It is expected that access
persons will be sensitive to these areas of potential conflict, even though this Code of Ethics does not address specifically these other
areas of fiduciary responsibility.</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: justify">Most cryptocurrencies and digital mediums of
exchange are not considered Covered Securities. Bitcoin and any derivative instrument or futures contract involving Bitcoin are considered
Covered Securities, and therefore, transactions in such instruments must be reported to the Trust Compliance Officer as provided in Section&nbsp;5
of this Code.</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: 0.25in"><B>9.</B></TD><TD><B>PROHIBITED TRADING PRACTICES</B></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">No Access Person may purchase or sell
                                            directly or indirectly, any security in which he or she has, or by reason of such transactions
                                            acquires, any direct or indirect beneficial ownership if such action would violate any provision
                                            of section 3 or this Code and such security to his or her actual knowledge at the time of
                                            such purchase or sale:</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: 0.75in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>is being considered for purchase or sale by a Fund;</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">is in the process of being purchased
                                            or sold by a Fund (except that an access person may participate in a bunched transaction
                                            with the Fund if the price terms are the same in accordance with trading policies and procedures
                                            adopted by the Service Provider).</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">Investment Personnel of a Fund or its
                                            investment advisor must obtain approval from the Fund or the Fund&rsquo;s investment advisor
                                            before directly or indirectly acquiring beneficial ownership in any securities in an IPO
                                            or Limited Offering.</TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>No Access Person may trade ahead of a Fund -- a practice known as
                                            &ldquo;front running.&rdquo;</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: 0"></TD><TD STYLE="width: 0.25in"><B>10.</B></TD><TD><B>INSIDER TRADING</B></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; text-align: justify"><B>Trustee and Officers of the Trust</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: justify">The Trust forbids any Trustee or Officer from
trading, either personally or on behalf of others, on material nonpublic information or communicating material nonpublic information
to others in violation of law. This conduct is frequently referred to as &ldquo;insider trading.&rdquo; The Trust&rsquo;s policy applies
to every Trustee and Officer and extends to activities within and outside their duties on behalf of the Trust. It is also unlawful for
a Trustee or officers to use such information for manipulative, deceptive, or fraudulent purposes.</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: justify">Although Trustees and Officers may engage in
personal investment activities, it is important that such practices avoid any appearance of impropriety and remain in full compliance
with the law and the highest standards of ethics. Accordingly, Trustees and Officers must exercise good judgment when engaging in securities
transactions and when relating to others information obtained as a result of their positions with the Trust. If an Officer or Trustee
has any doubt about whether a particular situation requires refraining from making an investment or sharing information with others,
such doubt should be resolved against taking such action.</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: justify"><B>Service Providers, Advisors, and Sub-Advisors</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: justify">The Service Providers, Advisors, and Sub-Advisors
of the Trust have access to confidential information about Funds in the Trust, investment advice provided to clients, securities transactions
being effected for Funds, and other sensitive information. In addition, from time to time, Service Providers, Advisors and Sub-Advisors
or their personnel may come into possession of information that is &ldquo;material&rdquo; and &ldquo;nonpublic&rdquo; concerning a company
or the trading market for its securities.</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: justify">Trading securities while in possession of material,
nonpublic information or improperly communicating that information to others may expose to stringent penalties. Criminal sanctions may
include the imposition of a monetary fine and/or imprisonment. The SEC can recover the profits gained or losses avoided through illegal
trading, impose a penalty of up to three times the illicit windfall, and/or issue an order censuring, suspending, or permanently barring
you from the securities industry. Finally, Trustees, Officers, Service Providers, Advisors, and Sub-Advisors may be sued by investors
seeking to recover damages for insider trading violations.</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: justify">It is unlawful for a Service Provider, Advisor,
and Sub-Advisor or any of its Access Persons to use such information for manipulative, deceptive, or fraudulent purposes. The kinds of
activities prohibited include &ldquo;front-running,&rdquo; &ldquo;scalping,&rdquo; and trading on inside information. &ldquo;Front-running&rdquo;
refers to a practice whereby a person takes a position in a security in order to profit based on his or her advanced knowledge of upcoming
trading by clients in that security, which is expected to affect the market price. &ldquo;Scalping&rdquo; refers to a similar abuse of
client accounts and means the practice of taking a position in a security before recommending it to clients or effecting transactions
on behalf of clients and then selling out the supervised person&rsquo;s personal position after the price of the security has risen on
the basis of the recommendation or client transactions.</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: justify">Depending upon the circumstances, Service Providers,
Advisors, Sub-Advisors, and any Access Person involved may be exposed to potential insider trading or tipping liability under the federal
securities laws if an Advisor, Sub-Advisor, or any Access Person advises clients concerning, or executes transactions in, securities
with respect to which the Advisor or Sub-Advisors possesses material, nonpublic information. In addition, a Service Provider, Advisor,
and Sub-Advisor may be deemed to possess material, nonpublic information known by any of its Access Persons unless the Service Provider,
Advisor, and Sub-Advisor have implemented procedures to prevent the flow of that information to others within the Service Provider, Advisor
or Sub- Advisor.</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: justify">Section&nbsp;204A of the Advisers Act requires
that advisors and sub-advisors establish, maintain, and enforce written policies and procedures reasonably designed to prevent the misuse
of material and nonpublic information by the advisor, sub-advisor, and its access persons. Violations of the laws against insider trading
and tipping by supervised persons of Advisors and Sub-Advisors can expose the Advisors and Sub-Advisor and any Access Person involved
to severe criminal and civil liability. In addition, Advisors and Sub-Advisors and their personnel have ethical and legal responsibilities
to maintain the confidence of Advisor and Sub-Advisor clients and to protect as valuable assets
as confidential and proprietary information developed by or entrusted to the Advisor and Sub-Advisor.</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: justify">Although Service Providers, Advisors, and Sub-Advisors
may respect the right of their Access Persons to engage in personal investment activities, it is important that such practices avoid
any appearance of impropriety and remain in full compliance with the law and the highest standards of ethics. Accordingly, Access Persons
must exercise good judgment when engaging in securities transactions and when relating to others information obtained as a result of
employment with Service Providers, Advisors, and Sub-Advisors. If an Access Person has any doubt about whether a particular situation
requires refraining from making an investment or sharing information with others, such doubt should be resolved against taking such action.</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: justify"><B>General Policies and Procedures Concerning
Insider Trading and Tipping</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: justify">The Trust has adopted the following policies
and procedures to: (i)&nbsp;ensure the propriety of supervised person trading activity; (ii)&nbsp;protect and segment the flow of material,
nonpublic and other confidential information relating to client advice and securities transactions, as well as other confidential information;
(iii)&nbsp;avoid possible conflicts of interest; and (iv)&nbsp;identify trades that may violate the prohibitions against insider trading,
tipping, front-running, scalping and other manipulative and deceptive devices prohibited by federal and state securities laws and rules.</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: justify">No Trustee, Officer, or Access person of the
Service Providers, Advisors, and Sub-Advisors shall engage in transactions in any securities while in possession of material, nonpublic
information regarding such securities (so-called &ldquo;insider trading&rdquo;). Nor shall any Access Person communicate such material,
nonpublic information to any person who might use such information to purchase or sell securities (so-called &ldquo;tipping&rdquo;).
The term &ldquo;securities&rdquo; includes options or derivative instruments with respect to such securities and other securities that
are convertible into or exchangeable for such securities.</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: justify"><FONT STYLE="font-size: 10pt"><B>1.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;</B><FONT STYLE="font-size: 10pt">&ldquo;Material.&rdquo;
The question of whether information is &ldquo;material&rdquo; is not always easily resolved. Generally speaking, information is &ldquo;material&rdquo;
where there is a substantial likelihood that a reasonable investor could consider the information important in deciding whether to buy
or sell the securities in question or where the information if disclosed, could be viewed by a reasonable investor as having significantly
altered the &ldquo;total mix&rdquo; of information available. Where the nonpublic information relates to a possible or contingent event,
materiality depends upon a balancing of both the probability that the event will occur and the anticipated magnitude of the event in
light of the totality of the activities of the issuer involved. Common, but by no means exclusive, examples of &ldquo;material&rdquo;
information include information concerning a company&rsquo;s sales, earnings, dividends, significant acquisitions or mergers, and major
litigation. So-called &ldquo;market information,&rdquo; such as information concerning an impending securities transaction, may also,
depending on the circumstances, be &ldquo;material.&rdquo; Because materiality determinations are often challenged with the benefit of
hindsight if a person has any doubt about whether certain information is &ldquo;material,&rdquo; such doubt should be resolved against
trading or communicating such information.</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; text-align: justify"><FONT STYLE="font-size: 10pt"><B>2.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;</B><FONT STYLE="font-size: 10pt">&ldquo;Nonpublic.&rdquo;
Information is &ldquo;nonpublic&rdquo; until it has been made generally available to investors. In this respect, one must be able to
point to some fact to show that the information is generally public, such as inclusion in reports filed with the SEC or press releases
issued by the issuer of the securities or reference to such information in publications of general circulation such as The Wall Street
Journal or other publisher.</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; text-align: justify"><FONT STYLE="font-size: 10pt"><B>3.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;</B><FONT STYLE="font-size: 10pt">&ldquo;Advisory
Information.&rdquo; Information concerning (i)&nbsp;specific recommendations made to clients by Advisors and Sub-Advisors or (ii)&nbsp;prospective
securities transactions by clients of an Advisor or Sub-Advisor (&ldquo;Advisory Information&rdquo;) is strictly confidential.
Under some circumstances, Advisory Information may be material and nonpublic.</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"></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: justify"><FONT STYLE="font-size: 10pt"><B>4.</B></FONT><B>&#8239;&#8239;&#8239;&#8239;&#8239;</B><FONT STYLE="font-size: 10pt">Prohibitions.
In the handling of information obtained as a result of employment with Service Providers, Advisors, and Sub-Advisors and when engaging
in securities transactions, Service Providers, Advisors, and Sub- Advisors Access Persons:</FONT></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shall
                                            not disclose material, nonpublic, or other confidential information (including Advisory Information)
                                            to anyone, inside or outside the Service Provider, Advisor, or Sub-Advisor (including Immediate
                                            Family members), except to the Chief Compliance Officer or on a strictly need-to-know basis
                                            and under circumstances that make it reasonable to believe that the information will not
                                            be misused or improperly disclosed by the recipient;</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shall
                                            refrain from recommending or suggesting that any person engage in transactions in any security
                                            while in possession of material, nonpublic information about that security;</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shall
                                            abstain from transactions for their own personal accounts or for the account of any client,
                                            in any security while in possession of material, nonpublic information regarding that security;
                                            and</FONT></TD></TR></TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shall
                                            abstain from personal transactions in any security while in possession of Advisory Information
                                            regarding that security, except in compliance with the pre-clearance requirements.</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; text-align: justify"><B>Protection of Material, Nonpublic 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; text-align: justify">No Trustee, Officer, or Access Person of the
Service Providers, Advisors, or Sub-Advisors shall intentionally seek, receive, or accept information that he or she believes may be
material and nonpublic.</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: justify">On occasion, a company may, as a means to seek
investors in restricted or private placement securities issued by it, send to Service Providers, Advisors, and Sub-Advisors materials
that contain material, nonpublic, or other confidential information. Typically, such materials will be accompanied by a transmittal letter
(and an inner, sealed package) that indicates the confidential nature of the enclosed materials and that the opening of the inner package
constitutes an agreement to maintain the confidentiality of the information. In this circumstance, any supervised person of a Service
Provider, Advisor and Sub-Advisor receiving any such materials should not open the inner package, but should immediately consult with
the Chief Compliance Officer.</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: justify">Additionally, one of the resources Advisors and
Sub-Advisors may use in research efforts is &ldquo;Expert Networks.&rdquo; Information received through this channel is handled the same
as any other channel. However, prior to engaging the service of an Expert Network, Advisors and Sub-Advisors must obtain and review their
policies and procedures surrounding the protection and handling of material non-public information. In the event that an Access Person
of Advisor or Sub-Advisor should come into possession of information concerning any company or the market for its securities that the
person believes may be material and nonpublic, the Access Person should notify his or her Chief Compliance Officer immediately.</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: justify">In addition, such Access Person shall refrain
from either disclosing the information to others or engaging in transactions (or recommending or suggesting that any person engage in
transactions) in the securities to which such information relates.</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: justify"><B>Protection of Other Confidential 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; text-align: justify">Information relating to past, present, or future
activities of Funds that have not been publicly disclosed shall not be disclosed to persons within or outside of Service Providers, Advisors,
and Sub-Advisors except for proper purposes. Access Persons are expected to use their own good judgment in relating to others' information
in these areas.</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: justify"><B>Procedures to Safeguard Material, Nonpublic,
and Other Confidential 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; text-align: justify">In the handling of material, nonpublic, and other
confidential information, including Advisory Information, Access Persons of Service Providers, Advisors, and Sub-Advisors shall take
appropriate steps to safeguard the confidentiality of such information. Although the offices of Service Providers are not generally open
to the public or unannounced visitors, Access Persons must still take precautions to avoid storing nonpublic personal information in
plain view in potentially public areas of the Service Provider&rsquo;s offices. Particular care should be exercised when nonpublic personal
information must be discussed or reviewed in public places such as restaurants, elevators, taxicabs, trains, or airplanes, where that
information may be overheard or observed by third parties.</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: 0.25in"><B>11.</B></TD><TD STYLE="text-align: justify"><B>SANCTIONS</B></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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">As to
any material violation of this Code of Ethics, each Service Provider will adopt trading policies and procedures that provide for sanctions
of the Access Persons. Such sanctions may include, but are not limited to: (1)&nbsp;a written reprimand in the Access Person&rsquo;s
employment file; (2)&nbsp;a suspension from employment; and (3)&nbsp;termination from employment.</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: justify">The Board may also impose sanctions as it deems
appropriate, including sanctions against the Service Provider or the Fund Compliance Officer for failure to adequately supervise its
Access Persons.</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: justify"><B>ACKNOWLEDGED AND AGREED:</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: justify">I have read and understand the terms of this
Code of Ethics.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&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 STYLE="width: 17%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 68%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Service Provider/Trust:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Date:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>IMST III CCO Signature:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&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"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<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; text-align: center"><B>Exhibit&nbsp;1</B></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Definitions</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-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><I>Access
Person. </I></B>(i)&nbsp;any director, officer, general partner, or Advisory Person of a Fund or of a Fund&rsquo;s investment advisor;
(ii)&nbsp;any supervised person of an investment advisor to the Trust who has access to nonpublic information regarding the portfolio
holdings of any series of the Trust (each, a &ldquo;Fund&rdquo;), or who is involved in making securities recommendations for a Fund;
and (iii)any director, officer or general partner of a principal underwriter who, in the ordinary course of business, makes, participates
in or obtains information regarding, the purchase or sale of Covered Securities by the Fund for which the principal underwriter acts,
or whose functions or duties in the ordinary course of business relating to the making of any recommendation to the Fund regarding the
purchase or sale of Covered Securities.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><I>Advisory
Person. </I></B>(i)&nbsp;any employee of the Fund or of a Fund&rsquo;s investment advisor (or of any company in a control relationship
to the Fund or investment advisor) who, in connection with their regular functions or duties, makes, participates in, or obtains information
regarding the purchase or sale of Covered Securities by a Fund, or whose functions relate to the making of any recommendations with respect
to the purchases or sales; and (ii)&nbsp;any natural person in a control relationship to the Fund or an investment advisor who obtains
information concerning recommendations made to the Fund with regard to the purchase or sale of Covered Securities by the Fund.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><I>Control. </I></B>The power to exercise
a controlling influence over the management or policies of a company, unless such power is solely the result of an official position
with such company.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><I>Covered Security. </I></B>Includes any
Security (as defined below), Bitcoin, any derivative instrument or futures contract involving Bitcoin, and any single stock named exchange-traded
fund. However, the following are <B><U>not</U></B> considered a Covered Security: (i)&nbsp;direct obligations of the Government of the
United States; (ii)&nbsp;bankers&rsquo; acceptances, bank certificates of deposit, commercial paper, and high-quality short-term debt
instruments, including repurchase agreements; (iii)&nbsp;shares issued by money market funds; and (iv)&nbsp;shares issued by open-end
investment companies (i.e., mutual funds) other than Reportable Funds.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><I>Fund. </I></B>A series of the Trust.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><I>Immediate Family Member</I></B><I>. </I>Includes
any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, father-in-law, mother-in-law, son-in-law, daughter-in-law,
sister-in-law, or brother-in-law (including adoptive relationship).</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><I>Initial
Public Offering (IPO)</I></B><I>. </I>An offering of securities registered under the Securities Act of 1933, the issuer of which, immediately
before the registration, was not subject to the reporting requirements of Sections 13 or 15(d)&nbsp;of the Securities Exchange Act of
1934.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><I>Investment Personnel. </I></B>(i)&nbsp;
any employee of the Trust, a Fund or investment advisor (or of any company in a control relationship to the Trust, a Fund or investment
advisor) who, in connection with their regular functions or duties, makes or participates in making recommendations regarding the purchase
or sale of security by the Fund; and (ii)&nbsp;any natural person who controls the Trust, a Fund or investment advisor and who obtains
information concerning recommendations made to the Fund regarding the purchase or sale of securities by the Fund.</P>


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


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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><I>Limited
Offering </I></B><I>. </I>An offering that is exempt from registration under the Securities Act of 1933 (the &ldquo;Securities Act&rdquo;)
pursuant to Section&nbsp;4(2)&nbsp;or Section&nbsp;4(6)&nbsp;or pursuant to Rule&nbsp;504, Rule&nbsp;505, or Rule&nbsp;506 under the
Securities Act.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><I>Purchase or Sale of a Covered Security.
</I></B>This includes, among other things, the writing of an option to purchase or sell a covered security.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><I>Reportable Fund. </I></B>Includes, for
a particular Access Person, any registered investment company, including a Fund, for which the investment advisor with whom the Access
Person is associated, if any (the &ldquo;Associated Advisor&rdquo;) serves as investment advisor (as defined in Section&nbsp;2(a)(20)
of the Investment Company Act) or any registered investment company, including a Fund, whose investment advisor or principal underwriter
controls the Associated Advisor, is controlled by the Associated Advisor, or is under common control with the Associated Advisor.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><B><I>Security. </I></B>Any note, stock, treasury
stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral
trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate
of deposit for security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege
on any security (including a certificate of deposit) or any group or index of securities (including any interest therein or based on
the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign
currency, or, in general, any interest or instrument is commonly known as a &ldquo;security,&rdquo; or any certificate of interest or
participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any
of the preceding.</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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<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: left"><B>Exhibit&nbsp;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"><B>List of Access Persons</B></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 STYLE="border-bottom: Black 1pt solid; width: 49%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Name</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 49%; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Title</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&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"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<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>Exhibit&nbsp;3</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>Form&nbsp;of Authorization Letter</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">Date</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">Name of Broker</P>


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


<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; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 1in; text-align: left"><FONT STYLE="font-size: 10pt">Re:</FONT></TD><TD STYLE="text-align: justify">Brokerage
Statements of [name of employee] Ladies and Gentlemen:</TD>
</TR></TABLE>


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


<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The above-referenced person is an employee of [name
of Service Provider]. Federal securities laws require that we monitor the personal securities transactions of certain key personnel.
By this Authorization Letter and the acknowledgment of the employee below, please forward duplicate copies of the employee&rsquo;s brokerage
statements and transaction confirmations to:</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">[Compliance Officer]</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[Address]</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">Should you have any questions, please contact the undersigned at [number].</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">Very truly yours,</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>AUTHORIZATION:</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">I, at this moment, authorize you to release duplicate brokerage statements
and transaction confirmations to my employer.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&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><FONT STYLE="font-family: Times New Roman, Times, Serif">Signature:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 42%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 12%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Account Number:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 37%">&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"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Exhibit&nbsp;4</B></FONT></P>


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


<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>INITIAL&nbsp;&amp;
ANNUAL HOLDINGS REPORT &ndash; [YEAR]</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><I>(Information
to be current within 45 days of the date of Report)</I></FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Note: In lieu
of this Report, you may submit duplicate copies of your brokerage statements</B></FONT></P>


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


<P STYLE="margin: 0 0 0 0in"><B>1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;HOLDINGS</B></P>






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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 48%; border: black 1pt solid"><B>Name and Type of Covered Security on</B> <B><BR>
Reportable Fund</B></TD>
    <TD STYLE="text-align: center; width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid"><B>Ticker Symbol</B> <B><BR>
or CUSIP</B></TD>
    <TD STYLE="text-align: center; width: 32%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid"><B>Number of Shares or</B> <B><BR>
Principal Amount</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>


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


<P STYLE="margin: 0 0 0 0in"><B>2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;BROKERAGE ACCOUNTS</B></P>






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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; width: 48%; border: black 1pt solid"><B>Name of Institution and Account</B> <B><BR>
Holders&rsquo; Name (i.e., you, spouse, child)</B></TD>
    <TD STYLE="text-align: center; width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid"><B>Account</B> <B><BR>
Number</B></TD>
    <TD STYLE="text-align: center; width: 32%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid"><B>Have you requested</B> <B><BR>
duplicate statements?</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&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 STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Submitted By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 39%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 44%">&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><FONT STYLE="font-family: Times New Roman, Times, Serif">Print Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Reviewed:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>(Compliance Officer Signature)</I></FONT></TD>
    <TD COLSPAN="2">&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"></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<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"><FONT STYLE="font-size: 10pt"><B>Exhibit&nbsp;5</B></FONT></P>


<P STYLE="font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>QUARTERLY
TRANSACTION REPORT</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><I>(Complete within
thirty days of the quarter end)</I></FONT></P>


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


<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">For Quarter
Ended ___________________________________</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>Note: In lieu
of this Report, you may submit duplicate copies of your brokerage statements</I></B></FONT></P>


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


<P STYLE="margin: 0"><B>3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;TRANSACTIONS</B></P>






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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border: black 1pt solid; width: 26%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of Covered<BR>
Security or Reportable<BR>
Fund</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ticker<BR>
Symbol or<BR>
CUSIP</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Broker</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of<BR>
Shares or<BR>
Interest<BR>
Rate,<BR>
Maturity<BR>
Date&nbsp;&amp;<BR>
Principal<BR>
Amount</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 14%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nature of<BR>
Transaction<BR>
(i.e., buy,<BR>
sale)</B></FONT></TD>
    <TD STYLE="text-align: center; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Purchase<BR>
Price</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 12%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date of<BR>
Transaction</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-right: black 1pt solid; border-bottom: black 1pt solid">&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; text-align: left"><FONT STYLE="font-size: 10pt"><B>I have no reportable
transactions for this reporting period.</B></FONT><B> ________________________________&nbsp;<FONT STYLE="font-size: 10pt">(check here)</FONT></B></P>


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


<P STYLE="margin: 0"><B>4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;BROKERAGE ACCOUNTS OPENED DURING QUARTER</B></P>






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


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: black 1pt solid; text-align: center; width: 48%"><B>Name of Institution and Account Holders&rsquo; Name<BR> (i.e., you, spouse, child)</B></TD>
    <TD STYLE="border-top: black 1pt solid; text-align: center; width: 20%; border-right: black 1pt solid; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Account Number</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; text-align: center; width: 32%; border-right: black 1pt solid; border-bottom: black 1pt solid"><B>Have
you requested<BR>
 duplicate statements?</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">&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"><FONT STYLE="font-size: 10pt"><B>I have not established a broker/dealer
or bank account during the quarter. ____________&nbsp;(check here)</B></FONT></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 STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Submitted By</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 39%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 44%">&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><FONT STYLE="font-family: Times New Roman, Times, Serif">Print Name:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&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><FONT STYLE="font-family: Times New Roman, Times, Serif">Reviewed:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.25in"><I>(Compliance Officer Signature)</I></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"></P>


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    <!-- Field: /Page -->


<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>INVESTMENT MANAGERS SERIES TRUST III</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Undertaking Regarding Code of Ethics</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: 0.25in"><B>1.</B></TD><TD><B>PROCEDURES IN PLACE</B></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; text-align: justify">To meet the Rule's requirements, a Code of Ethics
should provide a procedure for detecting and preventing material trading abuses and, for each Fund, require Access Persons to report
personal securities transactions on an initial, quarterly, and annual basis. The CCO or their designee should be designated within each
Service Provider to receive and review these reports.</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: justify">A Service Provider may adopt its own Code of
Ethics, subject to the review and approval of the Board. The Board must approve any subsequent material change to the Service Provider&rsquo;s
Code of Ethics.</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: justify">In the alternative, except for Advisors and Sub-Advisors,
a Service Provider may adopt the standard Code of Ethics for the Trust, which is attached to this Undertaking. An investment advisor
to a Fund should take care that its Form&nbsp;ADV properly reflects the terms of its Code of Ethics,</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: justify">In the event a Service Provider adopts its own
Code of Ethics, the Board will review that code to ensure that, at a minimum, the following components are included:</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: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            appointment of a compliance officer and alternate to review personal securities transactions
                                            of Access Persons;</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                            maintenance by the compliance officer of a current list of all Access Persons and Investment
                                            Personnel;</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">an
                                            initial holdings report within ten days of the start of employment of an Access Person;</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            requirement that all Access Persons are to report quarterly transactions within thirty days
                                            of the end of each quarter;</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            requirement that all Access Persons report certain securities holdings on an annual basis;</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            review procedure by the compliance officer of all Access Person reports.</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            method by which Access Persons are disciplined and/or sanctioned for failure to adhere to
                                            the Code of Ethics, including the failure by an Access Person to submit reports on a timely
                                            basis; and</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: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">a
                                            procedure in place whereby Investment Personnel receive pre-clearance for an investment in
                                            an IPO or a Limited Offering.</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; text-align: justify">A Service Provider may combine its Code of Ethics
with other trading policies and procedures. However, in the event the Code of Ethics conflicts with the Service Provider&rsquo;s trading
policies and procedures, the terms of the Code of Ethics shall prevail.</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: justify">The Trust will file all Codes of Ethics with
its registration statement.</P>


<P STYLE="text-align: left; 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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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


<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: 0.25in"><B>2.</B></TD><TD><B>ANNUAL ISSUES AND CERTIFICATION REPORT</B></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; text-align: justify">A Service Provider is required to periodically
report to the Board on issues raised under its Code of Ethics. Specifically, on an annual basis, each Service Provider must provide the
Board (i)&nbsp;a written report that describes issues that arose during the previous year under the Code of Ethics, including material
code or procedure violations and sanctions imposed in response to those material violations and (ii)&nbsp;a certification that it has
adopted procedures reasonably necessary to prevent its Access Persons from violating its Code of Ethics.</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: 0.25in"><B>3.</B></TD><TD><B>INITIAL CERTIFICATION</B></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; text-align: justify">On behalf of the undersigned Service Provider,
the following duly authorized representative of the Service Provider certifies that:</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: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Service Provider has adopted the Trust&rsquo;s Code of Ethics, and it has adopted procedures </FONT>that are <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reasonably
necessary to prevent its Access Persons from violating the Code of Ethics.</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; text-align: justify; text-indent: 0.5in">The Service Provider has
adopted its own Code of Ethics, which is attached to this Certification. Further, the Service Provider acknowledges and certifies that
it has adopted procedures reasonably necessary to prevent its Access Persons from violating its Code of Ethics.</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: justify"><B>Acknowledged and Certified:</B></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 STYLE="width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 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 STYLE="width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name of Service Provider:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 41%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">(The investment advisor or principal underwriter)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name of Compliance Officer:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name of Alternate Officer:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name of Fund:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">(The series of Investment Managers Series&nbsp;Trust III)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


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


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>4.</B></TD><TD STYLE="text-align: justify"><B>ANNUAL RE-CERTIFICATION</B></TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(To be certified before each annual review meeting of the Board of
Trustees)</P>


<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; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">No
material violations of the Service Provider's Code of Ethics or the procedures adopted to implement its Code of Ethics have occurred
other than those specified in the attached report.</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; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">The Service Provider acknowledges
and certifies that it has procedures in place reasonably necessary to prevent Access Persons from violating its Code of Ethics.</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; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">The
Service Provider has materially changed its Code of Ethics. The revised Code of Ethics was sent to the Board immediately for its approval,
and the Board approved the revised Code of Ethics within six months of the material change.</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">Acknowledged and Certified:</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 STYLE="width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Name:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Title:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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


<P STYLE="margin: 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 STYLE="width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name of Service Provider:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 41%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">(The investment advisor or principal underwriter)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name of Compliance Officer:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name of Alternate Officer:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name of Fund:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">(The series of Investment Managers Series&nbsp;Trust III)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>


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


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


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<DOCUMENT>
<TYPE>EX-99.(S)
<SEQUENCE>9
<FILENAME>tm259254d2_ex99-s.htm
<DESCRIPTION>EXHIBIT 99.(S)
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.s</B></P>


<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>SOURCE CAPITAL,&nbsp;INC.</B></FONT></P>


<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>POWER OF ATTORNEY</U></B></FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">KNOWN
ALL BY THESE PRESENT, </FONT><FONT STYLE="font-size: 10pt">that the person(s)&nbsp;whose signature appears below constitutes and appoints
each of the following individually:</FONT></P>


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


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


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


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


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">to act as attorney-in-fact
and agent, with power of substitution and resubstitution, for the undersigned in any and all capacities to execute any and all documents
relating to the Source Capital,&nbsp;Inc., including but not limited to registration statements, amendments to registration statements,
proxy solicitation materials, applications and amendments to applications, and to file the same, with exhibits thereto, and other documents
in connection therewith, with the Securities and Exchange Commission, granting unto each said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all
intents and purposes as they might or could do in person, hereby ratifying and conforming all that said attorney-in-fact, or their substitute
or substitutes, may do or cause to be done by virtue hereof.</FONT></P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Dated: <U>August&nbsp;14, 2023</U></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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 STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%">/s/ John P. Zader</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>John P. Zader, Trustee</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Sandra Brown</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Sandra Brown, Trustee</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Robert Goldrich</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Robert Goldrich, Trustee</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ J. Richard Atwood</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>J. Richard Atwood, Trustee</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Maureen A. Quill</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Maureen A. Quill, Trustee</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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